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Forex: Why Psychiatrists Make Better Traders Than Expert Economists?
from: Alexander BrinIt 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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