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A trader's Guide to Stress and Coping
Tue, Jun 17 2008, 07:42 GMT
by Forex Journal's Collaborators
This article is taken from the Forex Journal (June 2008 issue).
The author, Brett N. Steenbarger, Ph.D. is Associate Clinical Professor of Psychiatry and Behavioral Sciences at SUNY Upstate Medical University in Syracuse, NY and author of The Psychology of Trading (Wiley, 2003). As Director of Trader Development for Kingstree Trading, LLC in Chicago, he has mentored numerous professional traders and coordinated a training program for traders.
- Brett N. Steenbarger helps us understand the stresses faced by traders, their coping styles, and how these affect emotional well-being and trading success
A trader of the Australian currency market is long versus the dollar, expecting that economic weakness in the U.S. will hold down American interest rates and reward the holding of higher yielding currencies. Suddenly the U.S. government reports a much higher than anticipated inflation number. Short-term yields skyrocket, as traders anticipate monetary tightening by the Federal Reserve. Immediately the dollar rallies versus other major currencies, and the trader’s position goes into the red. His heart rate increases, as does his rate of respiration and muscle tension. Thoughts race through his mind: Should I take my losses? Should I stick with my longer-term outlook? The market is gyrating up and down, lurching dozens of pips in a matter of seconds. The trader curses his decision to enter the position in advance of the inflation report. Reluctantly, he takes his losses, wondering if he is selling at the worst possible price.
_______________
Other Article in this Issue:
The Far Out Financial Chemistry Kit
Published on Tue, Jun 17 2008, 07:42 GMT
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Legal disclaimer and risk disclosure
This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the authors and the publisher are not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought. In commodity trading, as in stock, and mutual fund trading, there can be no assurance of profit. Losses can and do occur. As with any investment, you should carefully consider your suitability to trade and your ability to bear the financial risk of losing your entire investment. It should not be assured that the methods, techniques, or indicators presented in this magazine will be profitable or that they will not result in losses. Past results are not necessarily indicative of future results. Examples in this magazine are for educational purposes only. This is not a solicitation for any order to buy and sell. The information contained herein has been obtained from sources believed to be reliable, but cannot be guaranteed as to accuracy of completeness, and is subject to change without notice. The risk of using any trading method rests with the user.Related reports
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