The Importants of PSYCHOLOGY in a trader

[Baoo]

Well, having psychological disorders ( such as depression, bipolar affective and anxiety ) may negatively effect on trader’s decisions. In conclusion, trading is not for everyone despite it is a source of money and it could help people to reach financial stability and freedom. Furthermore, it is really important to ameliorate your psychological well-being , it could be achieved by reading effective and useful books and exercising. Otherwise, I have seen a lot of traders complaining about their own situation , how much money they lost ..etc. The majority of them share the same negative interpersonal traits for example greed, selfishness, hastiness and arrogance. If you could not get rid of them and work on yourself then you don’t belong this field.

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[ololajulo]

Controlling one's psychology is essential in trading, especially in the crypto field. Traders who cannot control their psychology tend to act hastily, lack a clear strategy, and may give up on trades quickly. However, mastering one's psychology takes time and experience, and it is not uncommon for new traders to struggle with this. Those who can control their psychology will have an advantage in trading, as it requires discipline, patience, and a clear strategy.

[danherbias07]

Setting rules had been one of the important points for me when I got used to trading especially if you start controlling your greed and other emotions.
If you have rules you can be disciplined. From budgets to time management and other kinds of stuff. Rules on leaving a coin that has stopped fluctuating, not chasing the losses, being satisfied with what you have, and a lot more.
All of those pointers that you gave can be combined into just one if a trader will be disciplined and follows his own rules. It could go wrong sometimes but that is part of being a trader. If you stick with the rules you set then you minimize all those mistakes in the long run. It's better written on your wall to avoid forgetting it.

[_BlackStar]

Setting rules had been one of the important points for me when I got used to trading especially if you start controlling your greed and other emotions.
If you have rules you can be disciplined. From budgets to time management and other kinds of stuff. Rules on leaving a coin that has stopped fluctuating, not chasing the losses, being satisfied with what you have, and a lot more.
All of those pointers that you gave can be combined into just one if a trader will be disciplined and follows his own rules. It could go wrong sometimes but that is part of being a trader. If you stick with the rules you set then you minimize all those mistakes in the long run. It's better written on your wall to avoid forgetting it.

The main goal is to minimize the risk of loss, and of course each trader has his own technique. Many traders fail to build good trading psychology even though they know that some points are mandatory. The hardest part is because they are never satisfied with what they have so it is always possible to get the average trader greedy.

Impatient, panicky, easily influenced and not good emotional control are some of the reasons why they are not able to get maximum returns. But true, all the tips are just easy to mention and explain, but not that easy to put into practice.

[SatoPrincess]

I agree psychology is a very important aspect in trading and the best traders have mastered the art. One of the most frequently asked question is “how do you remove the emotion when trading”, it’s important for traders to be able to make databased decisions driven by facts and not emotion. Mastering the art of controlling one’s emotion does not come naturally and takes time to develop, it’s a skill that should be learnt as much as traders learn fundamentals and technical analysis.

[Quidat]

As a trader many skills are required for trading successful ly in the financial markets, they include the abilities to evaluate a trading fundamental and to determine the direction of a stocks trend.
But for me neither of these technical skills is as important as the trader mindset that is the " PSYCHOLOGY OF A TRADER"
SOME KEYPOINT IN PSYCHOLOGY OF A TRADER
* UNDERSTANDING FEAR ÷ When trader get bad new about a certain stock or about the economy in general, they naturally get scared. They also overreact and compelled to liquidate their holding and sit on the cash refraining from taking any more risk. A Trader need to understand what fear is, it is a natural reaction to aperceived threal.
*OVERCOMING GREED÷ As a trader the major problem is overcoming greed in my country they is an old saying on wall street that " pigs get slaughtered " this means the habits of greedy investors have of handing on to a winning position too long to get every last tick upward in price. sooner or later, the trend reverses and the greedy get caught.
I no as a human greed is not easy to overcome, it's often based on the instinct to do better and get a little more.
*SETTING RULES÷ A trader need to create rules and follow them when the psychological crunch comes. always set out guidelines based on your rise reward tolerance for when to enter a trade and When  to exit it. set a profit Target and put a stop loss in place to take emotion out of the process.
*STAY FLEXIBLE÷ It's very important for trader to remain flexible and consider experimenting from time to time. one of the best ways a trader can learn is by experimenting ( within reason ). The experience may also help reduce emotion influence. This period assessment can help us the trader to correct our mistakes and change our bad habits for trading.
source https://www.investopedia.com/terms/t/trading-psychology.asp

Controlling Greed
Realistic Approach
Dont easily get Fomo or those Fuds
Dont be emotionally impulsive

really sounds basic out of these things or principles but for sure it would be a challenging one for you to take on. When you do touch up the trading world then you should
really be that prepared on what are the things that you should gonna do and not really just making out some careless actions and trades without having
these considerations because it would really be creating out such mistake and errors which arent supposed to be done but since we are just complete
newbies then its inevitable but trying out to make out adjustments on the time that you are making some experience.

