Have you improved your trading psychology?

celeryleaf

Corporal
Messages
91
I am not sure what you mean by different trading strategies? That different trading strategies can take different time to learn or the more strategies you learn, the more time you need?
I agree about the mentor though. A mentor can make you or break you. The person who taught me taught me to have an open mind about everything, to experiment, to not be afraid to try new things, but it took her forever to free herself from the bias her own mentor instilled in her, since he only accepted the Elliot Wave Theory and nothing else.
I mean whether its a short term strategy like scalping or a long tem like position trading during a week for example. So if its a week you dont really care what time zone youre using... At least if the time span is long enough. Pretty obvious tho lol
 

margin

Private, 1st Class
Messages
53
Psychology plays a very vital role in the trading career of a trader. But its only improved with the passage of time, you cannot control your emotions right from the start, sooner or later you will commit a bad mistake emotionally, its only get under control with time.
 

celeryleaf

Corporal
Messages
91
Psychology plays a very vital role in the trading career of a trader. But its only improved with the passage of time, you cannot control your emotions right from the start, sooner or later you will commit a bad mistake emotionally, its only get under control with time.
Yeah good point is in inevitability. Youll anyway commit a mistake so better dont be afraid of it and when you commit it get over it.
 

dianajs

Private, 1st Class
Messages
778
Yeah good point is in inevitability. Youll anyway commit a mistake so better dont be afraid of it and when you commit it get over it.

More importantly, learn from it. Figure out why you made a mistake and then do your best to avoid doing the same thing in the future. I've long discovered that learning from one's own mistakes also helps build your confidence a great deal, so that in turn helps with the psychological side of trading too.
 

EuroTrader

Sergeant Major
Messages
1,046
More importantly, learn from it. Figure out why you made a mistake and then do your best to avoid doing the same thing in the future. I've long discovered that learning from one's own mistakes also helps build your confidence a great deal, so that in turn helps with the psychological side of trading too.

It is really an important fact that as a Trader we have to keep learning and also see that the past mistakes we have been doing in our trades are not repeated again :)
 

Ken Smith

Private
Messages
104
One of the biggest, if not the biggest obstacle, for new traders is psychology. It can make or break your trading and you can only work on improving it through trading, trading and trading in a real account. Improving your trading psychology should at least be given the same consideration and effort as you put into creating your trading strategy.

Keeping a journal may be a great tool for you in order to write down and monitor your progress. Those who ignore the hard work required into making improvements to their psychology are missing out on the biggest factor which will influence your trading results.


It requires a lot of practice and understanding. You have to know how human mind works when it comes to money. You have to find out what problems you are facing. Everyone may not face same psychological barriers. And the most important thing is you have to be realistic according to your skills. Don't compare yourself with other traders. Everyone is unique.
 

dianajs

Private, 1st Class
Messages
778
It requires a lot of practice and understanding. You have to know how human mind works when it comes to money. You have to find out what problems you are facing. Everyone may not face same psychological barriers. And the most important thing is you have to be realistic according to your skills. Don't compare yourself with other traders. Everyone is unique.

I agree. Some people have easier time dealing with it than others, it largely depends on their personality and sometimes environment.
 

scott11

Recruit
Messages
151
Forex market is a highly fluctuating market which surely plays with your emotions and psychology. You need to work it out properly in order to get success. You can improve your emotional hazards by working on the demo account as it will give you huge confidence.
 
Messages
75
Trading is not that easy that many outsiders think it is. A trader needs to first develop a proper outlook to view forex market. We can't think that a global platform will be risk free. So; as a trader you always have to deal with risk factors. However; you can try to minimize your risks. Accepting the losses; and then identifying your mistakes can help you to flourish as a forex trader. So; improving trading psychology is essential.

When a new trader moves towards live trading accounts; he is actually moving with the fear that his earned money can be lost due to wrong trade selection. In many instances; we will win and some instances we can even lose the money. But our duty is to move forward with the lessons of failure and then never repeat the mistakes again.
 

Rizog

Private, 1st Class
Messages
127
I don't really agree with you scott11, as it's better to develop trading psychology on the real account, because there're basically no risks on the demo one and you can't say that about the real one.
 
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