The right mindset needed for all traders

[Flickkk]

As i can observe about trading.
You can control the price if you hold a large amount.
It is the best way to manipulate the price.
But with the existing regulators of the price we cant still predict what will be the price for tommorow or on the future.
Thats why there will be always a risk involve on every trade you make.

[michellee]

What OP says it is right, and I agree that add discipline in the first because without having discipline we can be drag into deep things that maybe we don't understand, and that can make us get losses in trading. Learning discipline is not easy, but we have to do that if we want to be a pro trader or in another field. So with having discipline, we can learn step by step about trading, and we can get the time to practice the lesson, and we can hope that what we learn can help us to improve the skills.

[ije07]

as we know that trading is a very high risk and also very profitable if you are an expert trader. Most lay traders trade and lose a lot of money caused by panic and cannot control their emotions. but every trader I think has a different strategy including you. for me to gain profit in trading is when we can be patient, be able to control emotions, understand coin price movements and not be greedy.

[ElmedoRator]

The OP is very accurate, the reason why traders fail in this market is that there is no discipline and impatience. These are the two main factors that help traders to succeed in this market, they need to trade disciplined and always have the patience when needed. Don't panic if the market collapses

[Jateng]

The OP is very accurate, the reason why traders fail in this market is that there is no discipline and impatience. These are the two main factors that help traders to succeed in this market, they need to trade disciplined and always have the patience when needed. Don't panic if the market collapses

It's the reason why many newbies to trading always said that it's a scam. They didn't manage their emotions towards the possibility that they can lose their money. It's very important that you have those factors like OP said because it helps you a lot. Many people will always traps in wrong movement if they lose one of those factors. We should also learn how to get trading signals by analyzing the market situation and from there we can our analysis in proper execution in the right time to buy or sell.

[maxreish]

You can also consider this;

• Creating RISK Management Plan in Trading.

-Not just the plan but the risk associated with trading. This will assist you all through out your trading, it also lessen the risk by managing the stop loss from your trading entry.

• Disregard GREED

-Setting up your target profit and loss is important. If we set some limit, we can manage our greediness. Remember, this type of emotion won't be a help especially in trading. There are times we wanted more profits but ended up being deficit.

[nutriagrigia]

as we know that trading is a very high risk and also very profitable if you are an expert trader. Most lay traders trade and lose a lot of money caused by panic and cannot control their emotions. but every trader I think has a different strategy including you. for me to gain profit in trading is when we can be patient, be able to control emotions, understand coin price movements and not be greedy.

It is always very easy to talk about the rules of trade, but it is not easy to follow them. usually about the trading rules speak those people who are not engaged in trading but know about it in theory. I have already started and finished trading many times, and I think that for a start you need to trade for a small amount for a long time to develop strong discipline.

[TIDOVEE]

Weldone dude, that was a good piece. I love the point patient . I have discovered that the patience goes with proper sensitivity. I mean not being too slow to know when to sell and to buy... "Being accurate in trading" probably that's an additional point. Trader must also not be greedy, it is very dangerous. It has a link with the patience because some will keep waiting expecting rise until they loose.

[pawanjain]

What OP has mentioned is most accurate. People tend to suffer from a loss due to their own mistakes and then later blame their fate for it.
If we control ourselves and stick to the strategy then we will surely become more accurate on our targets and will soon start earning profits from our improvised strategies. What is more harder is that some people despite knowing what you mentioned in OP tend to make the same mistakes over and over again. Such people end up losing all their earnings by repeating their mistakes.

[Adesuwa1]

Trading is not an easy adventure because your TA may tell you something, while you are well very patient, a news may just come up and scatter your whole plan, you will need to adjust again, which care is not taken may make you loss control of your psychology and trade with emotion other than intelligent. 

[VDraci]

No everyone will accept OP point about trading mindset, the first time I start trading was a very bad time for me, I was holding usdt and buy Bitcoin at 9200 and Bitcoin dropped to 3600$, that's a huge loss for me

[Lorokan]

Falling in love with the coin 

This is an important aspect of trading/investment that must not be left behind.
Traders should never fall in love with any token whatsoever, because it does not let you take profit, when you are supposed too.

Stay independent of your emotions while trading.

[masterrex]

Well, thanks for your effort mate for making this thread and share your thoughts about the right mindset while doing trading, Honestly speaking I'm also a small scale day trader I'm doing it in a daily basis sometimes I gain some profit but most of the time it's just break-even or just small and just enough for my fees because I never let my holdings stayed in Bitcoin since I'm afraid that it will be devalued because of the fluctuation thats why I frequently converting it into a USDT for safer value on the next day. In my experience since 2017, most of the time my wrong moves/calculation is giving me so much stress that was triggered by my emotion that results in a loss.   

[Rosilito]

Yeah, I certainly agree to all, you reallt can't take one over the other as it they play huge role in trader's journey. And let me add one more thing that IMO traders usually overlook. What I mean is that don't be afraid to fail specially in your first try. Sounds lame but I think it is really necessary, since failure would open up you to new ideas, and opportunities by means of finding out your shortcomings as a trader. Never ever let the embarrassment hold you back on pursuing though.