[adaseb]

There is a book called Trading in the Zone, it’s a very old book. I read it maybe a decade ago but it’s probably almost 20 years old now. But it’s basically outlines the greatest challenges for traders.

If you read the first chapter you will read the entire book pretty much. It basically explains why sometimes getting the courage to take a trade in the first place is no difference than having a loosing trade and not closing it too early out of fear.

Read it and you will be amazed how accurate it is.

[jeraldskie11]

A good trader must take profit as well as cut loss without hesitance if it is a time to do that. Even it causes a less profit than expected or a loss that is painful but by cutting loss, he will avoid bigger loss when the market reverses its trend completely.

That is one of the reasons why traders do not succeed. A small profit is preferable than to lose. We can't just deny that there are traders who aren't content with little profits but are still profitable. Perhaps they are adept at managing their emotions. For me, profit is profit; whenever I make 2r or 3r, it's excellent because as long as the setup's winrate is 70% to 80%, I can still be successful in the long run. Those who are still not profitable while striving for 2r, I think they did not use psychology in trading.

[CarnagexD]

As a trader many skills are required for trading successful ly in the financial markets, they include the abilities to evaluate a trading fundamental and to determine the direction of a stocks trend.
But for me neither of these technical skills is as important as the trader mindset that is the " PSYCHOLOGY OF A TRADER"
SOME KEYPOINT IN PSYCHOLOGY OF A TRADER
* UNDERSTANDING FEAR ÷ When trader get bad new about a certain stock or about the economy in general, they naturally get scared. They also overreact and compelled to liquidate their holding and sit on the cash refraining from taking any more risk. A Trader need to understand what fear is, it is a natural reaction to aperceived threal.
*OVERCOMING GREED÷ As a trader the major problem is overcoming greed in my country they is an old saying on wall street that " pigs get slaughtered " this means the habits of greedy investors have of handing on to a winning position too long to get every last tick upward in price. sooner or later, the trend reverses and the greedy get caught.
I no as a human greed is not easy to overcome, it's often based on the instinct to do better and get a little more.
*SETTING RULES÷ A trader need to create rules and follow them when the psychological crunch comes. always set out guidelines based on your rise reward tolerance for when to enter a trade and When  to exit it. set a profit Target and put a stop loss in place to take emotion out of the process.
*STAY FLEXIBLE÷ It's very important for trader to remain flexible and consider experimenting from time to time. one of the best ways a trader can learn is by experimenting ( within reason ). The experience may also help reduce emotion influence. This period assessment can help us the trader to correct our mistakes and change our bad habits for trading.
source https://www.investopedia.com/terms/t/trading-psychology.asp

Trading psychology also consists of many branches
It is learning how to think in probabilities, having the right self-image and personality, and having the right self-belief. This all will feed your trading whether if you are trading under pressure on under your control. Your decisions will be influenced by your own thinking. Because in front of the screen, it is not you versus the market. It is now yourself versus to yourself.
 
It is very common to tell it's greed, fear, euphoria. But all of those have a deeper cause. All lies under the three above.
Now ask yourself, what are your expectations with the market? Can you handle both the pressure and the rewards?

[ShowOff]

There is a book called Trading in the Zone, it’s a very old book. I read it maybe a decade ago but it’s probably almost 20 years old now. But it’s basically outlines the greatest challenges for traders.

If you read the first chapter you will read the entire book pretty much. It basically explains why sometimes getting the courage to take a trade in the first place is no difference than having a loosing trade and not closing it too early out of fear.

Read it and you will be amazed how accurate it is.

On the internet, they can also learn and understand many things about how to have good psychology in trading. I studied it for years and probably still have to learn it all the time for better mentality and self-control.

I basically agree that trading psychology will only be formed from the experience, knowledge and financial condition of the trader himself. If traders do not have other sources of income to cover their daily living expenses, then of course they will always be under pressure and difficult to control. The source of the budget also needs attention, I mean it will be very annoying if they use the loan budget for trade or investment.

[AnonBitCoiner]

The greed is a type of emotion which can interact with your success and has a bad impact on your success. So simple is this that accept the little percentage of profit and don't think that you will have more profit than this because this type of behavior is consider as a greedy which not only overcome your chances of gaining but also reduces your own money.

