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Author Topic: The right mindset needed for all traders  (Read 3096 times)
Sinjokubhi
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February 15, 2021, 03:47:12 PM
 #141

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

Yeah, I agree with all of these points, and what I prioritize is the first point, which is discipline. With this discipline we can run the four points under it.

Because it is the main key to mastering various things well. Practicing discipline is not easy, it needs persistence, patience and a strong intention to live it. Sometimes we also often neglect a job and even waste time with activities that are not useful or just for pleasure. This is where our discipline is tested and laziness will emerge.

If we can control our emotions and desires or desires that make us lazy, slowly an attitude of discipline will arise, and we become accustomed to being on time in doing a job. This discipline needs to be trained and used.
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February 15, 2021, 04:03:06 PM
 #142

Of course, the right mindset is essential for any trader. Discipline is cool. But discipline alone cannot accomplish much here. Holding on to a scam shitcoin and being as disciplined as possible will not succeed. The first thing to start with is choosing the right asset. If you are too lazy to understand crypto projects, then the easiest way is to stop at Bitcoin. But don't panic about drawdowns. With the help of drawdowns, those people who are called weak hands are shaken out of assets. This is where the discipline is needed so as not to sell for less than you bought.

R


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February 15, 2021, 04:36:50 PM
 #143

Of course, the right mindset is essential for any trader. Discipline is cool. But discipline alone cannot accomplish much here. Holding on to a scam shitcoin and being as disciplined as possible will not succeed. The first thing to start with is choosing the right asset. If you are too lazy to understand crypto projects, then the easiest way is to stop at Bitcoin. But don't panic about drawdowns. With the help of drawdowns, those people who are called weak hands are shaken out of assets. This is where the discipline is needed so as not to sell for less than you bought.

Yes, choosing a promising investment asset is not an easy task. 

In my opinion, the scale of the idea underlying the project is very important.  A large development team is also important.  At the same time, the connection with the real world for the project should be minimal, it is much more important for the project to be large-scale within the framework of virtual reality. 

For example, Ethereum cryptocurrency was positioned as a global decentralized computer, and EOS cryptocurrency was positioned as the first operating system on the blockchain. 

It is important that both projects were headed by controversial, but interesting and bright personalities (Vitalik Buterin and Den Larimer).

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3meek
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February 15, 2021, 05:09:13 PM
 #144

Of course, the right mindset is essential for any trader. Discipline is cool. But discipline alone cannot accomplish much here. Holding on to a scam shitcoin and being as disciplined as possible will not succeed. The first thing to start with is choosing the right asset. If you are too lazy to understand crypto projects, then the easiest way is to stop at Bitcoin. But don't panic about drawdowns. With the help of drawdowns, those people who are called weak hands are shaken out of assets. This is where the discipline is needed so as not to sell for less than you bought.

A professional trader will never hold a drawdown of an asset! He always uses the stop-loss rule... Moreover, he won't think about "weak hands", he either sells or buys... Wink
What you're talking about can be classified as investing, not trading...
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February 15, 2021, 06:54:13 PM
 #145

Well elaborated,Its genuine that teach dealer will continuously win on this advertise and I’m beyond any doubt they are sure on their aptitudes. Typically a extraordinary knowledge and exhortation mate, in spite of the fact that a right mentality ought to be learn by everyone not fair a dealer by everybody who are contributing their difficult win cash. Persistence is fine but if you don’t have great teach at that point you may still lose cash.

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February 15, 2021, 06:57:55 PM
 #146

Of course, the right mindset is essential for any trader. Discipline is cool. But discipline alone cannot accomplish much here. Holding on to a scam shitcoin and being as disciplined as possible will not succeed. The first thing to start with is choosing the right asset. If you are too lazy to understand crypto projects, then the easiest way is to stop at Bitcoin. But don't panic about drawdowns. With the help of drawdowns, those people who are called weak hands are shaken out of assets. This is where the discipline is needed so as not to sell for less than you bought.

A professional trader will never hold a drawdown of an asset! He always uses the stop-loss rule... Moreover, he won't think about "weak hands", he either sells or buys... Wink
What you're talking about can be classified as investing, not trading...

You cant say such thing yet there are trader who do uses these stop loss specially to those who are really making out some active trades unless if you are
a long term holder then you would definitely not mind if you do lost since you can held off your position no matter how long the recovery of price it is.
Its just up to someone on how they do gonna deal with it because not all will really be having the same will or things in mind in regards into their
possible next action.What matter most is on how you do end up on getting profitable.

