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Tag: trading psychology

Trading Observations

I have an observation for you . . .
trading observation

Sometimes I get emails from people who are drawn to trading because they need a way out.

They’re attracted to it because they either hate their day job or need money or just want an easier life.

These people do succeed sometimes . . .

But most often they find it hard to stay on track.

Their journey is usually derailed before they reach their end goals.

Why?

Their desperate need to achieve the end result clouds their judgement.

It makes them jump from strategy to strategy.

These traders succumb more easily to the lure of easier/more profitable methods that ultimately pull them further and further off course when they don’t work out.

But trust me on this . . . .

Short cuts are the enemy!  

The traders who always seem to do really well are the ones who love it.

That’s right, the traders who actually enjoy the process of trading.

They enjoy learning about the markets.

They enjoy performing technical analysis.

Sure, they have bad days.

Sometimes they have REALLY bad days!

But overall there is something in them that LOVES being in the markets.

It’s in their blood.

And this is why they ALWAYS rise to the top.

I can usually spot these traders a mile away.

They tend to be the ones who work hard and long for the results they desire.

Essentially, they’re like me.

They love learning, reading the market and honing their skills.

Which camp do you fall into?

Are you here just for the cash?

Or are you here to make the markets your own personal playground?

If you’re here just for the cash I recommend you try to adjust your attitude a little.

When your focus is the almighty dollar, you can end up losing the game.

Your focus shouldn’t be money, it should be to become the best trader you can possibly be.  

The money flows AFTER that.   

Make sense?      

And as always . . . I’m here to help you become a better trader (if you need me?).

#Thanks for tuning in.
Cheers
sign off
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Trading psychology

 

Traders mentality or Trading discipline.computer_brain_ Developing a healthy mental attitude towards trading is an integral part in being a successful trader. In order to Shield yourself from sudden misfortunes  a strong mental attitude is your primary defence.

In today’s world, with the technology we have available- its no wonder  a record number of  people are wanting to make money trading.  The place where I see many people find difficulty or stub their toe is when it comes to adopting the correct mental attitude  needed for trading.

Many people underestimate the importance of having the proper mental approach to trading- its not as simple as just knowing ”how to do it” you need realise that in order to be mentally prepared for 29956_nota_money_machinetrading you have to be ready for the  ”mind game” aspects of trading.

The proper mind set that I’m speaking of here is the result of self-discipline and habit.  Without exception, all consistently profitable traders have a winning attitude.   Some develop it the hard way, and for others it comes easily.   No one  started trading, and went on to have success, without having the right attitude.

Successful traders take full responsibility for their own actions and when it comes to trading they’re no different.positive-attitude  It ‘s much easier and more convenient to blame others for our mistakes so there are a number of people not wanting to own up, and take responsibility for what they do. Traders who are successful,  realize that their success or failure is all their own.  While it may be convenient to blame the brokerage for a bad execution, or blame the signal service for a string of bad trades, the ultimate responsibility for your actions falls directly on your shoulders, and you know it.  You can learn a lot from an experienced trader, but your results are the result of your actions.

Stay emotionally neutral- Keep Your Emotions Stable   

 Save your emotions for the things that really matter in life like family and friends, not trading. Successful traders don’t get too high when they have a winning day, and they don’t get too low when they have a losing day.productive  Taking a loss is as much a part of trading as is taking a gain.  The difference is in how you emotionally deal with the losses and the gains.  The market fluctuates all the time, but successful traders don’t come home and kick the dog after a bad day. Successful traders don’t let the stock market put them on an emotional roller coaster ride.  Staying emotionally neutral is the key to long term trading success.

 ”Newbies” or  New traders often experience a “burn out“, which is more a result of emotional ups and downs than anything else.  Don’t buy in to the hype that is constantly coming out of Wall Street.  Don’t get frightened when the market falls or phone home when it roars higher.  Just trade it. 

MAINTAIN A CONFIDENT MINDSET

confidence

Most Aspiring day traders do not pay enough attention to their own mental state. They pay far too much attention to what just happened in the market and are not mentally prepared.

Successful day traders actively manage their mental attitude in order to maintain confidence in the face of uncertainty, they practice  discipline in the middle of randomness. Maintaining a confident mental attitude is a skill that can be learned. Top athletes practice it. Top traders practice it. You can, and should practice developing and maintaining a confident mindset!