To be a professional Forex trader, you first need to banish the demons

OK so I’m a bit biased but think that anyone could be a professional trader by using eWavesHarmonics (eWH) as their only technical indicator.  It provides visual support for at-a-glance reading of price action and identifying strong areas for placing trades and taking profits; amongst other things of course. 

So, why doesn’t every eWH user go pro’ from the get-go?
Simple (I think) – they haven’t managed to banish the trading demons; and I’ll admit something here: those very same demons come to visit me from time to time, just to remind me that I’m not a computer but am just a mere human.

You might recognise some of the characteristics of those pesky trading demons, they will whisper in your ear: -

• You don’t need trading rules or plans; you can just trade at your whim. Keep a trade log? Don’t be daft.
• Scared money! You mustn’t lose; you mustn’t let that small profit turn into a loss; you must take profits quickly; you must move your stop loss instantly.
• The market is moving without you; quick get in now even though it’s already moved a long way.
• So what if the market is choppy, it’s going to break any minute now so get in quickly so you don’t miss out.
• If you double your lot size on the next trade, you’ll recover your loss from the last; if the next doesn’t work out you can double again, simple.
• Don’t take the trade even if your system tells you to, it might not work; hey, don’t blame me that you didn’t take it and would have been the best of the day.
• You don’t need to wait for a candle to finish forming, look it’s going up already; oh shit, how was I to know it would be a pin bar.
• You need more indicators on your chart, that’s the only way you’ll have 100% success and never lose. The more indicators you can cram on, the better your chances; who cares if you can’t read the price action. See how many you can get without paying for them – coders don’t need to earn a living, they can live on rain water and fresh air.
• Keep doing what you know doesn’t work, it will work one day.
• Already had 10 losses in a row? Just keep trading man – the next one will work out.
• Spend lots of money on those brilliant trading mentors and courses with the great sales pitch and shouting videos that tell you how wonderful they are and how they learned from the best (of course they are great traders, why wouldn’t they be – just look at all those Google AdSense adverts on their webpage)
• Read lots of forums and try lots of different methods, you will definitely find something that works
• Buy $69 trading robots – they must be great if they’re only $69. Buy lots of them, at least one must be good
• You can be a millionaire with a $10 trading account, no problem at all
• Trading is sooooo easy and you can easily get 100% returns every day
• blah blah blah

The trading demons are very imaginative and will do everything possible to make sure that you never succeed.

How do you banish them? I would say it’s simple but that would be a lie.  You can however start by writing down your trading rules and plan: what are your reasons to enter and manage a trade; what and when will you trade; how many trades will you do in a session; what are your goals, in the short, medium and long-term; etc. Stick to your regularly-reviewed rules and goals - with unwavering discipline - and the trading demons will not get a word in edgeways.

To be a professional trader, you have to act like one – be more like an unemotional robot than a human. DO NOT FEED THE DEMONS.