I know many great traders that just can’t be traders because of the lack of discipline
I must control the psychology with the strategy I use. Psychology is very important. Without which it is not possible to survive in trading.
The first thing is you should spend less time watching the charts. When you see some price movements you start regretting that you didn’t use that opportunity, so, in order not to trigger mindless trading, you’d better spend less time looking at the charts and more time on analysing the market and watching the indicators which are necessary for making the right decision according to your trading strategy. Secondly, you should make your criteria of whether to open a new deal more objective and accurate.
Trading psychology is something that every trader must master. It will be a long way of mastering this, nevertheless as soon as the time will have passed, you will understand that everything was all for a reason. There are plenty of traders ho can’t handle their emotions, hence they always burnout and lose all their money. Traders shouldn’t be allowed to do that. It’s prohibited, you know. In my opinion, if traders would apply psychology practices every trading day, then they would notice how durable they are. I mean mental durability of course. It’s tough, but it’s possible to reach it actually.
yes psychology is really an important aspect in your work, only it has nothing to do with strategy
Improve your trading strategy. It should be as objective and logical as it is possible. So, the best trading strategies don’t require emotional side and it is pure maths and calculations which are to affect the decision making process.
Thanks for explaining your experiences
@Xarlynningel Really experience is the best teacher. You can read hundreds of books, join thousands of online programs but you still can’t do it well without practise.