Lots of folks bringing up great points! Good conversation about how emotions must be managed for trading, including emotions about winning and losing trades.
A few that I'd like to comment on specifically:As a partake trader myself I find it difficult to stay discipline to my plan but after reading your post I think I'll try it out, the keeping a record part maybe that'll remind me of staying discipline. Also the volatility of the market is a major contributor as I tend to adjust at every little change i notice in price movement. Since I started trading I never cashout at my initial target cashout price. Is either I cashout few price late or earlier.
Couple things to unpack here. First, good luck starting your journal! Let me know if you have any questions. Your next comment on adjusting your trade plan is an important one. With new information over time, it can make sense to tweak your profit targets. However, until you're absolutely sure that you're not being swayed by FOMO or FUD, you should keep your targets pretty solid. Over time with your journaling you will be able to recognize trends and patters in your own behavior that you can use to improve yourself.
And of course there are a lot of factors why they lose or why they won.
Most of us lose due to being ignorant,doesn't read the chart only listen to those TA and so called pro-traders.
You hit the nail on the head there. Most traders, especially (but not only) new traders, don't have the education, the training, or the tools to consistently profit from trading. Voodoo Crypto doesn't do signals, we teach you to trade for yourself.
I just want to say something quickly about this your preamble and it is to disagree that a winning trader is not smarter. I believe in being smarter equips you with what it takes to be a winner because it opens you up to other techniques, information and other supporting knowledge to be better which can also include luck.
That's a valid dissent, but I would ask you this question: is it that the "smarter trader" is better at understanding the other techniques, processing the information, and understanding supporting knowledge, or does the "smarter trader" just know where to find better techniques, more relevant information, and more valuable supporting knowledge?
Inside trading is rampant in crypto, small timers never stood a chance. Those insider whales are the only people pulling in consistent profits that they can live off of.
There's sometimes shady behavior in the marketplace, but if you understand how that behavior works, what the "tells" are, and how to safely navigate the waters when it's happening, you can still swim with the whales as a little minnow and thrive.
When we talk about traders mindset, I think 50% (by assumption) of trader's mindset is to make profit but I think such mindset is tantamount to getting a trader to record more losses than gains because the emotions and impatient would always interference But expert traders, I mean the tested and trusted see trading as a game that they want to try and predict its outcome and so they have more than average understanding and applies the techniques, this could be the reason they win because they have subdued the always winning mindset.
Profit is the motivation to play the game, no doubt about that, but you're right that for many traders the game of probability and psychology is a lot of fun!
A couple meta questions too that I want to transparently address. This Voodoo Crypto site you speak of I see you're trying to promote it, are you the owner? Will still check it out though.
I am a trading coach with Voodoo Crypto, so it is in my best interest to promote the service. However, my primary motivation for sharing this post and the ones that will follow is to provide value to new and experienced traders. Some may eventually look up Voodoo Crypto and be interested in what they offer, but most probably won't and that's okay too.
OP has been promoting his group a few times across social media it seems. Found one exact same post in Reddit.
Aye, I did post this on Reddit a few days ago. My intention is to continue making posts like this on both because while there is overlap between the audiences, many people only look at one or the other.