Hello everyone, Even trading the right setups without being patient enough to hold the trade until it reached my target, I was still in losses since for every trade I entered, I closed the trades mostly for a very small profit, not waiting for my target to reach this, and for the wrong trades, I lost all the profits as they hit my stop-loss, and I was totally still in losses.
How do I master trading psychology?
Plan your trade in advance. Price can only go up or down, so the possibilities of what can happen next are not infinite. Once you have your plan, your job then is running the plan, not running the trade.
With a good plan, you will get more winning trades than losers, and the winners will be bigger than the losers.
Focus on getting into the best battles, rather than fighting the battles.
Basically, you need to be able to trust your strategy AND fixed process. Then you can place your order and forget about it for an hour or two. Most time I just turn off the desktop and run it overnight.
The only control you have over the market is risk exposure, so learn how to disengage yourself when emotionally challenged. This is explained in The ZEN Trader book by Peter Castle. Highly recommended.
Best of luck.