As a trader, there are many skills that you need in order to be successful on a consistent basis. Learning how to understand technical analysis indicators, option pricing, and risk management are a few of the key areas.
However, none of these are as important as your trading psychology and discipline. Once you learn to control (not necessarily master) your emotions, you will become a more profitable trader literally overnight.
At its foundation, you should have a solid understanding of fear, greed, and market sentiment keeping in mind that these are not easily tamed. That’s because within you there is an instinct to always reach higher; to try to get just a little more.
Knowing that these emotions are present and then developing a trading plan based on rational business decisions is what will help you survive in this game.
So, why do so many traders fail on the trading psychological front if this concept is so widely known? Frankly, only a small percentage has the conviction to face, and then transform their trading psychology. Most people try to “will” themselves to more profitable trading, “toughing out” the hard times. The traders who win consistently treat trading as a business and not a mere hobby.
Bookmark these 12 articles that will help you develop a better trading mindset this week:
- Do You Secretly Want To Lose All Your Money?
- The 14 Stages Of Investor Emotions And Trading Psychology
- 7 Questions To Ask Yourself Before Making Impulsive Trades
- My Personal Morning Routine – Tips To Having A Productive Start
- When High Frequency Trading Becomes Destructive To Your Portfolio
- 5 Tips To Help Control Your Emotions When Trading
- Using Diagonal Spreads For Long Term Investing Plus Monthly Income
- How To Master Market Sentiment And Trade Before The Big Moves
- A Disciplined Approach To Trading Options
- 39 Options Trading Life Lessons For Success And Profit
- Following The Herd Mentality And How It Hurts Your Portfolio
- Are Wealthy Investors Always The Most Intelligent Investors?
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