03-21 The Psychology of Trading
Once you have a clear understanding of which beliefs, mental states and mental strategies are the core factors in top trading performance, you can then teach the same skills to others and have them perform well too. When you can see this success duplicated in others, which we have been able to do in most aspects of trading, then you know you have a workable model.
The Key Psychological Traits of Top Traders are:
- Personal Responsibility
- Commitment
- Their psychological “profile”
- Working on personal issues (e.g., self sabotage)
Daily Mental Conditioning
As Traders, we need to be reminded of these following tasks and to eliminate any self-sabotage that keeps them from following the tasks.
We believe that everything revolves around your beliefs, mental states and mental strategies, so with that in mind, everything about trading is 100% psychological, including why and how you trade or which system you will follow or build.
Many traders have a hard time “believing” this and it is almost the antithesis of what people learn in academic finance. So only you can decide whether it is worth the time to learn more about yourself and the psychological aspects of trading.
- Daily Self Analysis
- Daily Mental Rehearsal
- Focus and Intention
- Developing a Low-Risk Idea
- Stalking
- Action
- Monitoring
- Abort
- Take Profits
- Daily Debriefing( POST TRADE ANALYSIS)
- Be Grateful for What Went Right
- Periodic Review
CONDITION YOUR MIND-CHANGE YOUR PERCEPTION
As you progress and begin your journey as a trader, you are going to need to CONDITION YOUR MIND:
-To What Is Expected
-To What Is Acceptable
-To Losses
-To Wins
-To Monetary Gains (Don’t Think In Dollars And Cents) – Think Percentage (%) Returns
FIRE WALKERS don’t have PAINLESS FEET to walk on hot coals, they learn to SUSPEND THEIR BELIEFS.
Previous topic:
https://steemit.com/crypto/@bruenor/03-20-trading-is-100-psychological
Next topic:
https://steemit.com/trading/@bruenor/03-22-mental-trading-errors-and-how-to-s
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