This psychology hack helped me become a profitable trader

[laubeaud]

As a trader, it's not good to rely solely on trading as your only source of income. Why? Depending solely on trading puts immense pressure on you to meet monthly bills. The consequence? You may find yourself taking unnecessary and low-quality trades.

However, when you have another or multiple other sources of income alongside trading, you can stay relaxed and have the mental comfort needed to make quality decisions. For example, you can be a trader and be a Bitcoin miner.

Do you have another trading psychology tip to share with me?

[Davidvictorson]

As a trader, it's not good to rely solely on trading as your only source of income. Why? Depending solely on trading puts immense pressure on you to meet monthly bills. The consequence? You may find yourself taking unnecessary and low-quality trades.

However, when you have another or multiple other sources of income alongside trading, you can stay relaxed and have the mental comfort needed to make quality decisions. For example, you can be a trader and be a Bitcoin miner.

Do you have another trading psychology tip to share with me?

I agree and we can put it in another way that do not quit your day job to go into trading full-time as a beginning. If you have a trading mental someone that you follow who is highly successful you should not think that they achieved that level of success overnight rather it took a lot of years of experience,  trials and failure for them to attain that success. When you have another means of income you would not want to fall into the trap of wanting to make a lot of money through trading overnight because you know that if you feel you'll be out on the streets and homeless or back in your parents basement. Until you are sure that your are making enough money to sustain yourself and your basic needs as a full time trader, do not quit your job.

[348Judah]

As a trader, it's not good to rely solely on trading as your only source of income. Why? Depending solely on trading puts immense pressure on you to meet monthly bills. The consequence? You may find yourself taking unnecessary and low-quality trades.

However, when you have another or multiple other sources of income alongside trading, you can stay relaxed and have the mental comfort needed to make quality decisions. For example, you can be a trader and be a Bitcoin miner.

Do you have another trading psychology tip to share with me?

Good idea, be a bitcoin trader and also finds another thing to do in addition to trading, you can earn from a bitcoin paying job by providing them with a particular service, mining is also a good means but it may be capital intensive, you can as well join in doing any other job and you earn to invest on bitcoin and hold, this will allow your asset in bitcoin to also increases as you earn over time, bitcoin will always be a profitable investment to earn from.

[BitMaxz]

Other tips you must be consistent and patience is the key to becoming profitable in trading but to achieve this as a newbie trader you need to keep practice using papermoney and to speed up the process you need to backtest and optimize the strategy you learn. It would also help build confidence when trading with Paper money before going live trading.
Don't forget to keep practice and learning about risk management and don't follow signals from other people you must be the one who analyzes the market indicators and patterns should be your signals.
And the last thing is to master both FA and TA analysis you need to read this link below to learn more.

- list of resources, software, and tools for crypto traders

[ajiz138]

Even if you are a pro trader you will be required to earn every day otherwise the monthly bills and needs will not be met so it is important that trading is not made the main source of income after all trading is full of risks so losses can never be avoided even if you will profit several times.

I will not leave my main job because it is more important for financial stability every month that is obtained for the needs of the household, but when you make a profit in trading or investing then this can be an addition where you will have a lot of reserve funds so that this fund is no longer collecting from your monthly salary.

The day job comes first.
Trading comes second but when you have different options then it is your decision.

[Asiska02]

As a trader, it's not good to rely solely on trading as your only source of income. Why? Depending solely on trading puts immense pressure on you to meet monthly bills. The consequence? You may find yourself taking unnecessary and low-quality trades.

However, when you have another or multiple other sources of income alongside trading, you can stay relaxed and have the mental comfort needed to make quality decisions. For example, you can be a trader and be a Bitcoin miner.

Do you have another trading psychology tip to share with me?

Good point OP. Having one source of income is not even advisable talk more of depending on something that is base on possibilities and not certainty. The trading in question can come in different ways but just make sure that your trading plan is not too ambiguous for you to avoid big disappointments after placing a trade. At least four multiple source of income is okay and you should not allow one to interlude with the other in other to get maximum rewards from all of them. What i mean to say is that; you can’t be a bitcoin trader and then come up with another job that will not make you to not have focus on your trading, it’ll make you lose all focus and kill the energy in the other and might eventually lose all streams of income. As it is good to have more than one source of income, it’s also imperative to look for one that will not affect the other one.

[lalabotax]

Having logical thoughts and expectations is a must. Because, however, there are still many people who, when they just found out about trading, already imagine earning a lot of money in a short time like other successful traders. And these passionate hopes make it very easy for them to want to jump straight into the world of trading, even future trading, without much consideration. Meanwhile, trading is difficult, yes, and also complex. It's not easy for someone who doesn't understand and just casually follows people to trade and think about it and can easily become successful like others. And in the end, you actually lose, because you don't understand anything.

