This psychology hack helped me become a profitable trader

[Rengga Jati]

Ah, here it is. That's how it should be. Trading is one of the side jobs that is carried out. Even if it becomes a full time job, make sure it is enough for a truly professional trader and is already earning a lot. However, for beginners or traders who are not yet that significant, it is not good if it is a full time job and we only rely on that.

And, it's indeed.
However, financial and psychological stress will really have an impact on our mentality and emotions. And emotions are one of the factors that really influence our success in trading, right? If we can really control our emotions, we will be calmer in facing all market conditions and can think clearly to make decisions. However, if our emotions are unstable and we are in a very depressed mood, then we will become more stressed in trading, which will make it even easier to survive and get profits.

And this has also been mentioned many times in various articles related to this.

More information:
https://www.bitstore.net/en/blog/psychology-of-investing-in-cryptocurrencies/
https://www.linkedin.com/pulse/psychology-crypto-trading-how-win-unemotional-alfabitgroup-ttyie#

[Viscore]

Well, it depends, bro. There are some people whom everything about their career is just "trading." They have been trading for a very long time, have become good at it, and have become so profitable that they are only trading. Some old-time traders are very rich, and they have also made investments in other assets from the profits they made from trading.

For someone who has just started a career in trading, they need to already have something that is fetching them money before they can start trading. On a similar thread like this, which I came across before, the advice I gave was that a new trader should have other sources of income too until they have begun to make a sustainable and consistent income from trading.

I can see that trading offers a highly profitable returns, but not all traders are highly capable and profitable. They may be doing good at first but eventually lose their money until they used up all their funds because of trading. That's exactly the reason why one should never just rely on trading alone, but find a real job as well or look for other sources of income where profits come sustainably. That's the only way where you don't get pressured with trading, that even at times you lose, your finances will never be completely ruined.

[uswa56]

I can see that trading offers a highly profitable returns, but not all traders are highly capable and profitable. They may be doing good at first but eventually lose their money until they used up all their funds because of trading. That's exactly the reason why one should never just rely on trading alone, but find a real job as well or look for other sources of income where profits come sustainably. That's the only way where you don't get pressured with trading, that even at times you lose, your finances will never be completely ruined.

Of course not everyone can make a profit from every trade they make and to be able to make a profit will of course really depend on their skills and experience in trading, I really agree with you that someone should not only rely on income from trading alone because when we experience several failures in trading then we can still have income that can meet the needs we need because in trading it is very difficult to get profits consistently and when we experience failure in trading and do not have other sources of income of course it will put us in financial problems and I think it is important for everyone when trading that they are really prepared in terms of funds and that when they fail they don't have problems in terms of their finances.

[jcojci]

I can see that trading offers a highly profitable returns, but not all traders are highly capable and profitable. They may be doing good at first but eventually lose their money until they used up all their funds because of trading. That's exactly the reason why one should never just rely on trading alone, but find a real job as well or look for other sources of income where profits come sustainably. That's the only way where you don't get pressured with trading, that even at times you lose, your finances will never be completely ruined.

Only those who wants to learn more about trading and have skills that be able to have a highly profitable returns. Not many people wants to learn more about trading so that makes them only gets lose their money. Besides that, trading needs emotional controlling to see when they can enter and quit trading which is not many people realizes. They becomes greedy when they see their profit comes and forget to place a sell order and still wait for more because they see that they have more chances to make a bigger profit. But that will not always happens since the market still moves wild and no one can predict what will happens in the next minutes or hours.

[Dzwaafu11]

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.

This is best known to everyone as a trader who wants to be successful and earn a lot of money. Trading must not rely only on trading because it is bad to take trading as only a source of income. trading can reck you in a short period of time, so it is better if you have another source of income that can suppose your trading for the fact that sometimes you may lose money in trading and won’t get another money to solve financial problems, but if you have another source of income, it won’t be an issue since you will just use your main job to solve your financial problems.

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.

Fact. This is the truth because having multiple sources of income will make you trade with caution and try your best to manage every situation in the market, but without a job, a trader will definitely find it difficult to manage his or her 

[AmoreJaz]

If trading gives you the maximum amount of profits, then why won’t stick to it? I believe it’s a case to case basis as well. However, make use of trading profits to acquire other assets or properties as well. When you achieve that, there will be more sense of financial security for you. Keep on trading, but never stop there, utilize it for another great advantage, that is increasing your wealth by increasing your investments as well.

That is one way to approach how you will maximize your profits in trading and become sustainable in terms of generating other income. Not only assets or properties but you can also start a small business you are more familiar with. Look for options that you believe you can fall back on if your trading profits is not doing well. From what I have experienced in trading, even if you are very confident with yourself that you will gain profits, you can still get ruined because no one knows where the market is actually heading to, especially those projects which are into pump and dump schemes.

[$weetne$$]

Only those who wants to learn more about trading and have skills that be able to have a highly profitable returns. Not many people wants to learn more about trading so that makes them only gets lose their money.