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February 15, 2021, 06:59:37 PM
 #147


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



5 fundamentals to help traders in the market:

1. Discipline
2. Patience
3. Planning
4. Persistence
5. Flexibility

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 highlighted the following because it has all come into play in the bull run since december 2020; The persistent holders and traders are one who have picked up maximum profits; the patient ones are the ones who day trade in the bull run taking maximum low profits; while the flexible ones are those who are able to trade both in the bull market and bear market excellently.

In trading, if you are not disciplined; you may find it hard to take profits or plan for a rug. Do your research always.
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June 18, 2022, 10:03:03 PM
 #148

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

This is my second post in over a year after i participated in a Manual Recovery process for my Bitcointalk account. I arrived at such a crucial point where the crypto currency is at a base, a bearish base and a bearish mode.

With Bitcoin nearing 15k, and all alts struggling tremendously. This is the crucial time to take trading psychology seriously and apply its technicality and process in this bear market. Believe me when i say you will win !!!
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June 19, 2022, 09:36:37 AM
 #149

A trader really needs a certain mindset, or rather just a mindset. Moreover, I noticed that most often it comes during work.
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August 30, 2022, 05:40:12 PM
 #150

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.
I have some friends who are very disciplined traders who always buy and sell at a fixed profit or loss level.
For example: They will sell as soon as the profit reaches 3% or lose 5%.
By such disciplinary deals they have achieved success in this market.
However, I'm not a disciplined trader, so I chose for myself a long-term strategy.

There are psychological trading courses all around the internet. Discipline, patience, focus etc, like trading psychology and discipline rules are there, but these are all basic for all traders need and more than that, all need one strategy too. We choose our strategy   based on our weakness. It is the practice that you need to achieve your goals.

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September 02, 2022, 04:30:42 PM
 #151

These guidelines can greatly assist us in our day-to-day trading. All of the above are correct, and we should apply them to our own trading, but keep in mind that cryptocurrency is volatile, so learning about risk management is more important. If we are patient and never strive to be a greedy person, the only thing that must be owned by everyone. Most people who are irrationally expecting to make a large profit from the market can't remain patient, so they use it to trade and end up making a significant loss. Whatever the trading platform, patience is essential.
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September 02, 2022, 07:39:41 PM
 #152

Quote
Discipline keeps your focused
This is the most important thing that we should remember when trading. Discipline is necessary for all the things that we do. Without it, we will not be able to handle everything including our emotions. Through it, we could apply patience and flexibility but without discipline, we will not be able to trade responsibly. Also, we should keep in mind that trading will always have risks, and losing is always possible.
Discipline is indeed one of the important things to have in trading and sometimes some still underestimate it,
basically risk-free trading is impossible because we know for ourselves that crypto market movements are very volatile,
clearly needs a lot to be prepared for the traders

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September 02, 2022, 08:06:37 PM
 #153

I love this topic in particular, it is well detailed and so explanatory. Indeed, patience solves a whole lots of problems and it is very important to exercise a lot of patience while reading, there are so much knowledge and ideas to learn while trading because when you rush into trading, the probability of you loosing all your money is high. Trading is so wide that it requires plenty wisdom and learning in order to ascertain positive goals and less negative outcomes. Another factor is our mental health while trading, our brain is not a robot, so it is very important to identify the possible best time to trade and when not to trade especially when we are mentally drained as a result of one personal related issue or the other. Our mind and mental health holds a lot of activities on daily basis.
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September 02, 2022, 09:16:06 PM
 #154

Quote
Discipline keeps your focused
This is the most important thing that we should remember when trading. Discipline is necessary for all the things that we do. Without it, we will not be able to handle everything including our emotions. Through it, we could apply patience and flexibility but without discipline, we will not be able to trade responsibly. Also, we should keep in mind that trading will always have risks, and losing is always possible.

But before ones get disciplined will make a few mistakes or a lot of them... Trading is risky, and there are no guarantees! Too many things depend on choosing the right pair, the right timing, and sometimes even the place where you trade can be substantial!

I guess that people really learn once they get into the fire! It's why practice is important... it's about reading and planning, when you make a move that's it, you will either make some money or you will lose some!

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September 02, 2022, 09:21:13 PM
 #155

Quote
Discipline keeps your focused
This is the most important thing that we should remember when trading. Discipline is necessary for all the things that we do. Without it, we will not be able to handle everything including our emotions. Through it, we could apply patience and flexibility but without discipline, we will not be able to trade responsibly. Also, we should keep in mind that trading will always have risks, and losing is always possible.

