Essentials Of Trading Psychology

This is a discussion on Essentials Of Trading Psychology within the Psychology, Risk & Money Management forums, part of the Methods category; Such trivial thing as psychology is often the reason traders can't get profit. It's true even for people who have ...

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Old Sep 25, 2017, 7:23pm   #17
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Such trivial thing as psychology is often the reason traders can't get profit. It's true even for people who have enough experience and knowledge.
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Old Sep 28, 2017, 9:08pm   #18
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Originally Posted by dbphoenix View Post
One might make the same observation regarding the importance of psychology in marriage, or business, or child-rearing, or driving, or grocery-shopping. There's nothing particularly important about psychology in trading per se. What is impossible to overestimate is the importance of a trading plan. If it's sound, and the trader follows it, whether he's upset or happy or sad is beside the point.
Absolutely! if you have a sound back tested plan, this is the conviction you'll need to execute... (the next step is to automate it, so you won't make mistakes) and that's all you need, no need to meditate, yoga, drinks, weed, etc... all the psychological aspect of trading is taken care off in one single swoop...
"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett, CEO of Berkshire Hathaway.

My number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
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Old Nov 3, 2017, 12:08pm   #19
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All people are different and can be in different mental states. Of course, we all have some similarities, but when it comes to details, we're all unique. And that's what we call individuality. But, one way or another, you can develop your mind or personality, if you like.
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