Trading Psychology of Highly profitable traders

[rjfxpips]

Psychological traits of successful traders

1. Hope is not for trading, focus on your specific setups and Rules

2. Trading should be boring. Exciting, thrilling or impulsive trading is not acceptable

3. Forget about the “Next great indicator or Set Up” and focus on managing risks on every single trade

4. Be aware of the psychology and emotions of other traders on the other side of your trade

5. Be very aware of your emotions. Are you anxious due to your trade?, are you constantly checking? Are you hoping it moves in your directions? Ask yourself, is this rational? Be calm always, the person screaming should be the one on the other side of the trade

6. If you feel too excited – excitement increases risk and clouds your judgement. Peak excitement means you enter no trades and tighten the stops of any existing positions, do the opposite of what your emotions desire.

7. Don’t over trade – Be patient and wait for the few good trades

8. Any belief of making big money should be suppressed immediately and replaced with the belief of consistency.

9. Stop thinking about money, don’t focus on the money, and instead focus on executing the trades well.

10. Focusing on the money will lead you to impose your will on the market in order to meet your financial needs. The successful traders focus on protecting their risks and letting the winners run.

There's many more of cause, all depending on your trading style and personality.

 

[Segar]

There's a lot of truth in it, but I will not agree with every point. I sold many items and orbs, following a few different rules. In the evening I will write the rest

 

[Flash8]

I agree with the first. Trader should carefully adhere his strategy. And no rely on hope or luck.
I agree with the sec. Trading is a trader's job. Trader can get enjoy with it but trading shouldn't be a game or entertainment.
Good about #3. Risk management is one of the most significant rule.
I agree with the next one. Trader should concentrate on the own emotional conditions. But I disagree with #6 about to do against your emotions. If you feel yourself excited you should stop to trade immediately and have a rest for several hours or days.
What about 7 and 8 and 9- yes, you are totally right. Stability and patience are the main trader's tools.
Do not concentrate on money that's right. And there is one rule that will help the trader forget about money and financial dependence and focus on strategy and trade. The trader must determine for himself the risk capital. He must accept that this capital can be lost without any damage to the trader. This risk capital will be trader's trading capital.

 

[NVP]

Agree with most of the basics here ......

But you FIRST have to have a kickarss strategy that you are 100% aligned to......until then all the psychology in the world won’t help you !

As I tend to tell my guys

A trader has to be smart enough to create a good system and then dumb enough to follow it

N

 

[chrischu]

Hey, we should have more of this kind of post. Short, simple and yet truthful. It all about the mind, if you can control your mind, then you can win the game. Which I think the following article is a good read for every trader.

https://www.tradingminds.net/blog/why-are-you-not-successful-in-trading-yet

 

[hatemypips]

How many times I saw those rules tried but failed to follow them. I guess I have to turn to automated trading to reduce interaction with trading platform directly. Too difficult to keep control over my decisions when I see floating P/L in the red.

 

[umoz]

How many times I saw those rules tried but failed to follow them. I guess I have to turn to automated trading to reduce interaction with trading platform directly. Too difficult to keep control over my decisions when I see floating P/L in the red.

i think, its too difficult for you because quant-trading its matter for scientists or very smart people

 

[NVP]

if automated systems worked all smart programmers would be multi millionaires.....

it is possible to be a consistently profitable trader if you fuse a proven strategy with many of the psychological skills discussed here on this thread

some other advice i would offer for traders is ......

be humble
display equanimity at all times
be detached in your thinking and mindset

N

 

[JcGilbert]

When we say that trading should be boring, it means boring in a way that you're repeating your process over and over, that you don't deviate from your strategy, but trading in itself is not boring, at least in my opinion

 

[hatemypips]

if automated systems worked all smart programmers would be multi millionaires.....

it is possible to be a consistently profitable trader if you fuse a proven strategy with many of the psychological skills discussed here on this thread

some other advice i would offer for traders is ......

be humble
display equanimity at all times
be detached in your thinking and mindset

N

You generate alpha or not, there is no other ways to show sustainable results in trading.

 

[nadextrader]

good stuff, i cant agree more; good trading psychology determined that you can win consistently in long run.

 

[Xevield]

Totally agree with this post. Good trading psychology like our mind. This will help us manage risks/rewards and win/loss ratio that help us to take profit in long run.

 

[RachelFX]

Trading mindset was the key to finding consistency in my trading..... should never be overlooked!

 

[Pat494]

Surely there are different types of SUCCESSFUL traders just as in life.
To ask a flambouyant character to behave like a mindless computer is probably asking too much.
Yes it suits the dull boring accountancy types but who wants to be dull and boring by choice ?
Be yourself imho. Suit yourself.

 

[RachelFX]

Patience, patience and patience!

and more Patience

 

[AlmaCap]

Have any of you used any type of automation to help with trading?

 

[RachelFX]

Have any of you used any type of automation to help with trading?

Do you mean 100% automated trading or EAs that manage you exit strategy for example?

 

[hatemypips]

Do you mean 100% automated trading or EAs that manage you exit strategy for example?

Do you have any automated software to recommend us? Some tested stuff to try on the next week.

 

[AlmaCap]

Do you mean 100% automated trading or EAs that manage you exit strategy for example?

Like automating your own strategies. Inputting your entry/exit points that you analyze and letting it do the whole "patience patience" work for you?

 

[AlmaCap]

Do you have any automated software to recommend us? Some tested stuff to try on the next week.

I may have just new here and unsure what the rules are about this