But before ones get disciplined will make a few mistakes or a lot of them... Trading is risky, and there are no guarantees! Too many things depend on choosing the right pair, the right timing, and sometimes even the place where you trade can be substantial!

I guess that people really learn once they get into the fire! It's why practice is important... it's about reading and planning, when you make a move that's it, you will either make some money or you will lose some!
There's no indeed guarantee whatever market you would be touching since price couldnt really be precisely predicted since it would be affected by lots of factors which would make price movements to be
totally unpredictable thats why as a trader then you should really be preparing up yourself for losses or instances where predictions are really not that giving assurance.
Mindset is to versatile on different conditions where you do able to prepare out yourself and dont expect on something so that you wont really get that frustrated too much.
Whenever you do anticipate or been too positive and on the time that market goes opposite then you would really be freaking or boggle up your mind.

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September 02, 2022, 09:35:25 PM
 #156

There's no indeed guarantee whatever market you would be touching since price couldnt really be precisely predicted since it would be affected by lots of factors which would make price movements to be
totally unpredictable thats why as a trader then you should really be preparing up yourself for losses or instances where predictions are really not that giving assurance.
Mindset is to versatile on different conditions where you do able to prepare out yourself and dont expect on something so that you wont really get that frustrated too much.
Whenever you do anticipate or been too positive and on the time that market goes opposite then you would really be freaking or boggle up your mind.

That "precise" part is the most important thing. The day I realized that I can't really know what the rpice would be like, I realized that all I could do was hope for bitcoin to go up, and it usually did. That meant if I could just buy as many as possible and hold it for as long as possible then I would be fine. I can't really trade very well, I try my best but usually it turns out to be wrong, I even used and sold gunbot for a long time which was a trading bot and I rarely managed to make a profit myself whereas many people I sold to ended up becoming rich, so its obvious that I am much better at long term holding, because trading isn't for everyone.

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lalabotax
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September 02, 2022, 09:44:36 PM
 #157

But before ones get disciplined will make a few mistakes or a lot of them... Trading is risky, and there are no guarantees! Too many things depend on choosing the right pair, the right timing, and sometimes even the place where you trade can be substantial!
Of course, no one can trade perfectly without mistakes. Mistakes force us how to be disciplined, because people mustn't want to repeat the same mistakes. With a big risk in crypto trading, people must begin to learn more seriously and discipline whenever they did a mistake. But doing a mistake isn't a must, if we can avoid doing it, it is much better. Regarding choosing the right coins, entry/exit timing, and the strategy, can be learned along with the more our trading activities. It is related to experience.

Hamphser
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September 04, 2022, 06:18:13 PM
 #158

What trading needs is concentration and time to learn exactly the features that's behind trading and the things that is attached to it to understand before going for it, when you bring out your time and forget anything other thing and concentrates nothing will not make you to to take advantages of the things. That's why some do learn trading for one year before trading on their own, secondly knowing the basic things of trading will make you to get a Wilder experience
You would really be needing that concentration plus having those knowledge and research on certain things which do correlate to trading.We are dealing here on an unpredictable market
which it would really be just normal that we should really know and be aware on what are the happenings on this market.

Mindset is to be versatile on different conditions and expect losses but dont tolerate it and minimize the percentage as small as possible since
its impossible to avoid losses but you should do your best on minimizing it.

Dont be too confident and always watch up with sudden market trend change because this would really be affecting most of the time on your daily trades.

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serjent05
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September 04, 2022, 08:38:52 PM
 #159

I think planning should come first because it will help guide the trader on what to expect from a trade and when to exit. Discipline and patience moves almost simultaneously for a trader to be successful it requires almost a 100% control of emotion and greed which causes almost 75% of losses in trading. Persistence is just a way of showing strong determination to succeed while flexibility makes it easier to detect errors in analysis and make corrections when due

I also think the same.  In all trading activities, planning should be done to establish information gathering strategy and risk management.  If we failed to plan our trading strategy, no matter how discipline or patient we are if we failed to create the blueprint of our success (planning trading strategies) we will be lost in our trading venture.

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TelolettOm
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September 04, 2022, 11:59:13 PM
 #160

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.
In fact, these two things become the most difficult terms to do in crypto trading. Sometimes, we want to be responsible for our trading activities and be more disciplined. But in fact, we are too way far from discipline. We may not even have a good routine and preparation for trading.
Moreover, about patience, many of us are willing to be more patient in facing every market condition, but in fact, we are too afraid of losing and we become impatient.

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