So, it's illogical thoughts like this that we have to stop and control. This means that we must be able to control ourselves, have logical thinking, so that we will better understand what we have to do next. We must have a logical mindset that we will not be so easy to succeed in trading, of course someone becomes successful thanks to the efforts they go through. Become logical by understanding what steps must be taken to be successful in trading so that we will learn about many things first. So, having logical thinking will make us more logical in determining the attitude we will take in trading

More information:
https://titanfx.com/news/the-logic-behind-reevaluating-trading-failure
https://the5ers.com/trading-with-logic/

[mirakal]

As a trader, it's not good to rely solely on trading as your only source of income. Why? Depending solely on trading puts immense pressure on you to meet monthly bills. The consequence? You may find yourself taking unnecessary and low-quality trades.

However, when you have another or multiple other sources of income alongside trading, you can stay relaxed and have the mental comfort needed to make quality decisions. For example, you can be a trader and be a Bitcoin miner.

Do you have another trading psychology tip to share with me?

Well said mate. Don’t focus on meeting profits with trading so you can make ends meet, and solely rely in it for a long time being. That will only put yourself into a lot of pressures most particularly when the market is not favorable to trade, otherwise your trades will only result into a waste of time and money. Instead, go look for a real stable job and treat trading as a side hustle, that way even if you don’t meet profits with trading timely, that won’t be a problem since you have your own stable job that will provide all the necessities for daily survival.

[Silberman]

As a trader, it's not good to rely solely on trading as your only source of income. Why? Depending solely on trading puts immense pressure on you to meet monthly bills. The consequence? You may find yourself taking unnecessary and low-quality trades.

However, when you have another or multiple other sources of income alongside trading, you can stay relaxed and have the mental comfort needed to make quality decisions. For example, you can be a trader and be a Bitcoin miner.

Do you have another trading psychology tip to share with me?

The issue with becoming fully dependent on your trading income is that many people want to achieve this with an amount of capital that is too low and with projected profits that are too high, so it does not take them long to get in trouble as they are unable to obtain the profits they need, and even if a person had a lot of money and they were realistic about what they could get out of the market, there is no way to know what your results as a trader will be, so you could spend months without seeing any profit, and very few people can deal with that kind of pressure looming over them.

[boyptc]

In having a business whether it is with trading or any other, you have to be advance in thinking about having a back up plan and source of income.

If you don't become successful with trading, at least you still have other source of income and at the same time, you can continue as a holder or investor.

And that is without compromising yourself being an enthusiast and believer of this market if you see that you can profit from it.

[nelson4lov]

As a trader, it's not good to rely solely on trading as your only source of income. Why? Depending solely on trading puts immense pressure on you to meet monthly bills. The consequence? You may find yourself taking unnecessary and low-quality trades.

However, when you have another or multiple other sources of income alongside trading, you can stay relaxed and have the mental comfort needed to make quality decisions. For example, you can be a trader and be a Bitcoin miner.

Do you have another trading psychology tip to share with me?

Most of the winning trades are not won on the charts with technical lines or indicators but are won in the mind. I say this often: you might have the best technical analysis for trades but end up losing almost, if not all of your trades. The tip you share might be a strong start for anyone looking to strengthen their trading psychology because they're not forced to take trades when they don't need to ar feel pressured to take trades when they would be better off on the sidelines. Another trading psychology I've come to appreciate lately is the one about sticking to rules no matter what the market throws at you. If you're aiming for 3R:R, you set your entry, stop loss and tp and don't touch it no matter what happens over the course of your trades.

[Miles2006]

As a trader, it's not good to rely solely on trading as your only source of income. Why? Depending solely on trading puts immense pressure on you to meet monthly bills. The consequence? You may find yourself taking unnecessary and low-quality trades.

However, when you have another or multiple other sources of income alongside trading, you can stay relaxed and have the mental comfort needed to make quality decisions. For example, you can be a trader and be a Bitcoin miner.

Do you have another trading psychology tip to share with me?

This is right as no trader can depend only on trading because what might happen when you’re not patient enough and money is needed urgently. Firstly crypto traders must have something doing aside trading so they can always forward their trading journey no matter the challenges, from my opinion choosing something similar in same field is not wrong but, it’s not a must the choice of work must come from same field.

[Zaguru12]

As a trader, it's not good to rely solely on trading as your only source of income. Why? Depending solely on trading puts immense pressure on you to meet monthly bills. The consequence? You may find yourself taking unnecessary and low-quality trades.

However, when you have another or multiple other sources of income alongside trading, you can stay relaxed and have the mental comfort needed to make quality decisions. For example, you can be a trader and be a Bitcoin miner.

Do you have another trading psychology tip to share with me?

The trading aspect has to me been hugely over hyped that many people think that they can easily come on board to be come successfully. The narrative around it is definitely a bad mentality that many people carry into it and that’s why we have so many psychology issues with traders. Investing on its own is much much less risky than trading and whenever you wish to invest the advice is always to do that with an amount that you can afford to lose, same thing if not a stricter rule applies to using funds to trade.

Now the question lies does a one income person has the luxury to lose their money easily on trades, if you can even with a single income then you can trade but if you cannot then try to something extra or better you work on psychology and that should be create a trading journal, have a specific number of trade to trade in like a week. It shouldn’t be more than 5 and also. When the winnings are with you, do not over trade as you can.

