Topic: The right mindset needed for all traders - page 13. (Read 3181 times)

Almost all of these things come exclusively with experience. They cannot be transmitted verbally or taught. You can show and explain to people how it works,
but they will understand this only after they get into the above situations and go through them. The more conclusions they make on each situation, the more progressive their growth will be.

Staying at home has helped me to study and learn and today, i will be referencing the key virtues that is learnable to be a trader

Trading psychology refers to mental or emotional state that defines or dictates if a trader win or lose.

Why do traders lose?
Neutrally, most traders are attached to their funds and capital which affects their emotions and force traders to trade not to lose money.

I advise that we all Have a winning mentality while trading, Because in the market today; there are tendencies to lose few dollars or money on every trade, but we can overcome by having a solid reason to enter a trade (DYOR).

5 fundamentals to help traders in the market:

1. Discipline: Coming into trading with a mindset not to gamble. You can use TA (Technical Analysis), because it teaches discipline to use it. Fundamental analysis meanwhile is about understanding market emotions correctly and trading with it.

Discipline helps you to see exactly what the market doing.


2. Patience: To be a patient trader; it means that you understand what the market is saying and the emotions attached, what the market could likely do and being calm and composed enough to follow what you see.

Why do traders/holders buy or sell too early ??


It happens because they do not know what is happening in the market, being patient while trading helps you to read properly and perfectly your analysis to a definite stage and also helps you to understand whatever the market is showing you without unnecessary emotional attachment.

To be patient, you need understanding, and to understand; you need to build a strong the fundamentals of what you are understanding.


3. Planning: Planning goes down to your analysis, your position sizing and also your trading psychology. For planning to help, you need to understand your analysis; and also understand that you must not trade more than you can afford to lose, once you go overboard; its gambling.

Planning helps you to accept the probability of how much you can lose and equally what you stand to gain from the trade.

Planning helps you to accept what will be earned or lost from the trade.


4. Persistence: Persistence helps you understand that the goal is to make more profits than loss.

5. Flexibility: This is quite difficult because as a newbie trader, you might not understand perfectly what the market can do; and there are some market moves that comes as a shock. Recent example is bitcoin losing 4000$ in a stretch few weeks back.


Discipline keeps your focused
Patient allows you to learn
Planning keeps you level headed
Persistence keeps you in the trade.
Flexibility allows you to combine all of this to trade.


And finally

Trading psychology is more of understanding people’s emotions and yourself

I am open to learn even further, and i welcome everyone suggestions

Falling in love with the coin 

as we know that trading is a very high risk and also very profitable if you are an expert trader. Most lay traders trade and lose a lot of money caused by panic and cannot control their emotions. but every trader I think has a different strategy including you. for me to gain profit in trading is when we can be patient, be able to control emotions, understand coin price movements and not be greedy.

The OP is very accurate, the reason why traders fail in this market is that there is no discipline and impatience. These are the two main factors that help traders to succeed in this market, they need to trade disciplined and always have the patience when needed. Don't panic if the market collapses

Discipline is hard to achieve and we should focus on having it especially if want to profitable in the volatile market. Being a discipline trader is all about following his plan where he follows to cut his trade if it achieve the invalidation levels. Being discipline trader can help us to earn profit and avoid major losses.