The day to day psychology of a trader

It's a New Year, and to be successful in it, we need to avoid trading the wrong way we did last year. I think one of the most underestimated attributes of successful traders is patience. Patience is a factor in a number of different situations in trading from trade entry, to trade management and your expectations. Think about this. Happy trading!
 
:D :D :D yep, I have not been updating much the psychology thread, though I have been active on the P&R forum.

It looks like 2016 coaching, and all the various "self-development", meditation and religious approaches ( let's say the coach did not leave anything to chance when it comes to finding solutions ) are now starting to bear their fruits. But let's still stay prudent, as there is 50 more weeks to go, and we know that the key to trading is consistency. One hugly loss and all the patience is lost. So prudence in trading.
 
Fear of Regret, emotions that can hinder success. The inability to accept that you’ve made a wrong decision would lead you to hold onto losers too long or sell winners too soon. These must be avoided if you must be successful this year.
 
I should have updated: just sorting out the after effects of a house burglary.
Trading wise : it's now all about patience, and self-control. 50 more weeks to go to keep being patient and have self-control.
 
The ironic thing about trading is that it attracts ego's but if your going to survive and do well in the trading game it's the very thing you have to remove ...

SO the most powerful first step to taking trading seriously is to admit to yourself (your ego) you don't know what your doing, only then can you open up the door to learning.
 
Bobby Jay said:
It's a New Year, and to be successful in it, we need to avoid trading the wrong way we did last year. I think one of the most underestimated attributes of successful traders is patience. Patience is a factor in a number of different situations in trading from trade entry, to trade management and your expectations. Think about this. Happy trading!
More...

Removing self destructive tendencies.....:)
 
So if you are trading in a volatile market environment, you have to be prepared for slippage. Slippage happens when volatility, perhaps due to news events, makes an order at a specific price impossible to execute. In this situation, most traders will execute their trade at the next best price. That is the true nature of this business.
 
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