I kinda think this topic must be moved to Trading Discussion.

[panganib999]

Staying at home has helped me to study and learn and today, i will be referencing the key virtues that is learnable to be a trader

Trading psychology refers to mental or emotional state that defines or dictates if a trader win or lose.

Why do traders lose?
Neutrally, most traders are attached to their funds and capital which affects their emotions and force traders to trade not to lose money.

I advise that we all Have a winning mentality while trading, Because in the market today; there are tendencies to lose few dollars or money on every trade, but we can overcome by having a solid reason to enter a trade (DYOR).

5 fundamentals to help traders in the market:

1. Discipline: Coming into trading with a mindset not to gamble. You can use TA (Technical Analysis), because it teaches discipline to use it. Fundamental analysis meanwhile is about understanding market emotions correctly and trading with it.

Discipline helps you to see exactly what the market doing.


2. Patience: To be a patient trader; it means that you understand what the market is saying and the emotions attached, what the market could likely do and being calm and composed enough to follow what you see.

Why do traders/holders buy or sell too early ??


It happens because they do not know what is happening in the market, being patient while trading helps you to read properly and perfectly your analysis to a definite stage and also helps you to understand whatever the market is showing you without unnecessary emotional attachment.

To be patient, you need understanding, and to understand; you need to build a strong the fundamentals of what you are understanding.


3. Planning: Planning goes down to your analysis, your position sizing and also your trading psychology. For planning to help, you need to understand your analysis; and also understand that you must not trade more than you can afford to lose, once you go overboard; its gambling.

Planning helps you to accept the probability of how much you can lose and equally what you stand to gain from the trade.

Planning helps you to accept what will be earned or lost from the trade.


4. Persistence: Persistence helps you understand that the goal is to make more profits than loss.

5. Flexibility: This is quite difficult because as a newbie trader, you might not understand perfectly what the market can do; and there are some market moves that comes as a shock. Recent example is bitcoin losing 4000$ in a stretch few weeks back.


Discipline keeps your focused
Patient allows you to learn
Planning keeps you level headed
Persistence keeps you in the trade.
Flexibility allows you to combine all of this to trade.


And finally

Trading psychology is more of understanding people’s emotions and yourself

I am open to learn even further, and i welcome everyone suggestions

I really like the way you presented the informations you do want to tell us and those that you have shared are basically right and are needed for the traders since trading is one of the possible ways you can be able to earn money into this type of industry we are all currently into which is run by cryptocurrencies. Having those five basic concepts you have provided will be a great key for understanding and to be able to educate those people who do want to try trading that can possibly make the successful on doing trading as their way to earn in crypto. Having the right mindset towards trading will be a good start for a great journey on trading to come and to avoid getting regretful and doubtful on your trades.

[pandanaran]

every trader has a different character and also not everyone can take advantage continuously, especially in trading. trading has a high risk, at least you have basic knowledge about trading. someone who is greedy, not disciplined, cannot be patient, has no expertise at all in this field can easily lose money.

[Crypto5060]

Traders need to understand that everyone's psychology is different, how trader A trades might not suit you, so it's better to discover what your style is and stick to it only making improvements where and when necessary.

[CaVO32]

Almost all of these things come exclusively with experience. They cannot be transmitted verbally or taught. You can show and explain to people how it works,
but they will understand this only after they get into the above situations and go through them. The more conclusions they make on each situation, the more progressive their growth will be.

This is the importance why you should avoid applications that are offering copy-trading from "experts". Particularly, here in crypto trading. It is better to learn the ins and outs in trading. Also, overtime, you will know at first glance those coins that are worth trading for. Because you will encounter a lot of crap coins or tokens that were launched for the dev's pockets. So you have to be careful in stumbling with pump and dump coins. If you entered at a wrong time in those coins, you will be left bag holders of worthless coins. This forum alone will give you a lot of hints what to look for in a valuable project. Their specific thread here will give you insights how the project is building and you will know if it has empty foundation because the dev has nothing much to say if users are asking them questions relative to their developments.

[Slingshot]

Trading isn't as easy as people to see it, as a trader you need to get focused and have confidence, know when to sell off and don't be greedy in your trading, many have been hurt and caught in the act including me, one thing we should understand is market isn't our family house and not certain to predict how good it will end up but best is for one to be smart and monitor market, sell when you have to and always learn to buy at dip.

[adzino]

Almost all of these things come exclusively with experience. They cannot be transmitted verbally or taught. You can show and explain to people how it works,
but they will understand this only after they get into the above situations and go through them. The more conclusions they make on each situation, the more progressive their growth will be.

Exactly! All those points the original poster mentioned does not apply for everyone.  He ended up generalizing everyone. Emotions and habits does not act the same way in everyone. You will need to have experience first before you start trading. This way you will get to know what are your problems and how badly it is affecting your trading. You will also make mistakes while trading which will help you learn!
Now if the person does not want try to "fix" his problems and mistakes, then that is a whole different story.