Trading Psychology

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Trading Psychology

Trading psychology refers to the state of mind of traders when they are active in the financial markets and how this affects their trading decisions. This psychological side of trading is often overlooked. A sound state of mind means a trader executes his plan consistently, is mindful of the risks involved, is not hindered by emotions, takes equal responsibility for wins and losses and is realistic about trading in general. Bad trading psychology is one of the top reasons traders fail.

Signs of good psychology include not being emotionally attached to individual trades, not being affected by performance anxiety, focussing on results over a larger number of trades and not putting up positions that are too big to handle. Good psychological traders do not engage in revenge trading, do not second guess trades, and focus on self-improvement without sabotaging their results. They are honest about wins and losses, hold themselves accountable and understand how to deal with fear and greed. Both can be destructive emotions and several techniques exist to control them.
Captain_Walker Captain_Walker PRO GBPMXN, 240, Education
GBPMXN: Self-discipline - what's that?
8 0 0
GBPMXN, 240 Education
Self-discipline - what's that?

Whilst I am on a roll, I'm pushing out loads of questions and thoughts that have occupied me for the last two years. All this is well 'Beyond Technical Analysis'! In too many trading/training videos out there, I've heard the words 'discipline' and 'self-discipline'. These are so commonly used words that many take their meaning for granted, or as something very ...

Captain_Walker Captain_Walker PRO GBPMXN, 240, Education
GBPMXN: Specialising in certain instruments or markets?
4 0 0
GBPMXN, 240 Education
Specialising in certain instruments or markets?

Over the years I've traded many markets e.g. commodities, metals, cryptos, forex and so on. For new traders the word 'instrument' means a particular chart in a market segment. So the US30 (Wall Street) would be one instrument under 'Indices'. What I have observed is that certain instruments behave very differently to others on the same time frame. It's difficult ...

Captain_Walker Captain_Walker PRO GBPMXN, 240, Education
GBPMXN: Courses, horses - or the mind?
11 0 0
GBPMXN, 240 Education
Courses, horses - or the mind?

If you’re reading this looking just for the best course to attend, you may be disappointed. I go deeper than the simple issue of 'which courses' or 'what course is best'. The sharing of my personal experience may be of value to new traders but also for more seasoned traders. INTRODUCTION I’m sharing a summary of my experiences over the last 4 years, so that ...

Captain_Walker Captain_Walker PRO EURUSD, 1W, Education
EURUSD: Are you trading or gambling?
27 0 0
EURUSD, 1W Education
Are you trading or gambling?

Tradingview has opened up a brilliant section on 'Beyond Technical Analysis', where there is much room for development. I have a very big interest in trading psychology as I've come to realise that success in trading is determined by roughly 80% psychological self-management (and its many components). I've been exploring this topic elsewhere (link later). But ...

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