Setting of rules and getting experience by facing different situations are also the key components for achievement so if a person learns these things he will surely be a successful person in near future because there is no one who is the king of success from the start, time is needed for the fulfilment of one's desires.

[Lanatsa]

As a trader many skills are required for trading successful ly in the financial markets, they include the abilities to evaluate a trading fundamental and to determine the direction of a stocks trend.
But for me neither of these technical skills is as important as the trader mindset that is the " PSYCHOLOGY OF A TRADER"
SOME KEYPOINT IN PSYCHOLOGY OF A TRADER
* UNDERSTANDING FEAR ÷ When trader get bad new about a certain stock or about the economy in general, they naturally get scared. They also overreact and compelled to liquidate their holding and sit on the cash refraining from taking any more risk. A Trader need to understand what fear is, it is a natural reaction to aperceived threal.
*OVERCOMING GREED÷ As a trader the major problem is overcoming greed in my country they is an old saying on wall street that " pigs get slaughtered " this means the habits of greedy investors have of handing on to a winning position too long to get every last tick upward in price. sooner or later, the trend reverses and the greedy get caught.
I no as a human greed is not easy to overcome, it's often based on the instinct to do better and get a little more.
*SETTING RULES÷ A trader need to create rules and follow them when the psychological crunch comes. always set out guidelines based on your rise reward tolerance for when to enter a trade and When  to exit it. set a profit Target and put a stop loss in place to take emotion out of the process.
*STAY FLEXIBLE÷ It's very important for trader to remain flexible and consider experimenting from time to time. one of the best ways a trader can learn is by experimenting ( within reason ). The experience may also help reduce emotion influence. This period assessment can help us the trader to correct our mistakes and change our bad habits for trading.
source https://www.investopedia.com/terms/t/trading-psychology.asp

Trading psychology also consists of many branches
It is learning how to think in probabilities, having the right self-image and personality, and having the right self-belief. This all will feed your trading whether if you are trading under pressure on under your control. Your decisions will be influenced by your own thinking. Because in front of the screen, it is not you versus the market. It is now yourself versus to yourself.
 
It is very common to tell it's greed, fear, euphoria. But all of those have a deeper cause. All lies under the three above.
Now ask yourself, what are your expectations with the market? Can you handle both the pressure and the rewards?

And this is something that you would really be needing to find for yourself on how you would really be handling up things because this isnt something that other external factors would be able to help out.
You are the ones who would be making out some realization on how you would really be controlling up your mind and emotion on the time that you would really be dealing up with this unpredictable and volatile market. This one would surely be involving  your emotion and your mindset which you would be needing to be that aligned basing up into your targets or goals.

Not all would really be successfully be able to get the right spot but with due experience you would be gradually be able to realize on how to deal up with things.We know that actual experience would be the
best teacher on which you would really be gaining up that kind of learning which you cant really be able to learn on reading up some theories and this is why that real engagement is really that
important on this part. You cant really be able to find these learnings without having that actual dealings.

[lalabotax]

Honestly, this is very important and influential. I understand the risks involved in trading activities, especially crypto. This is certainly very risky more than many others. Indeed, the opportunity for gaining profits will be greater, but on the contrary, if we fail to master it, we will experience many defeats.

And if this is related to psychology when trading crypo,
 I am highly aware than it is very important and very diffcult at once. Many people are not able to control and manage their emotion well, most of them have unconsistent psychology position. Although for some people this doesn't matter, but we must learn how to manage and control our psychology wisely and smartly.

[Jody.Drummer]

There is a book called Trading in the Zone, it’s a very old book. I read it maybe a decade ago but it’s probably almost 20 years old now. But it’s basically outlines the greatest challenges for traders.

If you read the first chapter you will read the entire book pretty much. It basically explains why sometimes getting the courage to take a trade in the first place is no difference than having a loosing trade and not closing it too early out of fear.

Read it and you will be amazed how accurate it is.

On the internet, they can also learn and understand many things about how to have good psychology in trading. I studied it for years and probably still have to learn it all the time for better mentality and self-control.

I basically agree that trading psychology will only be formed from the experience, knowledge and financial condition of the trader himself. If traders do not have other sources of income to cover their daily living expenses, then of course they will always be under pressure and difficult to control. The source of the budget also needs attention, I mean it will be very annoying if they use the loan budget for trade or investment.

Of course a steady income to make ends meet will affect the psychology of a trader. Because if he can fulfill it then his burden will be reduced and he will not be too excited to make a profit, usually they will trade in a relaxed and without pressure. In contrast to a trader who does not have a steady income who only relies on income from trading. They will definitely have the ambition to make quick profits every time they trade, so that will also affect the results of the analysis they do, because they do it in a hurry.