Trading psychology and TA - page 5. | Bitcointalksearch.org

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Quote from: Bravut on February 13, 2024, 04:02:21 AM

I have observed great number of traders debate on the issue of having a solid psychology and right approach to trading better pay off than just relying on some Strong Technical Analysis but others don't believe in psychology they base there points on having a winning strategy and proper risk management
What's your take guy's...
Does Psychology exist or is just an illusion of you not having the right approach and risk management, fundamentals...that affect your trades

Can you elaborate what you mean by psychology existing there?

The whole ta revolves around psychology and reason we use charts to predict the markets, is that humans and their emotions are predictable and repetitive. We can see fear from the charts as well as greed, trust and hesitance.

There's a whole trading principle build around crowd psychology that studies the repetative patterns we see on the charts, that are reflecting market mood swings. You might have heard about it. I am talking about The Elliott wave principle. I see every TA indicator doing the same thing. Only difference that elliot wave theory is openly admitting it's purely representing crowd market behavior psychology.

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You need to have a solid psychology, an emotionally rock that doesn't flinch at any movements and can do what they need to do, but also remember all that you study from TA as well, and you should study TA because even though that may not be the answer at every turn, it is still by far the best way to make some money in the crypto trading world. These are not mutually exclusive things, but you need to be perfect on both of these. Mastering them can be achieved one by one as leaning them simultaneously not necessary as long as you just paper trade.

I have never seen someone make consistent money for years by trading daily without knowing TA, that doesn't exist and can't be done. This is why it is better to put some decent efforts on this always as much as we can. Would make it a lot more entertaining for all rather than getting a feeling like going back to school.

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Quote from: Volimack on February 15, 2024, 01:15:32 PM

Trading psychology is definitely important. The reason is that if one's mental condition is not good, then he will definitely make wrong decisions and here psychology helps people to make the right decisions. This is why I think it is important to be mentally healthy while trading. If you are not mentally healthy then it is not possible to make the right decision and manage the trade properly.

If someone feels that his mental condition is not good, he does not need to force himself to trade. He will find it difficult to analyze market conditions if he is mentally disturbed, which will cause his analysis to be unable to find the right coin.
We can trade again after everything is resolved to analyze it well and find the coin. Even though we still need time to find the coins, we can still analyze them well and can focus on the analysis we do.
First, make sure your mentality is good so you can focus on analyzing the market and finding the right coin.

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Quote from: Bravut on February 13, 2024, 04:02:21 AM

I have observed great number of traders debate on the issue of having a solid psychology and right approach to trading better pay off than just relying on some Strong Technical Analysis but others don't believe in psychology they base there points on having a winning strategy and proper risk management
What's your take guy's...
Does Psychology exist or is just an illusion of you not having the right approach and risk management, fundamentals...that affect your trades

It's almost impossible to take out psychology when discussing trading because it has got such a great role to play that you literally can't just lay it aside, as humans once we are involved in anything and it has a way of affecting our finances, there's always this psychological struggle around it too which you can't seem to down play even if you may think it's not important but it actually is and for sure we know it is. Your winning strategy is paramount no doubts but you still need a good and strong psychology to maintain that strategy because no strategy works all the time in the market but your psychology helps you hold on to your strategy and wait to apply it at the wright time.

Most traders may want to ignore the impact of a good and strong psychology but in the long term they still come back to working on their psychology as if you don't have a good psychology you are definitely going to get a whole lot of things wrong while trading even with the winning strategy.

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Quote from: Bravut on February 13, 2024, 04:02:21 AM

Does Psychology exist or is just an illusion of you not having the right approach and risk management, fundamentals...that affect your trades

It exist and it plays and important role when you do trading. Your emotions are also based on your psychological trait and we cannot deny the fact that emotions is very important and when you are too emotional in trading that can be more risky. Risk management are also part of your psychological behavior as you intend to manage your decisions based on your emotion as well. You have to consider everything in trading and you have to be more aware of it than just ignore it.

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Trading psychology is definitely important. The reason is that if one's mental condition is not good, then he will definitely make wrong decisions and here psychology helps people to make the right decisions. This is why I think it is important to be mentally healthy while trading. If you are not mentally healthy then it is not possible to make the right decision and manage the trade properly.

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Psychology will be the determinant where decisions will always be based on feelings and feelings are played by trading psychology. when someone does not have a stable psychology about how to make the right decisions, this will have an impact on the profits and losses obtained in the end. Therefore, adjustments to psychology are needed and this also needs to be trained. Trading professionals will also experience unstable mental fluctuations when they are under strong stress levels. Therefore, keep your mood good and do not affect your psychology when trading.

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From my experience as a trader, I believe that both psychology and technical analysis play a crucial role in successful trading. Psychology helps control emotions and make informed decisions, but without a winning strategy and risk management, results can be unpredictable. Thus, it's essential to strike a balance between psychological resilience and technical knowledge.

