The Forex Mindset: The Skills and Winning Attitude You Need for More Profitable Forex Trading
224
The Forex Mindset: The Skills and Winning Attitude You Need for More Profitable Forex Trading
224eBook
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Overview
Jared Martinez traded the forex market for a decade through the 1980s and ’90s before he discovered that successful trading requires 10 percent skill and 90 percent emotional intelligence. He founded the Market Traders Institute on that underlying principle, and now MTI is the most established leader in forex education worldwide.
Jared is known as “FXCHIEF” in the industry, and now, in The Forex Mindset, he shares his secrets with you.
Leadership experts and corporate executives are just waking up to what the FXCHIEF has known for more than 15 years—emotional intelligence matters. With The Forex Mindset, you get up close and personal with greed and fear, the two leading forces in the market. Everyone gets in for greed, but without a healthy understanding of fear, you may be in for one of the worst journeys of your life. This performance-oriented guidebook features a potent synthesis of psychology and strategy that will exponentially increase your ability to acquire wealth as a trader.
Even veteran traders with bulletproof trading strategies are doomed to fail if they don’t know themselves. The Forex Mindset prepares you to be a successful trader by helping you identify your unique psychological strengths and weaknesses and how you naturally behave in times of financial crisis. With a newfound understanding of yourself, you can use this book to map out your own path to wealth by:
- Delving into human nature and market behavior
- Learning how to improve your emotional intelligence
- Doing what top traders do to control their emotions in trades and in times of crisis
- Implementing authoritative strategies for effective thinking in a state of fear
If you want to make a living from trading forex, apply the lessons in The Forex Mindset and you’re already 90 percent there!
Product Details
| ISBN-13: | 9780071767361 |
|---|---|
| Publisher: | McGraw Hill LLC |
| Publication date: | 07/15/2011 |
| Sold by: | Barnes & Noble |
| Format: | eBook |
| Pages: | 224 |
| Sales rank: | 728,134 |
| File size: | 2 MB |
About the Author
McGraw-Hill authors represent the leading experts in their fields and are dedicated to improving the lives, careers, and interests of readers worldwide
Read an Excerpt
THE FOREX MINDSET
The Skills and Winning Attitude You Need for MORE PROFITABLE FOREX TRADING
By Jared F. Martinez
The McGraw-Hill Companies, Inc.
Copyright © 2011Jared MartinezAll rights reserved.
ISBN: 978-0-07-176736-1
Excerpt
CHAPTER 1GET EXCITED ABOUT TRADING
You have a gold mine when you have a goal in mind.
More than likely, the reason you bought this book is because when you heard how the Forex works, you started to dream about becoming a successful trader. You were excited about the prospects of how great it would be to succeed at something very few others have. There is nothing better than a dream to get you motivated or on the road to success, but as with any dream, it is important to maintain your sense of excitement. Nothing great happens unless you set a goal or start to dream. Think about it: most people are not in the habit of doing either, and they instead simply exist, day-to-day, with no real quest for achievement. If you've lost excitement in your goals and dreams, it's time to reenergize and get it back, or find new ones to strive for.
To reach your fullest potential at anything, you need to get excited about what you are doing and where you are going. The majority of the world gets up day in and day out, going to work doing something they really don't enjoy or want to do. As Henry David Thoreau wrote in 1854, "The mass of men lead lives of quiet desperation." Are you one of the fortunate few who jump out of bed with excitement ready to start your day and looking forward to all the opportunities for success that will be knocking on your door? Or are you one of the masses who fall out of bed and begrudgingly get up to start another day of quiet desperation? Consider the following about people today:
• We have higher buildings and wider highways but shorter temperaments and narrower points of view.
• We spend more but enjoy less.
• We have bigger houses but smaller families.
• We have more commitments but less time.
• We have more knowledge but less judgment.
• We have more medicines but less health.
• We have multiplied our possessions but reduced our values.
• We talk much, we love only a little, and we hate too much.
• We reached the moon and came back, but we find it troublesome to cross our own street and meet our neighbors.
• We have conquered outer space, but not our inner space.
