06/11/2020
Trading psychology is the most important aspect of trading even more important than the technical and fundamental aspects of making trades. To be able to control one’s emotion, to be able to think fast on one’s feet and being disciplined, are some of the very key features of this trading psychology that every trader needs to learn eventually
You can master technical trading but when you lack psychological knowledge trust me you wont become profitable. People tend to hold losses to exceed -$40 but once they get +$40 they close, I used to do that I won't lie but in the end you learn from your mistakes and go back to the drawing board and see where u went wrong.
I can dish out correct signals week in week out but with the wrong mindset most of us will definitely blow our accounts, not because I gave you guys the signal late, but because of greed which is part of the psychological trading everyone who is interested in trading has to learn and master, the is no shortcut on this one.
You can cheat strategies, other people use indicators and know nothing about supply and demand but the person is profitable, other people use robots but without trading psychology those things are useless
We have to accept the fact that markets are random to a large extent. This statement might come as a surprise to many. But we have to understand that our technical and fundamental analysis only works to an extent in the market. And if markets were not random, the technical and fundamental parameters working so far should always be able to predict the market future.
But, that’s never the case. So as long as we are in sync, with the randomness in the market, we should maximize the possibility. Because sooner or later, the randomness will take over and we have to change the parameters.
This skill is as important, as the art of knowing when to enter. Having a firm plan of when to exit is an important ability that every trader should develop.
