Trading psychology resources

[Ralfmeyer]

Trading needs focus and determination. Things can go other ways if you don’t keep your mind focused. Execution should be fast as this is the main thing. Keep your emotions in control.

 

[Erik Hughe]

Trading needs focus and determination. Things can go other ways if you don’t keep your mind focused. Execution should be fast as this is the main thing. Keep your emotions in control.

Good thought. How do you manage to keep your emotions in control?

 

[banzok]

For me, the main source of the psychology of trading is myself. Based on experience, I’m already trying to calm myself, I get used to the trading regime and try to achieve results.

 

[orbit23]

Good thought. How do you manage to keep your emotions in control?

You need to train. One way is thru meditation.

 

[Erik Hughe]

You need to train. One way is thru meditation.

Does meditation really help? Because i don't so just curious.

 

[orbit23]

Does meditation really help? Because i don't so just curious.

Well i am no expert but i believe it can.

https://www.healthline.com/nutrition/12-benefits-of-meditation

 

[Erik Hughe]

Well i am no expert but i believe it can.

https://www.healthline.com/nutrition/12-benefits-of-meditation

Ok thanks!

 

[Akhaldanos]

Yeah, a profitable strategy is a prerequisite. But once you have that, without proper execution, you've done shit.

Why on earth, if one already has a profitable strategy, one should not execute it properly?

 

[Andrea Wylan]

Why on earth, if one already has a profitable strategy, one should not execute it properly?

It’s the unconscious mind. If you said to an alcoholic why on earth would you drink that whole bottle of booze and make yourself sick, why not just have a glass, that makes sense. But there’s something stronger that’s pulling them to the bad behavior. It is the same for traders. If it was that easy to just follow a plan, most traders would be rich!… But they’re not…

 

[orbit23]

Why on earth, if one already has a profitable strategy, one should not execute it properly?

In theory, practice and theory are the same, but in practice they are different.

It requires discipline and focus. That is why they probably compare it to elite sports.

Just to give an example. You can't know which trade will work out and which won't. So if you decide to take some trades and not the others, you might end up unlucky picking the wrong ones and in theory you should be in profit but in practice you are down. You might get 3 losing trades in a row and so you decide not to take the next one and you bet the next one would've worked and paid for all the previous and then some. You take the trade, it goes in your favor and then baam it reverses and stops you out. The next time you see your trade working and in profit you know that it will keep going but it's that fear of losing profits and YOU RUSH to take profits only to see the price continue moving in your favor.

Sh*t like that is what i am currently struggling with the most.... The solution is probably to focus on executing the current trade to the best of your abilities.