If they do not want to learn while they are trading, they are going to make mistakes that would make them to lose. Trading does not have a final time that you can say you have learnt everything about trading and there is no further knowledge to acquire. There is always new strategy and things to learn to help you make better decision when trading. A trader needs helps from other sources of getting money because trading is a risky business and not one that you can be sure that you will make profits when you enter the market. The market can move against you and you get lost in a trade that you analyzed yourself and was sure that you are going to make profits as you trade

[GreatArkansas]

(...)

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

It makes sense, you OP are more likely playing less risk here because I can feel you, it's not always a win when you are trading.

For me, I can share a good tip: Practice patience and discipline.
It's important because it will help you to maximize your profits and minimize the risk. Plus the risk management.
Example to achieve this is like set clear criteria, use trading journal and take break sometimes, not all the time is good to trade.

[BlackBoss_]

It makes sense, you OP are more likely playing less risk here because I can feel you, it's not always a win when you are trading.

For me, I can share a good tip: Practice patience and discipline.
It's important because it will help you to maximize your profits and minimize the risk. Plus the risk management.
Example to achieve this is like set clear criteria, use trading journal and take break sometimes, not all the time is good to trade.

In trading, no perfect winning rate for any trade and being disciplined is key to firstly avoid loss and lastly, to help gaining profit. Profit only can come if a trader is disciplined first, and to disciplined, many things needed.

The trader needs to be knowledgeable about fundamentals, technical indicators and order types then apply them for his trading orders. Order types like Stop loss or Stop limit order can help to minimize risk and big loss for a trader.

Stop loss order: one of best weapons in trading
Stop-Limit Order: What It Is and Why Investors Use It

[jcojci]

Only those who wants to learn more about trading and have skills that be able to have a highly profitable returns. Not many people wants to learn more about trading so that makes them only gets lose their money.

If they do not want to learn while they are trading, they are going to make mistakes that would make them to lose. Trading does not have a final time that you can say you have learnt everything about trading and there is no further knowledge to acquire. There is always new strategy and things to learn to help you make better decision when trading. A trader needs helps from other sources of getting money because trading is a risky business and not one that you can be sure that you will make profits when you enter the market. The market can move against you and you get lost in a trade that you analyzed yourself and was sure that you are going to make profits as you trade

That is what they will gets from trading and their lose will becomes bigger. We should manage our time to trade, especially in crypto trading, we can enter to the market anytime we wants but we must analyze the market before we enter to the market. Crypto trading will always moves and not stops so that is why we must learn more and more to find a new strategy that will works for us. When we can adapt to the current market situation, we will see when our chance is comes so we can enter to the market in the right time. But that needs more experiences to finds the right time to enter to the market and more practices so we can make a profit.

[Gaza13]

Most successful traders are managing other people's money and not only their money. Which would be my recommendation to anybody who wants to become successful and rich through trading. Building a track record of a great trader is going to help to attract new clients. The benefit of trading with other people's money is that you can put on larger positions and you not only profit from when your trades are doing well. As a trader you know every day if you make money or are losing money, your positions are red or green, there is no inbetween. When trading money for other people who usually get a fixed fee for the assets you trade. This helps to generate income during bad months or when the markets are moving sideways.

Why should we entrust them to get profits from trading, why don't we just do it ourselves? I don't think that's a recommendation to become a great or successful trader from other people's money? The potential to lie or deceive the person is certain. Usually, most people who are deceived, as you said above, are people who are new to the world of investment and think that they are a quick way to get rich or get money quickly and instantly and they dare to place their trust in people who are already experts in that field. If the person is familiar with investments, of course they will not trust anyone, especially if their money is controlled by someone else.

[Silberman]

Most successful traders are managing other people's money and not only their money. Which would be my recommendation to anybody who wants to become successful and rich through trading. Building a track record of a great trader is going to help to attract new clients. The benefit of trading with other people's money is that you can put on larger positions and you not only profit from when your trades are doing well. As a trader you know every day if you make money or are losing money, your positions are red or green, there is no inbetween. When trading money for other people who usually get a fixed fee for the assets you trade. This helps to generate income during bad months or when the markets are moving sideways.

Why should we entrust them to get profits from trading, why don't we just do it ourselves? I don't think that's a recommendation to become a great or successful trader from other people's money? The potential to lie or deceive the person is certain. Usually, most people who are deceived, as you said above, are people who are new to the world of investment and think that they are a quick way to get rich or get money quickly and instantly and they dare to place their trust in people who are already experts in that field. If the person is familiar with investments, of course they will not trust anyone, especially if their money is controlled by someone else.

People allow money managers to trade their money because they do not know how to do it themselves, as they either do not have the time to learn how to do this on their own or they have tried to trade on the past and failed, so becoming a money manager can indeed allow a person to make way more money than just trading with their own money, however becoming a money manager requires way more than just being a good trader, since the possibilities of getting into legal trouble if you lose the money of someone powerful is very high.

[taufik123]

-snip-
The trader needs to be knowledgeable about fundamentals, technical indicators and order types then apply them for his trading orders. Order types like Stop loss or Stop limit order can help to minimize risk and big loss for a trader.

