TRADING PSYCOLOGY.
grab a bottle of coke and a cup of popcorn let me walking you on a short journey about Trading psychology.
grab a bottle of coke and a cup of popcorn let me walking you on a short journey about Trading psychology.
1. "Market analysis is not the way to consistent success, and it will not address the trading issues brought about by lack of confidence, lack of discipline, or poor focus."
If you rely on other people's market analysis to enter or hold a position, you will almost certainly lose a lot of money.
Allow me to explain:
Most market analysis will tell you where the market might go.
Allow me to explain:
Most market analysis will tell you where the market might go.
However, it will rarely teach you or provide you with options for managing and exiting the trade.
So, if you blindly follow someone's analysis and enter a trade, you'll be left with a question:
"When should I exit the trade?"
So, if you blindly follow someone's analysis and enter a trade, you'll be left with a question:
"When should I exit the trade?"
To make matters worse, instead of wondering when to cut your losses when the trade begins to lose...
You begin gathering more market analysis or opinions that only serve to support your losing trades.
Does this sound familiar?
What then is the answer?
You begin gathering more market analysis or opinions that only serve to support your losing trades.
Does this sound familiar?
What then is the answer?
Period. How you want to trade markets should dictate how you want to analyze them.
If you want to be a swing trader, you should...
Then you should look at markets that are currently at a value point where you can buy low and sell high.
If you want to be a trend setter...
If you want to be a swing trader, you should...
Then you should look at markets that are currently at a value point where you can buy low and sell high.
If you want to be a trend setter...
Then you should analyze and look for trending markets while avoiding ranging ones in order to buy high and sell high.
As you can see, consistency is essential in trading.
As you can see, consistency is essential in trading.
If your trading identity is inconsistent, you can bet your market analysis and results will be inconsistent as well.
Does that make sense?
Does that make sense?
2. "Successful traders almost completely eliminated the effects of fear and recklessness in their trading."
It is so simple to tell other traders:
"Trade with confidence!"
"Trade without feeling!"
"Trade as a sniper, not a machine gunner!"
However, even if you have them tattooed on your arm or hear them in your dreams...
"Trade with confidence!"
"Trade without feeling!"
"Trade as a sniper, not a machine gunner!"
However, even if you have them tattooed on your arm or hear them in your dreams...
If you don't have proper trading routines, you'll always find yourself breaking them.
So, how do you get rid of the effects of fear and recklessness?
So, how do you get rid of the effects of fear and recklessness?
Create a trading routine and schedule that is repeatable.
Your trading routine and schedule will undoubtedly differ from mine due to a variety of factors such as:
Market traded
Time zone
Responsibilities
Your trading routine and schedule will undoubtedly differ from mine due to a variety of factors such as:
Market traded
Time zone
Responsibilities
The key is to understand when to verify your charts precisely and when not to.
Because negative trading habits develop the more you focus on the profit and loss in your trading account.
You had me right there!
Because negative trading habits develop the more you focus on the profit and loss in your trading account.
You had me right there!
It is untrue that in order to succeed in the markets, "you need to spend a lot of time monitoring the charts."
Actually, the reverse is true!
Actually, the reverse is true!
3. "Learning more and more about the markets just to get away from suffering will only make his difficulties worse since the more he learns, the more he will naturally expect from the markets, making it much more unpleasant when the markets don't perform as expected."
Trading is fraught with traps and pitfalls.
One of them is influencing your market expectations.
Here's the deal...
Your outcomes are a result of your process.
One of them is influencing your market expectations.
Here's the deal...
Your outcomes are a result of your process.
That is why you must separate yourself from the results and attach yourself to the process, which will consistently push you to go beyond your expectations.
Now, what exactly should the procedure be for accepting trades?
Now, what exactly should the procedure be for accepting trades?
It usually comes in three stages.
So I'll show you what they are and what you should do when you're in that phase...
So I'll show you what they are and what you should do when you're in that phase...
First stage: Before the Trade
Do market research and due diligence.
Establish entries and the take-profit level
Choose the stop loss price.
Decide calculate your lot size (apply risk management)
Do market research and due diligence.
Establish entries and the take-profit level
Choose the stop loss price.
Decide calculate your lot size (apply risk management)
Stage 2: During the Trade
Placing stop and entry orders
Aim to find additional trading possibilities.
When you're bored, avoid staring at the trade.
Avoid removing or expanding your stop loss and seeking confirmation from others.
Placing stop and entry orders
Aim to find additional trading possibilities.
When you're bored, avoid staring at the trade.
Avoid removing or expanding your stop loss and seeking confirmation from others.
Phase 3: After the Trade
Take a screenshot of the chart and save it to your trading journal.
Examine your thinking and execution.
Phase 1 should be repeated.
Finally, when the trade is running, you must let your rules speak for themselves and disregard other people's opinions!
Take a screenshot of the chart and save it to your trading journal.
Examine your thinking and execution.
Phase 1 should be repeated.
Finally, when the trade is running, you must let your rules speak for themselves and disregard other people's opinions!
4. "Fear makes it difficult, if not impossible, to open ourselves in such a way that we can learn something new."
Most professional and profitable traders I've met are enthusiastic market students.
They are constantly learning new things.
They are not afraid to try new things.
They are more concerned with their expansion than with their profits.
But what about new and arrogant traders?
They are constantly learning new things.
They are not afraid to try new things.
They are more concerned with their expansion than with their profits.
But what about new and arrogant traders?
They are overly concerned with the rewards.
They believe their strategy is the holy grail and that all others are nonsense.
They are overly focused on their trade and use it to justify losses.
They believe their strategy is the holy grail and that all others are nonsense.
They are overly focused on their trade and use it to justify losses.
How can you reduce or eliminate trading fears almost instantly?
I will stop here because what am sharing is a gleaning from the veefx inner circle course.
thanks for your time!
I will stop here because what am sharing is a gleaning from the veefx inner circle course.
thanks for your time!
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