Podcast:

How to deal with good and bad trades
In this weekly video:
00:26 – Trading phycology and the mental aspect of trading
01:19 – The good and the bad side
01:35 – When trades go wrong
02:30 – Fantastic when your winning
03:31 – What can you do when you are losing trades?
04:31 – 6 out of 7 winning trades on the Daily charts this week
05:38 – Consistency is key to success
06:15 – Control your risk per trade and control your emotions
06:55 – Look at the bigger picture
07:49 – Contact me if you need further help
Trading psychology is a really important part of trading. How do you deal with good and bad trades? Let's talk about that and more right now.
Hi, traders. It's Andrew Mitchem here, The Forex Trading Coach, video and podcast number 262.
Trading phycology and the mental aspect of trading
Now, trading psychology, all about the mind, it's a really, really underrated and overlooked part of trading. You see, everybody wants to get into the nitty-gritty of the actual trading strategy and how to make money, but the reality is that good trading, a large part of it comes down to your mental approach because after all we're talking about emotions. We're talking about making and losing money, real money and it hurts or it's fantastic depending on which side of the trade you're on.
Let's talk about the two different approaches, really, and also with the bad side, how I can give you some help and information from my personal experience to help you overcome that.
The good and the bad side
When you have losing trades, all of a sudden, everything feels terrible and you know what I mean because you've certainly been there. All traders go through it. I still go through it after trading for years and years. But there are some things I can help you with.
When trades go wrong
When trades go wrong, you start to have doubt in your system, doubt in your own ability, and it just all feels horrible. You see what you think are good setups and trades just go wrong because after all trading is not an exact science. It's about probability. Not all the time are your really nice set up is going to work 100%. You start having doubt and some people then, especially new traders, they start having anger, frustration, fear, all those types of things. Some people want to just get back at the market and they start doing really stupid things. They'll take silly position sizes. They'll start doubling up a position. They'll take a trade just because I want to take a trade and get my money back, all those kind of crazy things. Especially when you're new, that is something that is very easy to fall into.
Fantastic when your winning
Take the opposite side of that scale and you take a series of winning trades and, all of a sudden, life is fantastic. You're making money. You're seeing lots of profit whether you're using MT4, lots of green lights. You're hitting your profit targets and your cash is growing beautifully. The danger then is you can become very blasé about your trading, almost like indestructible, almost like that teenager mentality where I can drive a car really fast because I know what I'm doing and it never happens to me and it's a thrill, all those types of things. We've all been teenagers and many of us have teenagers as children and you know that little bit of knowledge can be very, very dangerous, that kind of approach and that can become a problem when you have some winning trades is that the whole mental part goes out the window because you just think that every trade you take is going to be a great trade. Of course you know the answer. You're going to get hit really badly.
What can you do when you are losing trades?
Going back to the losing side of things, what can you do? Well, first of all,