Stop loss order: one of best weapons in trading
Stop-Limit Order: What It Is and Why Investors Use It

Technically, knowledge such as technical indicators, order types and the use of stop loss or stop limit orders must be understood and can be applied.
And for the fundamentals, it will have to do with the psychology of the market or the psychology of a person who is trading.

Psychology will determine the final outcome because the decision will depend on the trader.
But if the technical is done correctly and the predictions are in line with expectations, then psychology will also be more helpful.

Everyone will never be free from the psychology of trading, and that will be one of the factors that influence profit and loss on trading.
It's just about how everyone manages psychology or emotions on the trades made.

[dunfida]

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?

Making trading as your main source of income then it would really be creating such kind of pressure towards yourself on which you would really be having that kind of approach on which you would really be needing to be profitable since you are heavily relying with it and this is something which it isn't really that good and could give out such pressure and desperation on which could cause or making bad trades due on being rushed and in a hurry making profits.There would be no pressure if you don't fully rely on it .

When you do have a day job then it is really just that right that you do make trading as a side income or having that extra so that
You won't really be that fully relying on it.This is why it would be important that you do really put up yourself on desperate condition specially if you are really that making trading as your main source on which it's never been easy.

[Natalim]

I don't think a wise person will eventually leave his job and focus on trading alone because there is more promising profits in trading than staying in a low paying job. But if he has been making a good amount from trading consistently because he's now more experienced and a reputable trader, then focusing on trading is a wise option. And once he is earning well, putting his funds on other sources of income is a great idea so he can make multi investments that will generate him reliable profits in the future.

[bitgolden]

Technically, knowledge such as technical indicators, order types and the use of stop loss or stop limit orders must be understood and can be applied.
And for the fundamentals, it will have to do with the psychology of the market or the psychology of a person who is trading.

Psychology will determine the final outcome because the decision will depend on the trader.
But if the technical is done correctly and the predictions are in line with expectations, then psychology will also be more helpful.

Everyone will never be free from the psychology of trading, and that will be one of the factors that influence profit and loss on trading.
It's just about how everyone manages psychology or emotions on the trades made.

This is such a good take, you are 100% right with what you said. Psychology and emotions are impossible to see, and there is nothing that we can do to stop them, it is just going to be the way it is at all times and not going to end up being any different. We shouldn't really consider the fact that it can't make it work, and we just need to focus on whatever we can do.

All I can consider right now is that we should probably realize that we can try to learn to navigate with them, and not let these emotions control our trading. If we can manage that, if we let our emotions be what they are and still trade properly and ignore them while trading, then we should be able to make a lot more profit and could get a lot better result with time.

[taufik123]

-snip-
All I can consider right now is that we should probably realize that we can try to learn to navigate with them, and not let these emotions control our trading. If we can manage that, if we let our emotions be what they are and still trade properly and ignore them while trading, then we should be able to make a lot more profit and could get a lot better result with time.

Trying to manage your psychology to be a little under control takes a lot of practice, not just one or two trades.
It's also about how much trading experience is done, I myself pretty much do a lot of trading and a lot of uncontrolled emotions that end up giving me quite a lot of regret and losses.

It is not possible to make good decisions when the price drops and when the price rises beyond the specified target.
In addition, trading psychology can also be supported by using Stop losses so that it will be the first savior when you cannot make the right decision.

[uswa56]

I don't think a wise person will eventually leave his job and focus on trading alone because there is more promising profits in trading than staying in a low paying job. But if he has been making a good amount from trading consistently because he's now more experienced and a reputable trader, then focusing on trading is a wise option. And once he is earning well, putting his funds on other sources of income is a great idea so he can make multi investments that will generate him reliable profits in the future.

When someone decides to quit their low-paying job to trade of course this is not right of course they must still have a permanent job to be able to provide them with an income that can meet their needs and I agree with you if they are able to make a profit If they are consistent, then they can leave their jobs and choose to focus on trading and when the profits we can get in trading are used to invest in other things, of course this will enable us to make profits in the future with what we have invested.

[LossLeader]

Psychology alone won't make you profitable. Even if you've managed to hedge your risks and can now accept losses more comfortably, it’s a common practice and necessary to hedge your risks. However, this doesn’t mean your risks are working in your favor.

[mirakal]

I don't think a wise person will eventually leave his job and focus on trading alone because there is more promising profits in trading than staying in a low paying job. But if he has been making a good amount from trading consistently because he's now more experienced and a reputable trader, then focusing on trading is a wise option. And once he is earning well, putting his funds on other sources of income is a great idea so he can make multi investments that will generate him reliable profits in the future.

Besides, we can do both - trading while having a stable job. If this has been possible for other people, then there is no reason we can't unless we have a deep reason to give up our jobs and focus on trading. Of course, if I've been profiting consistently, I should spend more time trading for more earnings.
It is a career decision and we choose the job that will give us huge benefits.

And once he is earning well, putting his funds on other sources of income is a great idea so he can make multi investments that will generate him reliable profits in the future.

Having a stable job gives us income security but having multiple sources of income gives us financial freedom which is what we want to happen. But all of these things become impossible without financial knowledge and never stop looking for opportunities as long as we can.