• We have higher income but fewer morals.
• We bring home two salaries but have more divorces.
• We have more liberty but less joy.
• We have more food but less nutrition.
• We have finer houses but more broken homes.
Although no one can go back and make a brand new start, anyone can start now and make a brand new ending:
• Don't wait for that special moment in time. Make it.
• Don't wait for the special road of opportunity to open up. Go create it.
• Don't wait for money to appear. Go earn it.
• Don't go for less. Go for the best.
• Don't back down. Go around.
• Don't close your eyes. Open your mind.
• Don't avoid or be afraid of failure. Learn to use it to your advantage.
• Don't fight your misfortune. Transform it, and make a fortune.
• Don't worry about your mistakes. Everyone makes them.
• Don't let how you feel make you forget what you deserve.
• Don't compare. Just be aware.
• Don't wait for love. Go find it, feel it, and give it.
• Don't run from what life has to offer.
Spread your wings—you have no idea how far you can truly fly when you have a dream or a goal!
Follow Your Dreams
There is nothing like a dream or a goal to get you excited and motivated about your future. Dreams and goals are necessary in life, but as I say at the beginning of every mentorship class I teach: "You cannot dream yourself into a position of a successful trader. You must work your way into it. You must take on the responsibility of your destination as I have done mine. You must believe you can achieve it. The things we believe in will always happen, because it is the belief in those things that will make it happen. Remember, if another person can do it, you can do it."
You have to figure out the skills and disciplines needed to fulfill your dream. Then buckle down and do it, with the belief that whatever you expect, you will get. I have learned that a dream combined with an expectation and the courage to pursue it make it a reality. The poorest of all people is not a person without a cent, but a person without a dream!
When you are involved with doing what you dream about, something that truly excites you, you dig deep into your soul to bring out the very best you have to offer the world. Usually we are so excited about our dream that we begin to tell everyone about it well before we figure out any details about how we are going to accomplish it. Why? First, it's just no fun to dream alone. Second, when we dream alone, it's unlikely our dream will ever become a reality. When we dream with others, it's the beginning of a new life, a new road, a new future. When people vocalize their dreams, they provide an intimate look into their heart and character. As long as we are still alive and breathing, we owe it to ourselves to never give up chasing our dreams.
Continuing Your Education
Every dream is in the mind of the believer and in the hands of the doer. Learning to become a successful currency trader may be your dream, and to attain it you must learn the skills of a Forex trader. You better invest in your education about how this market works, because you will be put up against some of the brightest traders in the world. Learn the skills and traits of a successful trader and replicate them.
If you are not making the money in your life you always dreamed of, perhaps it is because you are locked into a series of unproductive work habits and destructive mindsets. Maybe you have created a mental block inside you that has stopped you from earning more than you think you are worth. If you want to earn more than you are earning right now, you must upgrade your self-concept.
Now that you have found the Forex, you need to begin to identify all the knowledge you need to acquire to become a successful trader and begin to study everything necessary to achieve success as a trader. Knowing as much as you can is important, not because you will use all that information, but because it will give you options.
It is imperative to be committed not only to continued education about your new venture that excites you but also to learning more about your emotions and how to control them instead of letting them control you. If you think your current education is sufficient to take you where you need to go, you're wrong. It doesn't matter if you are starting a restaurant, a retail store, or a service-based business, or if you are becoming a Forex trader: you are going up against some of the brightest people in the world. And if you think you can take them on without any further education, guidance, or mentorship, then you will be in for the surprise of your life. Why? When a person with money goes up against a person with education and experience, after everything is said and done, the person with the education and experience will end up with the money and the person who had the money will end up with the experience.
When we invest in ourselves, we create a lasting asset, as compared to investing in a couch, state-of-the-art stereo system, boat, or credit card debt from buying more stuff, which are all depreciating assets. The average person spends more money on household furniture (a depreciating asset) than on education for
(Continues...)
Excerpted from THE FOREX MINDSET by Jared F. Martinez. Copyright © 2011 by Jared Martinez. Excerpted by permission of The McGraw-Hill Companies, Inc..
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