Technology
Psychology
Finance
Trading
Emotional Control
Trading Psychology
Fear of Missing Out (FOMO)
Business Mindset
⚡️Trading Psychology – 5 Tips to Help Control Your Emotions
When your trading is profitable you feel like you are on top of the world, but when things go against you, it is a tall order to separate your emotions from your money.
#squareoffthreads🧵👇
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When your trading is profitable you feel like you are on top of the world, but when things go against you, it is a tall order to separate your emotions from your money.
#squareoffthreads🧵👇
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The Fear Of Missing Out (FOMO)
Even though it may be tough, sitting on your hands is one of the most challenging skills a trader NEEDS to learn. It is an absolute requirement for profitable trading long-term. Waiting for the right entry is part of the business.
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Even though it may be tough, sitting on your hands is one of the most challenging skills a trader NEEDS to learn. It is an absolute requirement for profitable trading long-term. Waiting for the right entry is part of the business.
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Treat Trading Like A Business
Treat your trading like a business and have real goals, then it will be an uphill battle to make sustainable progress.
In order to get past the hobby mentality and quantify your goals, you should treat your trading like your personal business
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Treat your trading like a business and have real goals, then it will be an uphill battle to make sustainable progress.
In order to get past the hobby mentality and quantify your goals, you should treat your trading like your personal business
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Write a business plan, list specific and achievable goals, and outline daily activities to keep emotions out of the way. Systems will help remove emotions from the traditional Fear and Greed cycle.
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5 tips to help you learn to control your emotions
1. Learn Something New About Trading
There are plenty of educational resources such as podcasts, video tutorials, education tracks & more. Once you have a firm grasp on a new topic, your perception of trading will change.
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1. Learn Something New About Trading
There are plenty of educational resources such as podcasts, video tutorials, education tracks & more. Once you have a firm grasp on a new topic, your perception of trading will change.
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2. Perform Some In-Depth Market Research
Learning something new about the market and seeing things from a new perspective will make you a more educated trader with a broader perception
Since market is perpetually evolving there is always something you don't know about
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Learning something new about the market and seeing things from a new perspective will make you a more educated trader with a broader perception
Since market is perpetually evolving there is always something you don't know about
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3. Paper Trade Until You Fall Over
If you have a new strategy that you want to deploy then paper trade it before committing real capital. It provides a controlled environment where you can be comfortable pushing the envelope with your trades without risking capital.
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If you have a new strategy that you want to deploy then paper trade it before committing real capital. It provides a controlled environment where you can be comfortable pushing the envelope with your trades without risking capital.
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4. Write a Trading/Business Plan
Take some time to calculate and quantify what you are trying to achieve with each trade you make.
Once you set your goals, create a business plan for your trading. A simple business plan includes a mission/vision statement.
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Take some time to calculate and quantify what you are trying to achieve with each trade you make.
Once you set your goals, create a business plan for your trading. A simple business plan includes a mission/vision statement.
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5. Analyze Completely New Charts
Many traders develop an emotional attachment to the script.
his habit can be counterproductive, so instead, find brand new charts of companies that you have no attachment to whatsoever. combine your research with paper trading.
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Many traders develop an emotional attachment to the script.
his habit can be counterproductive, so instead, find brand new charts of companies that you have no attachment to whatsoever. combine your research with paper trading.
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Key Takeaway
If you want to get to the next level in your trading career, then master your emotional response to the market.
If you follow the steps outlined above, then you will have an excellent chance of keeping your emotions at control and executing better trades.
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If you want to get to the next level in your trading career, then master your emotional response to the market.
If you follow the steps outlined above, then you will have an excellent chance of keeping your emotions at control and executing better trades.
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