Trading Psychology

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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 BTCUSD, 1D, Education
BTCUSD: Bitcoin could have a near-death experience driven by FOMO
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BTCUSD, 1D Education
Bitcoin could have a near-death experience driven by FOMO

In this video I argue that there could be a limited price reversal on Bitcoin. This is about people who missed out before the big pump, thinking or fearing that they don't want to miss out the 'next time around'. So that lot pre-October 2017, are likely to jump in over the next few days or weeks. This is human nature. Caution: I predict nothing! I'm doing ...

Captain_Walker Captain_Walker EURUSD, 120, Education
EURUSD: Can you go to a casino and not gamble?
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EURUSD, 120 Education
Can you go to a casino and not gamble?

Of course you can! Studies on so-called professional gamblers show that they are not actually gambling like the average punter. They are fearless, have an organised system, and take their losses like a fine breeze. These are the people most hated by casinos but loved by others. There isn't a proper term I've come across to separate so-called professional ...

Captain_Walker Captain_Walker USDCAD, 240, Education
USDCAD: On lurking, trading, emotions and risk.
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USDCAD, 240 Education
On lurking, trading, emotions and risk.

This is about psychology - that 'no-go' area. In this video I explore negative emotions from different aspects. I look at how emotions are connected to risk and risk management. Avoidance is connected both to risk and emotions. I say that the biggest part of trading is about separating emotions from the objective assessment of risk

Captain_Walker Captain_Walker EURUSD, 1W, Education
EURUSD: The big issue with technical analysis.
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EURUSD, 1W Education
The big issue with technical analysis.

In this video I give a few minutes of preview before discussing what I see on this weekly time frame. Bear with me as you'll see where I'm heading. In the second half of the video I show how I estimate the big probability from the weekly time frame. I'm not interested in being right in this. That's not what I want to get across. Whilst technical analysis is a ...

Captain_Walker Captain_Walker US30, 1D, Education
US30: Trade what you see, not what you hear.
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US30, 1D Education
Trade what you see, not what you hear.

In this video I look over a few indices and the VIX. There is a problem i.e. the news is saying one thing, but the charts are showing something rather different. I look at some trendlines, channels and patterns. After many years in trading I'm no longer obsessed with the names of various patterns. The overall pattern is what interests me more. The news is ...

Captain_Walker Captain_Walker GBPJPY, 15, Education
GBPJPY: The Big Question - where is price going?
77 3 2
GBPJPY, 15 Education
The Big Question - where is price going?

In this video I share my experience on the Big Question in the minds of lots of traders. This is not particularly about GBPJPY. I use the 15 min time frame only as an example. I point out that candlestick charts can be deceptive in giving an idea about price, that may be erroneous. It is natural especially for new traders to see a number of unfavourable candles ...

Captain_Walker Captain_Walker US30, 240, Education
US30: The dangers in listening to the news
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US30, 240 Education
The dangers in listening to the news

I'm sharing a chart to give my sentiments about listening to the news. New traders especially tend to listen to the news and website opinions about where markets are heading. I show a bit on how I approached a particular situation on the US30. A lot of news is late and people who create news items or blogs have their own biases, based on the information they ...

Captain_Walker Captain_Walker US30, 30, Education
US30: Burning your account in volatile lower time frames?
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US30, 30 Education
Burning your account in volatile lower time frames?

In this very first video I'm posting, I look at the 30 min time frame where some day traders tend to trade. I show 6 charts with high volatility and lots of spiking all over the place. Yes there may be some visible and tradable pattern in these on careful analysis. However, the degree of volatility seen over the last two months may not 'respect' traditional ...

Captain_Walker Captain_Walker GBPMXN, 240, Education
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GBPMXN, 240 Education
Prediction is wrong.

'Prediction' is a word commonly seen on Tradingview and other places. Quite often people go, "Nice prediction!" when price moves in favour of some setup that was previously shared - and delivers profits. This use of the word or concept of prediction is wrong for a number of logical reasons. Not because I say that B will follow A, and B happens means I've ...

Captain_Walker Captain_Walker GBPMXN, 240, Education
11 0 1
GBPMXN, 240 Education
The torture of equity gains

I'm exploring the psychological torture of managing equity gains - mostly in trend-following. I shall not go into methods. I wish to distinguish trend-following from trend-continuation trading. Those who do not know the difference can read up on the net, or start here. At the outset traders will have watched their positions move into much positive equity in a ...

Captain_Walker Captain_Walker GBPMXN, 240, Education
15 0 1
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 GBPMXN, 240, Education
8 0 1
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 GBPMXN, 240, Education
12 0 1
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 EURUSD, 1W, Education
54 0 1
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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