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Quote from: Bravut on February 13, 2024, 04:02:21 AM

I have observed great number of traders debate on the issue of having a solid psychology and right approach to trading better pay off than just relying on some Strong Technical Analysis but others don't believe in psychology they base there points on having a winning strategy and proper risk management
What's your take guy's...
Does Psychology exist or is just an illusion of you not having the right approach and risk management, fundamentals...that affect your trades

Why would really be needing to have some argument on which one? if you could really be able to have two?.Trading psychology + having that TA knowledge then this is something that
would really be giving out that kind of advantage on your part and this is something that you would really be needing up to learn on this way so that on the time that you would really be
deciding on dealing up with this market. Its not something a skill or knowledge that you could be able to obtain so easily but at least you do already know or having at least the awareness on what it is.
You would really be needing in all sorts of stuffs all together so that you would really be able to make yourself at least be that knowledgeable on things on which you could apply
into your trading and this is something that you should be mind on.

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Quote from: Assface16678 on February 14, 2024, 05:22:32 PM

Exactly, why have a debate on which is more important when the truth is both psychological and technical analysis is related or a combination, you see in order to plot a good technical analysis with small margin of losses and a good profit potential you will need knowledge and also your strong psychological, because when it comes to execution you will contradict yourself by being afraid to take the risk or questioning yourself if you can take the risk, that's when the psychology part comes, if you can manipulate or control your mind then you can think straigj you can decide where you are going to earn or things will be on your way and also because of the markets volatility it is necessary to have a strong mind and psychological mindset in trading. Try doing a trade without a strong and built-up psychology; I'm sure you will panic and find it hard to decide as your mind will think of other scenarios or be an overthinker.

There might be reasons why he is finding the answer but it just doesn't make sense to me. Why make it different or have like a difference in both just because they are different fields? All I know is that trading requires a lot of things and both of it, Technical Analysis and Psychology, are the pillars. You can add experience if you want to as well.

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Quote from: Bravut on February 13, 2024, 04:02:21 AM

Does Psychology exist or is just an illusion of you not having the right approach and risk management, fundamentals...that affect your trades

Yes, trading psychology exist. Psychology in trading is what determines wins/ profits/gains from losses. Losses which often time occurs when the traders allows their emotions becloud their judgement. No one is saying that you should be a keyboard-tapping robot programmed to only follow instructions on impulse without thinking. What we mean is that you should carry your head along with your heart. If you don't, then you will mess up you risk management, entry and exit, position sizing and others. Do your analysis well, and have a good strategy.

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Quote from: crwth on February 14, 2024, 09:45:32 AM

I believe it works hand in hand when it comes to trading because having the right psychology towards trading will lead to the right decisions and will pay off in the long run, on the other hand, it's the part where you don't know what you are going to do but just know all the knowledge but not in the right mindset, making the wrong decisions. It's definitely not an illusion but the correct risk management and right mindset would lead to better win percentage. We all know that we cannot always win 100%.

Exactly, why have a debate on which is more important when the truth is both psychological and technical analysis is related or a combination, you see in order to plot a good technical analysis with small margin of losses and a good profit potential you will need knowledge and also your strong psychological, because when it comes to execution you will contradict yourself by being afraid to take the risk or questioning yourself if you can take the risk, that's when the psychology part comes, if you can manipulate or control your mind then you can think straigj you can decide where you are going to earn or things will be on your way and also because of the markets volatility it is necessary to have a strong mind and psychological mindset in trading. Try doing a trade without a strong and built-up psychology; I'm sure you will panic and find it hard to decide as your mind will think of other scenarios or be an overthinker.

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Quote from: Bravut on February 13, 2024, 04:02:21 AM

Does Psychology exist or is just an illusion of you not having the right approach and risk management, fundamentals...that affect your trades

Yes, Psychology and our emotions exist and they play a very important role in life of a trader. No matter if a trader has a 80% winning strategy and 100% effective trading plan but without control of emotions it would be not possible for a trader to earn some good profits.

There are many traders who have developed their own strategies which are very workable and give profits from time to time and if they give the same strategy to other traders then they won't be able to make profit out of it. You know why? Because the one who has made the strategy also has some level of control over his emotions and can effectively execute the strategy than the ones who don't have such control over their emotions.

If someone really wants to be profitable as a trader then I believe that they should keep in their mind that trading is 80% a game of technical analysis and 20% a game of psychology and emotions. If someone achieves perfection over the 80% of it which's technical analysis and leaves the remaining 20% which game of psychology and emotions then such traders will end up losing money instead of making any profits. Even if they make some profits but they will lose those profits again if emotions like fear and greed attack them.

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I believe it works hand in hand when it comes to trading because having the right psychology towards trading will lead to the right decisions and will pay off in the long run, on the other hand, it's the part where you don't know what you are going to do but just know all the knowledge but not in the right mindset, making the wrong decisions. It's definitely not an illusion but the correct risk management and right mindset would lead to better win percentage. We all know that we cannot always win 100%.

