Topic: The right mindset needed for all traders - page 14. (Read 3069 times)

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.

That's a good step by step strategy in lessening the risk in trading. You'll be surprised after you gain enough experience and make good trades unnoticeable how you have improved in analyzing market movements and TA's.
I've been in the same track as you before, but my day job demands most of my time and I ran out of patience to trade while I constantly lossing due to lack of focus and composure.

Reality check. This really happens.
Falling in love with the coin or because of the members that are making positive statements about it.
This happens mostly in telegram groups or discord.
I had been there. I saw it. I felt it.
Loved one coin for like a year and putting my trust that it will moon someday.
Worse happened, it did not. Went to dust.

Learned my lesson and moved on already even if those were large amount of money.

These are nice traits for a trader but to be honest, the most important amongst the list are patience and discipline. These two matches on our needs. Trading is a risky business and we all knew that. Going to do some trading needed skilss and mentally prepared attitude. You dont want to be running losing just because you cant handle consequence.

There will be none if you follow your own rules or standar when it comes to gambling on market trading.

Also you can add the experience OP upon seeing important parameters and key points on trading. Analysis helps but these arr also factors on helping us improved our skills.

I agree with the point that in the end it is greed that kills the profits of a trader and turn them into losses, secondly i think one should first fully learn to read charts and then enter only when he sees atleast 2 confirmations with this strategy he will surprisingly increase his winning trades ratio, this is something i am working on myself.

Experience would be the best key to keep you learning from trading and these different mistakes that will keep on appearing will give you lot of lessons to learn. Patience should be the best virtue in trading, because without it, you'll never last long in the field of trading.

Learn from your mistake is another important think should be followed by a crypto trader, which can be related to patience as well.We need to take notes when we lose and remember what we did wrong there and try to get better at them next time and there will be a new problems again and again so keep learning so one day you might learned everything so you can go hard without any fear.

Hopefully the newbies would be able to read this, because I am pretty sure that many of them will panic at these kinds of situation.
The volatility of the market leads them to an impatience and that should be remedied by at least discipline.
I would advise OP to at least share an experience from how does these mindsets can help traders especially the new ones, because words are easy to say rather than done sometimes. 

Its so much to read but i think you have done well with your summaries and i hope you do put it to practice

In addition, do you know that even with proper planning, disciple, and others, without a proper method to do your own research and get facts in, you would be lag behind ?
Nothing beats a well research investment, you will always win.

And this thread also applies to bounty hunters, who always want to earn from bounties

Patience mean waiting. Waiting for the right signal is easy thing to do but this will really take a lot of time wasting that will not turn you an aggressive trader who will earn almost every week.  It may vary which indicators you use and your trading personality. Some people are just not risk takers so they will wait til RSI tell them that BTC is overbought in the monthly chart which means he has waited for months, that could either be discipline or time wasting.

I have some friends who are very disciplined traders who always buy and sell at a fixed profit or loss level.
For example: They will sell as soon as the profit reaches 3% or lose 5%.
By such disciplinary deals they have achieved success in this market.
However, I'm not a disciplined trader, so I chose for myself a long-term strategy.

This is a good advice and guidance as well which will help upcoming traders at the same time helping experts to re-evaluate themselves. In addition, I would like to point in one thing which is greed. This is also one of the factors which makes traders lose money, mastering the act of removing or resisting greed from/during trading will go a long way in helping as well and this can only happen if the trader is disciplined enough to resist it and stand to his views about trading. Lastly it is good to be positive about trading altogether, because it helps to shape the right mindset.

Very interesting topic especially to the newcomers of a crypto trading business. I like to read this kind of knowledgeable stuff because until now I still sharpen my mind when it comes to trading. Just like techniques, tips, and of course those all kinds of analysis.

For me, discipline is the most important because, in that way, discipline will handle and always remind you to avoid your decision becomes worst. Maybe you forgot this kind of mindset, never go in trading if you have a negative emotion, just like when you stress, angry, depressed or even maybe you are drunk. Because you can't control your self at that time even you have self-discipline.

Crypto trading is really a interesting stuff if things goes our way, If you want to be a successful crypto currency trader we need to make a right decision to secure a profit.

Decision making is fore most important thing if it goes wrong then you lose money, also Investing in a right coin too is important else things will go in a wrong way. It's always better to research several times before investing in a coin.

Patience becomes a very important part related to the emotions and psychology of traders.
Because if a trader does not have patience and stable emotions, planning or trading strategies will not be implemented properly and reach the target.

Patience is also accompanied by discipline in planning that has been prepared and does not violate the rules made by yourself.
I am also still learning to control my emotions when I trade, but sometimes I am inferior to emotions and start to worry about what steps to take when trading.
Every trader has different characteristics and mindset.

A discipline trader will always win on this market and I’m sure they are confident on their skills. This is a great insight and advice mate, though a right mindset should be learn by everybody not just a trader by everyone who are investing their hard earn money. Patience is fine but if you don’t have good discipline then you will still lose money.

Many traders are share also information like that it is ordinary because I saw many thread who share idea about what a trader needs.
But still thank you for creating this maybe they have some details that we can get and use in our daily trading.
Also it is guide for them and hope that every traders will have that characteristics to most of us will earn money.

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