Kostyantyn Kondakov - The Psychology of Trading or How to Tame the FOREX Market

You will earn a million in FOREX, as soon as you gain confidence in your abilities. However you will only be able to do that when you understand the essence of trading. I have done my best for you to understand the secrets of successful trading in FOREX, so all you need now is read every page of this book carefully to make sure you do not miss anything.

Konstantin Kondakov,
Successful trader with a 10-year trading experience in FOREX

Is ten years of trading in the FOREX market a lot or not much? Some would say: "Hey, man, thats an eternity!" And some would ask straightaway: "What exactly have you achieved during that time? And what knowledge can you share?"

Believe me, I do have things to share with you. During this time I have mastered the secrets of financial markets, thanks to which I have made a complete fortune. And in this book Im willing to tell you everything I've got to know and Im willing to teach you how to make money on the fluctuations of currency rates.

Before I started writing this book I had travelled a rather long and rocky road. I climbed my own financial Everest, and now Im willing to share my thoughts with the people around me.

Why am I doing this? Because I truly believe that future belongs to trading and that by doing this I will help people, who are seeking their way in life, to find it.

Money has not been my goal for a long time already now my thoughts are all about doing good and I want to make this world a better place to live in. And God helps me with that!

But lets go back to the book, because, as usual, I start digressing into philosophy and subtle matters.

If I call my first book, MetaTrader 4 Learn to Earn in FOREX, a schoolbook, and the second one, How to See and Foresee the Market: FOREX Fundamental Indicators, a book for college students, then by now this one is pretty serious stuff on the level of a PhD thesis.

So, heres what I can say about the book itself:

Back in the times when I was an amateur in the currency market, I noticed a strange thing FOREX charts do not always show the real state of things. For example, when fundamental indicators do not seem to predict any sharp fluctuations, a chart all of a sudden shows a real rally. Or the data shows a trend in one direction, one hundred per cent, but the market suddenly goes a totally different way. I kept asking myself: "How can this happen?" This question firmly stuck in my mind, I kept thinking about it day and night. I tried to find answers wherever I could read facts, analysed and compared them, whilst doing my best to solve this mystery.

And then there was a moment when I thought: "Probably, someone controls the market and therefore gives it a certain direction to move in? Now, who would be able to do that?" I began to investigate this option and study specific literature on this issue. After reading hundreds of books, and reading between the lines, I followed a string of logic and finally did find this "all-pervading mind", which, as it turned out, rules the market.

Back then I wrote down all my conclusions and thoughts in my diary that is, I fixed on paper the whole process of my understanding of the market.

As a result you are now reading these lines and that means you too are ready to know everything about the FOREX market. And my book will help you walk the path I have walked but you will do it faster and this will be how I assist you.

Reading one page after another you will quickly and easily become a real professional of the FOREX market.

Im sure that for those who have decided to dedicate their life to trading and earning big money on currency fluctuations, this book will be of real help.

Eager to be completely sincere with you as I am, Im publishing extracts from my diary in this book.

Now you would have said that these notes were made by a completely different person a hesitant, emotional, and vulnerable to panic and disbelief young trader, which I was as recently as a few years ago. But thanks to the methods, described in this book, I managed to get rid of everything that prevented me from becoming a success. And so I believe that you too can walk this path.

No one must trust another person as if they were God himself or even his profit. It is enough just to listen to somebody who sets you thinking.

Peter Oppenheimer,
English economist

Greetings, again! Now you and I are setting off for the fascinating world of profitable trading where I will be your reliable guide. I will gladly show you a short-cut to the summit of the FOREX market. I will tell you everything I know myself, and then it will be up to you to decide when and how to use the knowledge you are about to gain here.

So, if you are ready to take a step towards something new, then

Welcome!

The currency market attracts a lot of people those who have capital and those who dont, young people and elderly people, qualified financiers and those who taught themselves FOREX. Each of them is eager to take the chance that FOREX gives them and become financially independent and be their own masters.

To get what you want, you will have to journey a long way, sometimes it is a broad highway, and sometimes it is a narrow and brambly mountain path, because each new day for a trader is unpredictable.

To be an absolute success you need to know a basic law of the FOREX market. Then you will literarily be able to see the future. "What law are you talking about?" I hear you ask me.

Dont hurry, everything in good time.

From my diary

30th March

"...Ive looked through several well-known books on trading. Each of them says that in FOREX you can earn terrific sums without leaving your house. Its all well written and it does convince me, you know. Yeah, Ill be able to do that too! What one man can do, another can do. And no demo accounts! Im going to make money straightaway! Shouldnt be too hard. Buy a currency at one price and sell at another. Speculation, nothing more.

... Of course, I do realise that I need to keep my losses to a minimum and work out an ideal strategy that would constantly bring me a high profit. But up to now I dont quite see how to do that".

22nd August

"...Last night I didnt sleep a wink. I cant even call sleeping those two hours of dozing in front of the computer. During the whole time I was dozing, candlestick charts showing the dollar increasing kept popping up in my mind.

Already yesterday morning I opened a trade deal to sell the Loonie. Analytic forecasts kept saying that the dollar would drop soon. But the rate keeps climbing up; it has been for almost a week. All indicators are showing that a fall would happen any minute but the dollar keeps growing. I dont understand why this is happening?!

24th August

"... Its Tuesday. I was hoping that as the US markets open, the dollar would start decreasing. But thats not the case the rate has soured again 30 pips! My heart is racingTo distract myself from gloomy thoughts I tried to do my breathing exercises but failed to relax. All I could do was sit and watch the dollar steadily growing. In my thoughts I was trying to will it: "Come on, fall, you! Please, fall, please!"

... The Loonie never lived up to my expectations. Somebody else has made money"

Have you also been through this? Every trader takes it in his or her own way: some give up and quit the market forever. On the contrary the desire of some to earn becomes stronger and they do their best to get to know all twists and turns of trading. But in any case regardless of whether you have decided to retreat or continue the fight you must analyse your failure. This book will give you answers to the major questions: why traders fail? and how to avoid that?