Trading Psychology is the Most Important Aspect of Trading
Trading psychology is the most important aspect of trading: as trading becomes more and more commercial, more and more people are drawn into the space to reap the great potential of it all. But before you start day trading or long-term investing in stocks or cryptocurrencies, there is one thing you need to know: it is not easy. This can be very stressful. But with a little mental preparation and a little self-control, you can turn your fears into big accomplishments.
Trading psychology is the most important aspect of trading, and if you don't have a good understanding of it, you most likely won't succeed. The main thing is to be able to restrain emotions and be fair.
1. Create a trading plan
Make two lists, one why you want to trade and the other why not. Study this list carefully, focusing on reasons not to sell. When looking at both lists, are they balanced "yes" or "
2. Stick to your valuable resources.
You may know how important trade management is to success, but did you know that our worst enemy is often ourselves? We are emotionally attached to our mistakes, which sometimes frustrates us. Important points
3. Learn from your mistakes
No one is perfect at trading, so some mistakes are inevitable. These mistakes allow you to improve your skills by analyzing the patterns and characteristics of your mistakes.
4. Always ready to change strategy.
I must admit, when I started out, it was difficult for me to stick to one trading strategy. There are many different ways to make money in the market, but there will always be times when you are.
5. Watch price action closely.
You must have an exit target for each trade in order to manage your losses. Let's say you are trading EUR / USD and buy a currency at 1.32560. You are watching an exchange and it is not going according to plan. Don't panic and sell
6. Striving for consistency and satisfaction in trading.
7. Know yourself well as a trader.
8. Funded by someone else's money (responsibility), if