[muncuss]

Same like dont use important money for trading, like wanting to double the emergency money. Give same pressure and likely cause to take more risky trade because want to double it faster

[Maus0728]

As much as your advice sounds nice, it doesn't apply to other people because there's bound to be a lot of people that's going to see the splitting of your time in trading and other works as a matter of inconvenience to their trading, I say that it depends on how well you do in trading as an individual, if you're really good at trading and you're making money trading alone, I'd say that you're fine with just trading full-time but if you've got days where it's all losses, then a day job to keep yourself afloat while you are doing your thing with trading is your best option, not to mention that you're also making sure you're spending less time trading and with less time trading, you're bound to make less losses.

[Kemarit]

As a trader, it's not good to rely solely on trading as your only source of income. Why? Depending solely on trading puts immense pressure on you to meet monthly bills. The consequence? You may find yourself taking unnecessary and low-quality trades.

However, when you have another or multiple other sources of income alongside trading, you can stay relaxed and have the mental comfort needed to make quality decisions. For example, you can be a trader and be a Bitcoin miner.

Do you have another trading psychology tip to share with me?

I wouldn't say that this is a hack though, I mean you really have another source of income, others might have a full time job 9-5 desk job and then at the side is doing crypto trading. Or others have business, online or offline and then again they trade with their free time. Of course any job that is not stable will give you problems and stress you out because you have to think of your family. You will always think that you have to bring food in the table 24x7 and if there is money issues, then it might really affect you.

In relation, I remember back in 2017 wherein there are a lot of bounty hunters here to the point that the forum were out of control because a lot of bounties that people from 3rd world could have earned more than the average salary in their own countries. And there were posts that I vividly recall saying that they quit their job to focus on it and then become a trader. However, 2018 was a bear market and not sure what happen to those guys, and bounties are no longer profitable and then Theymos introduced merit system to curb those newbie accounts spamming the community and will have difficulty ranking up.

[SquirrelJulietGarden]

As a trader, it's not good to rely solely on trading as your only source of income. Why?

When you consider trading as your only source of income, you will need to force yourself to open trading positions, and try to find opportunities to get profit, income from trading. It potentially forces you to open trading positions when you are unsure about the market. This type of risk taking trading activity can increase risk to trade badly and raise risk of losing your trading capital.

I wouldn't say that this is a hack though, I mean you really have another source of income, others might have a full time job 9-5 desk job and then at the side is doing crypto trading. Or others have business, online or offline and then again they trade with their free time. Of course any job that is not stable will give you problems and stress you out because you have to think of your family. You will always think that you have to bring food in the table 24x7 and if there is money issues, then it might really affect you.

Trading causes more problems in psychology of a person which can be reason for many bad trading actions. A trader will have more pressure if trading is the only source of possible income when jobs lost already but even if you have jobs that can give you income, your trading career and actions can still be wrong and you still have risk to lose money with trading.

It's better to have trading as an extra job and only as a possible extra income, not the only or main source of income.

[aylabadia05]

Do you have another trading psychology tip to share with me?

If your financial position is stable because you have other income/revenue that does not interfere with your trading activities, then what is needed is to be consistent in continuing to do it while making it an opportunity to gain new knowledge with the experience gained.

Not being greedy or having strong patience. That's it.

[shinratensei_]

I assure you, best trading psychology tip is to have abundant source of income and using money that you can afford to lose and using money that you don't really need, can't sweat how much important this is in affecting your trades in a more positive way. Just having assurance that even if you lose money in your trading activities won't give a dent to your overall financial well being, is so assuring to the point that even when the market tanks as bad as going -80% you can just wait it out until things got better and when the market eventually recovers, you will probably make profit. I learned this the hard way selling bitcoin at bearish because afraid and basic needs, turns out few years later bitcoin make big jump in prices.



Just see the chart above, imagine you invested $3k as your monthly salary and there's bills that are due at the end of the month suddenly price taking sharp downturn like in previous bullrun according to that graph around december 2022, i bet 99% of people gonna sell their bitcoin at the bottom to pay the bills leaving no room for long term holding that could actually give them profit instead

[laubeaud]

Having logical thoughts and expectations is a must. Because, however, there are still many people who, when they just found out about trading, already imagine earning a lot of money in a short time like other successful traders. And these passionate hopes make it very easy for them to want to jump straight into the world of trading, even future trading, without much consideration. Meanwhile, trading is difficult, yes, and also complex. It's not easy for someone who doesn't understand and just casually follows people to trade and think about it and can easily become successful like others. And in the end, you actually lose, because you don't understand anything.

So, it's illogical thoughts like this that we have to stop and control. This means that we must be able to control ourselves, have logical thinking, so that we will better understand what we have to do next. We must have a logical mindset that we will not be so easy to succeed in trading, of course someone becomes successful thanks to the efforts they go through. Become logical by understanding what steps must be taken to be successful in trading so that we will learn about many things first. So, having logical thinking will make us more logical in determining the attitude we will take in trading

More information:
https://titanfx.com/news/the-logic-behind-reevaluating-trading-failure
https://the5ers.com/trading-with-logic/

Thanks for sharing.