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Quote from: Bravut on February 13, 2024, 04:02:21 AM

I have observed great number of traders debate on the issue of having a solid psychology and right approach to trading better pay off

What do you mean by solid psychology? Honestly, I have never heard of psychology on trading. If you think it's like hype or fomo, it's something fundamental.

Do you mean here about emotions? If so, I think good emotions are really needed by a trader. He must be able to think clearly about what he should do about the situation.

About technical analysis, I think this is mandatory for all traders. Because without a good TA, he will only find dead ends and darkness. I experienced this when I first entered trading, and it made me some loses. TA can provide an overview of curve predictions. If bullish, he will enter and if bearish he will exit to avoid losses.

Fundamentals are also important. It's usually for long-term trading. And should also have more money so that he not need to sell his assets when he has financial crisis.

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Quote from: EarnOnVictor on February 13, 2024, 11:31:21 AM

Traders need;

1. Good trading strategy which they can use to form a timeproof trading system.
2. Proper money and risk management.
3. Balanced trading psychology
4. Great trading plan that will coordinate all that they know about the market trading.

You mentioned what traders need so let's me mention what traders don't need.

Pressure to trade too much (over trade) to gain profit. This pressure will force traders to open more inaccurate, unsafe trades that eventually result in loss, not profit.
Pressure to gain money from trading for using in life like daily expenses. It is another kind of pressure and traders don't need to force themselves opening trade positions, because of this pressure.

It means traders must have other money reserve to use and should never completely rely on trading for income.

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Quote from: Bravut on February 13, 2024, 04:02:21 AM

I have observed great number of traders debate on the issue of having a solid psychology and right approach to trading better pay off than just relying on some Strong Technical Analysis but others don't believe in psychology they base there points on having a winning strategy and proper risk management
What's your take guy's...
Does Psychology exist or is just an illusion of you not having the right approach and risk management, fundamentals...that affect your trades

It's what works for you.
If those people or other traders don't believe in psychology then so be it and let them believe what they want to believe. As long as they're not hurting you and your strategy, that's no biggie. And if what works for them is technical analysis, many are going to agree and won't argue with that because that's how many traders are earning with their trades.

You do TA or FA, whatever it is or combining both of them together with psychology or anything on how you read the market. That's what make sense. There's no need to stomp on others strategies if they're making and wins on it and they're not affecting you. This is why we've been telling to mind our own business because it's the same with trading. If your strategy is profitable for you and you only does candle stick reading and technical analysis, who are we to argue with your proven effective strategy with your trades?

Others are even lucky and just trades when necessary. They just simply buy at low and don't do anything but to wait, and we never hear any argument with that because most of us are doing it and only selling at the top or when we're already in profit.

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Quote from: Bravut on February 13, 2024, 04:02:21 AM

Does Psychology exist or is just an illusion of you not having the right approach and risk management, fundamentals...that affect your trades

Psychology does exist but first, you have to make sure what is the definition of psychology in your knowledge or mind. Different people have different ideas, my idea is a mindset about the market that it can make me rich over night, over halvings, or a get-rich scheme, etc. Besides this, emotions also come in this category, and believe me they are the worst factors that make you lose money on your small decisions. But also helps you sometimes to make some good money too.

They work both ways, a control on psychology is necessary as necessary as the right approach and risk management is, because if you are not minimizing your risk, and diversifying your portfolio, don't applying DCA for accumulation and for profit, and other many techniques to increase the profit and minimize the loss then you are making a big mistake, because we can't make profit on the basis of psychological factors only, we need proper TA to make some money. Otherwise we are all depend on our fortune.

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Quote from: Bravut on February 13, 2024, 04:02:21 AM

I have observed great number of traders debate on the issue of having a solid psychology and right approach to trading better pay off than just relying on some Strong Technical Analysis but others don't believe in psychology they base there points on having a winning strategy and proper risk management
What's your take guy's...
Does Psychology exist or is just an illusion of you not having the right approach and risk management, fundamentals...that affect your trades

The trading strategy employed effective risk management is critical to survival in the markets.Fundamental analysis involve evaluating value of an asset based on economic financial and qualitative factor.

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Quote from: Bravut on February 13, 2024, 04:02:21 AM

I have observed great number of traders debate on the issue of having a solid psychology and right approach to trading better pay off than just relying on some Strong Technical Analysis but others don't believe in psychology they base there points on having a winning strategy and proper risk management
What's your take guy's...
Does Psychology exist or is just an illusion of you not having the right approach and risk management, fundamentals...that affect your trades

It is real and it has a massive effect on whether you succeed or not as a trader, you can have the most perfect strategy ever devised by any trader, but all of that does not matter if you are not willing to put it into practice, because you are afraid of losing money or you got scared due to the extreme movements of the market.

Without working on yourself and your mentality you have no chance at all to make profits on the markets on your own, so you will have to either find someone else to do this for you or code a bot which can trade in your place.

Topic: Trading psychology and TA - page 5. (Read 1196 times)