Topic: How to Think Profitably - a Trader’s Mindset - page 4. (Read 822 times)

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.

Reading nice articles like this without keeping a check on one's emotions amounts to nothing. In trading, emotion is the ruler/decider. At one point every trader has that to contend with. What one does with it determines how one's trades go. Emotion and patience go together in making any trader a better trader. To achieve this, it has to be practical on the field of trading with real money involved, not some demo trading or article reading.

For me, it's also depend on what type of trading they are play with.
If they play ordinary stock trading, expert trader can earn more profit than new trader.
But in crypto trading where every coin are unpredictable, even experience crypto trader can guarantee that they can earn more than new trader !

From my learning a winning trader will be taking decision precisely according to the market move, because everytime the market will not be same as we expect. Upon this it isn't possible to sell at the targeted price as the market will change in any direction in no time. There is nothing as a bad trader, because a trader who doesn't have the proper knowledge will experience loss, other than few exceptions who succeed through luck. Whoever it is there is nothing as a good and bad trader.

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. Of course you will be regarded as a winner if your strategy keeps bringing you a positive outcome, that makes you a winner and not just a one time "lucky" winner  

It's a discord group. The link is on the OP profile.

OP has been promoting his group a few times across social media it seems. Found one exact same post in Reddit.

Wow. There is now a so called journal and I am still trading directly.

I guess the good part on what I do is there is not much emotions that comes in. I dont do bots. I monitor manually if I have some spare time.
I just need my smartphone for remembering my buy order or sell order so that I know if I am making profits in crypto currency and not with USD.
One problem that I see with most of the new traders. They are already converting it and not really making any profit by the number of satoshi or whatever coin you are trading.

That is also one factor to have a successful trading. Do not convert. Hoard more of that coins if you truly believe it might grow in the long run.

Very informative & well written post. Keep an eye on my account when you see me recieve more than 1 merit PM me reminding me of my promise to merit this post that's if i forget.

Back to topic: 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. 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.

It is reasonable if traders especially the ones take losses badly as their main purpose of trading is to get profit but most of them do not have enough experience on how to deal with losses. When I was newbie in trading, I did feel so bad as well so I can say that it is a human nature to feel bad on losing but indeed it should be taken as a part of learning to be a better trader.

Majority of the traders(crypto or non-crypto) don't really care about any of these things and only focus on 1 thing : Profit. This is why so many traders either give up trading or go into depression mode after suffering losses which they were never prepared to lose.

Trading is not for everyone basically. Only a minority benefit in a big way through trading short-term or long-term.

It's informative and worth reading. If every trader would have this kind of mindset, I'm sure that disappointment has no place in crypto world anymore. Acceptance and dealing with the changes around us would be an advantage. We must take a risk and be ready to accept the consequences with a positive mind. Trading isn't always perfect but we could improve and learn through it.

That is a good guide for every people in here so we can change our mindset to better.
That will need the practice to set the mindset and that will difficult if we don't want to change from inside of ourselves.
There are many things that we should do before we can change our mindset. We need to have discipline, and we need to obey what we made so we can stick to the plan step by step, and we can slowly change the mindset from not good into a good mindset.

It's a good thing to read. Well for me, everything in trading can be profitable, and I am not only talking about money. Even your losses can give you something to learn, experience to gain, it's a good lesson to make you a better trader.

Traders should not just take losses badly, instead see it the other way because, if you are too busy thinking about what you have lost, you cannot put your mind on your next trade which could also affect it. Sometimes being too emotional in trading affects your trade. Do not stop learning and growing as a trader.

What’s the difference between a winning trader and a losing trader? It’s not that one is smarter than the other, or that one is luckier than the other. Sure, maybe having the right tools and the best information helps, but what separates a winning trader from a losing trader is their mindset.

A mindset is how one perceives the world. It’s how a person absorbs the information around them, and chooses to either take action or not.

The most important mindset for a trader, new or experienced, is to consider decisions/trades/positions/investments through the lens of risk versus reward. A winning trader defines their risk and sets a target for their reward. There are lots of ways to do that, worthy of plenty Reddit posts on their own, but the critical learning is that the trader makes a plan based on solid logic, not emotion.

Once a plan is established, with a focus on risk:reward, the next piece of the mindset puzzle is sticking to the plan. This is accomplished through discipline. Only through discipline can you take your plan, and execute it over and over again so that you can measure it.

"If you can’t measure it, you can’t improve it." - Peter Drucker

The best way to measure your trading results is by keeping a trading journal. My personal journaling tool was built for Voodoo Crypto, but there are plenty of free ones if you google it. When looking for a journal or template, make sure to consider journaling both each individual trade as well as each trading session. Break down the numbers for every trade, and reflect on your performance and emotions for each session.

After the data has been analyzed and the journal reviewed, you make tweaks to your plan to attempt to maximize profitability. A winning trader understands that they don’t win every time, that losing trades is a fact of trading. However, they can answer whether they win more than they lose and have the stats to back it up.

If you want more hands on guidance and education check out Voodoo Crypto.