Topic: The right mindset needed for all traders - page 12. (Read 3201 times)

Well advise but the key to them all is patience. Once you don't seems to have it, you'll be highly frustrated cos your whole mindset is to strategize and make quick money. Crypto market requires the ability to wait and keep your emotions aside while the market fluctuate until it favors you

people that have that mindset are risk takers and are willing to push more becuase in thier minds they cant loose but of course that is not always the case that happen so they end up loosing big  but having a weak mindset is also bad   . all we only need is a balanced one  .

 not too strong and not too weak ( just like what op are saying  )    .  but you are right that having a clear mindset is also good so that we can think properly  .

In short, some novice traders always make the same mistakes before trading, they are focused on making a profit and how much they are willing to make a loss, but when they make a profit, they forget about their original goal and think about how to get how more profit is possible, I think this is the main factor why Novice traders always lose, this does not mean that experienced traders will always win, but from the point of view of consistent experienced traders, they are more diligent and have their own goals, therefore, if they lose today, they stop and try it tomorrow or another time, like their plans in the beginning.

even though you can't avoid losing trading. however, with that mindset, you can reduce the risk that could occur. so far, people who trade without a clear mindset, sometimes they only trade without a strategy and just try.

That's exactly one of the points of OP, and I have to admit that i am impressed with the summary.

As a trader, apart from the teachings and the learning, there must be mind determination and persistent to achieve success ; and believe me it goes a long way

I'd suggest that luck is also a factor in trading. No matter how good your analysis is, no matter how you plan things, if there will be a factor that would arise in a sudden that would alter hoe you planned things to happen, different outcome may be formed; keep in mind that the market in the first place is unpredictable and consistency do not exist in this industry, which is in contrast with analyzing things because in order for analysis to work, there should be consistencies with the variable you are trying to measure.

Let's put it in a scenario, trading a coin perhaps. You have created a deep analysis to a particular coin, that it has a good token supply, it has the popularity or it simply convinced you that it is a good coin to trade or invest. You have that patience to wait for the right time thrn suddenly there is a huge decline for some reason. This would immediately ruin your plans, I think. And you will again startover.

There are four tenants in trading psychology; greed, fear, hope and regret. It would be long to discuss all of these, but to make it simple, is becoming ready to expect what should and should not be expected, a matter of conditioning your mind, in order to come up with a good trade, not literally controlling the variables. Hope you get my point.

It's easier said than done, how will you learn without losing? If you entered crypto trading world with the mindset of ( I don't want to lose ) you will come out with nothing, every pro traders have some lose stories to share

Yes, that's right, in this condition, patience and how to deal with the market situation so that we can have the benefits we expect, because whatever the job is if it starts with an emotion, it will end with regret.

The only thing that must be owned by everyone if we must be patient and never try to be a greedy person. Mostly people who are greedy to expect a huge profit from the market can't be patience for sure and they are using it to trade and then they were getting a big loss. Patience is key in trading whatever kind of platform.

Nice post, this should be ready by traders it would be a great help for them especially if they really want to be successful in trading. Trading is not a simple thing not like investing, so you really need to read and learn some skills and techniques you may use to be a better trader.

Good thing is that you may read some information gives ny the OP, one of the best advisable for me is to keep on learning, technology evolves which is prior on trading so you should keep learning to ne always update on the technology and trading techniques, which is really good way of making money.

The right trading mindset is something you need to start working on. You need to make a good strategy. You need to know the do's and don'ts. You need to settle your emotions as we can see, emotion is the biggest obstacle a trader has no matter how good you are in trading, reading charts, doing Technical analysis. We must have a positive trading mindset that will need to be continually improved and protected throughout our life as a trader.

it is an interesting topic. If we can concern to the five fundamentals maybe we can do all the projects fluently and get an amazing result in the end. I really agree if we should be patient. Emotion can influence us in making decision. We should be patience in facing market situation but we must smart in using it too.

Trading is a prediction game, predicting the price movements of cryptocurrencies is quite tricky compared to stocks because no matter how good the fundamentals of a project, the price will always follow the development of bitcoin prices. We all understand that the price of bitcoin is determined purely because traders' assumptions are not due to progress or fundamentals such as stock.

Planning and discipline are the key factors of consideration for me.

1. Knowing the right exit and entry points, best stop loss point and buy pattern are all other planning. While

2. The patience to remain on course is discipline

@adzino, I think you are right. I would look abstract when one begins to analyze emotions without practicalizing it. Apart from trading, the fact remains that we have put our emotions into test through different encounters in life. Coming into trading now is a different ball game. It is until you do the trading itself before you will know how strong or weak you are emotionally and constant or active trading can help to tame or control it, particularly when it comes to risk management, because trading itself is risk taking.

If you read my post again, you will see that I never mentioned anything about emotion not being involved in trading. Yeah, I know emotion does matter a lot when it comes to investing and trading or taking any financial decisions. What I am trying to say is "these emotions (psychological effect)" different people in different ways.
Original poster talks about discipline, planning, flexibility and so on. One needs to "experience" first before they can bring out those perfect plan, patience, positive mental attitude etc.

But we can make it a general style or method. There is a time that Ive enrolled on a trading coaching not much rate, but he teaches us how to be specific and be like him. He is  really good on trading and lots of experience, I like the thought of being him someday, but I am keeping what I learn from him. I even follow what he suggest so later on, If Ive seen a pattern like that then I know what to do cause thats what he thought us whether we are wrong or right at least we have the same principle of knowing the right move for every chart pattern.

Of course, exclude trading attitude such as confidence and patience.

Are you aware that our financial IQ is composed of 90% emotional brain and only 10% of our rational brain. It means that our emotions have great factor especially when it comes to investing. There are 2 main emotions in the market, it is greed and fear. There are people who have this two whete they cannot fully control their emotions that makes them to lose in a trade. We should remember that trading psychology is also important and we should consider it.

Exactly! All those points the original poster mentioned does not apply for everyone.  He ended up generalizing everyone. Emotions and habits does not act the same way in everyone. You will need to have experience first before you start trading. This way you will get to know what are your problems and how badly it is affecting your trading. You will also make mistakes while trading which will help you learn!
Now if the person does not want try to "fix" his problems and mistakes, then that is a whole different story.

Trading isn't as easy as people to see it, as a trader you need to get focused and have confidence, know when to sell off and don't be greedy in your trading, many have been hurt and caught in the act including me, one thing we should understand is market isn't our family house and not certain to predict how good it will end up but best is for one to be smart and monitor market, sell when you have to and always learn to buy at dip.