How bad is your "Attachment to Money"
Do you have trouble pushing the button when executing trades?
Do you freeze
when currency pairs retrace… causing you to get out of trades… only to observe them bolt back into the direction you had from the start?
How many gainful trades have you missed because you allow fear, self-doubt, or emotions
to control your choices?Every trade executed has risk
. Every human takes some risk on a daily basis. Those with a strong attachment to money fear risk
. They want to hold onto every dime they have instead of understanding the laws of abundance
and how money is a tool used to barter for goods and services
Overcoming attachment to money is what every trader has to do… and continues to face… when executing trades. The key is recognizing your human limitations… as if every trade executed turned out to be gainful
, you would never hesitate.
I tell my students: “If trading was a job and we offered 100 positions with a guaranteed five year, million dollars per year contract to work for a FOREX firm, we would have millions of people banging down the doors or flooding the internet
attempting to hit their lottery ticket seeking their shot at championship gold.”You would have nothing to fear and you would take decisive action.
Unfortunately, you've probably learned the hard way that professional traders aren’t seeking employees, yet they are always looking for championship quality people trained to prosper in the most liquid market on earth…
the recession proof business of the 21st century known as the FOREX.Attachment to money
will begin to subside when you retrain your subconscious mind how to react to winning trades. Bottom line, you must learn how to accept the losers
before you ever understand the winners
Those with practice regimen accounts execute trades in LIVE current market conditions as an exercise to build confidence in markets before trading their money. During your apprenticeship, you learn that you could have done all your work before executing a trade… and still end up losing pips. The possibility of being wrong and losing money shakes your confidence and stays with you.
Major League Baseball players (like traders) must exhibit short term memory loss
when facing failure. MLB players play 162 games over the course of a six month regular season, and if they’re talented enough… they fail on an average of seven out of every ten times
they step up to the plate. Their minds are focused. Traders have about 240 trading sessions per year and must remain focused… breaking down failure to understand success.
Do you have a problem with hesitation in pushing the button
when executing trades?
Do you have a predetermined game plan
in advance for each trade executed?
Do you follow your trading strategy in practice accounts… and yet find you change your rules of engagement
in LIVE accounts?
Do you procrastinate until you execute a trade… and then are unable to leave your computer
because you have to watch every tick movement
of the currency pair you just traded?Do you need a sense of direction?
It’s okay. Everyone does, some more than others… and like keeping a luxury car running… we all need mental checkups from time to time. Everyone, including myself. Take a deep breath and know a tune-up is within reach, if you make the choice. To what extent do you grade yourself on each of the following?
If you do this often and is a major issue
- 5 points
If you strongly agree
- 4 points
If you agree
- 3 points
If you disagree
- 2 points
If you strongly disagree
and rarely do this - 1 point
Before you take our assessment, find a quiet place by yourself and put on some soothing music or meditate and clear your mind of clutter. This allows you to focus on your answers.