Quote from nitro:
This is an extremely difficult question to answer.
Imo, it is 90% technique. But what I have concluded is that it is very unwise to downplay the psychology. However, the psychology I have in mind may not be what you are thinking of.
The psychology I am talking about is the kind that only rich people have. I have seen countless numbers of rich kids from Highland Park (a very affluent Chicago land area) come into the markets, and many of them do well. There is a very care free (although no less serious) connection to money. It is a strange thing, but coming from a background where you have been conditioned properly about money, makes a huge difference. It is not money, it is chips, and if you lose it, don't worry, it is not your college education, only a small part of your inheritance. This attitude carries over in your confidence over many things.
On the contrary, poor people that come to markets most have had to overcome the magic that money held over their peers and parents. It is definitely not chips.
I am not sure I am being clear. Psychology as a factor in success once you treat money as chips in trading is almost of no importance. Getting there, it is 90% important over technique. If you can't put on a great trade because you are scared and have insecurity issues, your technique is worthless.
