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In this week’s lesson we are going to pick up where we left off last week by getting you mentally prepared to “take off the training wheels” of demo trading. Trading with real money is significantly more intense than demo trading, thus it requires that you are aware of and accept the reality of real money trading before you take the plunge. Most beginning traders simply dive in to the markets head first, risking their hard earned money with no real plan in place. Hoping that you will somehow “figure it out” on the fly is not a plan; it’s what gambling traders do. Thinking that you will somehow parlay your trading account money into a small fortune within a short amount of time without any plan or strategy in place puts you on a fast track to failure as a trader. Ultimately, there is a fundamental difference in how amateur traders think vs. how professional traders think. The difference lies mainly in the amateur’s “need” to make money from their trading as well as their inability to trade emotionally undetached from any one trade. Essentially, professional traders do not become emotional from any one trade because they know their success is defined over a large sample of trades, not by one or two. Professional traders also know that the key to keeping the emotional trading demons at bay is to consistently control their risk in the market. Your trading psychology is what dictates how you interact with the market, and this psychology is almost entirely a result of how well you manage your money as you trade.
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