The problem with most Wannbee traders is they read stuff like this and want to have the psyche of "High Performance Traders" before they can even tell the difference between a tick and a dick
get the basics right and read all the free stuff on the internet and practice for 6 months ....worry about "Psycology" a little later on in the game ...if there is a later on !
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Surely Psychology is one of the basics? Certainly it was my biggest downfall when I was first trading. I could understand the charts pretty well, intepret news events well and more but I hadn't learnt how to, handle big winning or losing days, consistently evaluate or re-evaluate what I was doing etc etc Understanding that helped me just as much as understanding how to read a chart, interpret a news event/data release. Everyone's different so maybe what i'm describing is idiosyncratic to me but not picking up bad habits in the first place will save you a lot of p/l. As in everything, a sound mental approach is just as fundamental as solid technical skills. Goes for sport, goes for dating, does for just about anything where you do not purely systematically.
I'll give you an example, you're taught to have a trading plan and to stick to the plan. However, sometimes you throw the plan out of the window mid-trading and either trade on the fly or devise a new one. Understanding what drove you to that decision (whether it was right or wrong) will help you next time the same or a similar situation occurs.
Understanding how important psychology is has helped me.......well, let's just say, it's helped me get to a place in my career i wanted to get to!!!!!
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