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Why
Psychiatrists Make Better Traders Than Expert Economists?
It should be
noted that millionaire traders, Elder, Williams and some others
are in fact professional psychiatrists. And it is not accidental
that not the economists are the leaders and most successful traders,
but professional psychiatrists and psychotherapists. Think about
it. You will become a successful trader when you understand why
it happens with Forex. You will understand what your Forex mistakes
are, and why you are making them. And when you correct these mistakes
you will become a trader who has no psychological barriers and obstacles
on his way to better earnings in the Forex market.
So, why do the
psychiatrists make better traders than economists who, as one would
think, have the Forex market at their finger tips?
The economists
are confused by:
- the fact that
exchange rates are not always related directly to the economic circumstances
in the countries. Well, do you know any economist who would be bidding
for low fx rates when the economic situation is getting better and
better? Or the one who admits that technical analysis of currency
pairs is more important for Forex trading than the fundamental one?
Any economist is confident that this can never happen because he
knows all the economic dogmas. But it happens in the Forex. After
all, how can a trader lose with the currencies moving up and down
by the economic rules? The currency will surely react to the economic
changes in the country, but who knows when and how? Here is a tip:
there is the Elliott fifth way to teach a lesson to the ones who
believe that fundamental knowledge is enough (before the trend turns,
the currency spurts absurdly by the old trend), to confuse and draw
the newbies into the game, while the experts wait for the trend
to turn back.
- the lack of
psychological knowledge that helps to understand the behavior of
the crowd. And that is self-evident.
Are there any
methods to overcome this fear?
It seems that
every Forex book, every article offers efficient solutions for psychological
difficulties experienced by the traders.
IN FACT NEITHER
OF THESE BOOKS CONTAINS METHODS TO OVERCOME THE FEAR EXPERIENCED
BY A FOREX TRADER!
But what do
these books offer instead?
Almost every
book of this kind consists of two unequal parts:
- the bigger
part of the book narrates about traders’ problem that interfere
with their Forex work and make it unsuccessful (nervousness, doubts,
worries, fear, sleep deprivation, etc.). As if the traders do not
know their own problems.
- the considerably
lesser part contains conclusions and recommendations to the traders
who are to solve their problems and overcome their fears to become
successful.
The conclusions
are disappointing:
Many psychiatrists
realize that the new field opens before their eyes – now they
may treat traders whose number amounts to millions all over the
world and is growing with every day. And since most traders have
a dream to become as successful as George Soros and other famous
traders, this new field promises to be rather lucrative.
One thing is
bad though: the overwhelming majority of these new-sprung trader
brain specialists do not even know what the Forex is all about.
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