Wrong Mindset

[ficko91]

Trading with unwavering confidence and a calm state of mind can indeed be challenging unless a trader possesses sufficient capital, proper trading knowledge, and substantial experience. These crucial elements form the foundation for building confidence in the trading journey. Adequate capital provides a buffer against undue stress and allows for better risk management. Meanwhile, acquiring comprehensive trading knowledge and accumulating experience over time equips traders with the necessary skills to navigate the markets with a sense of ease and composure. It is through the combination of these essential factors that traders can approach their trades confidently and maintain a relaxed mindset throughout their trading endeavors.

 

[bigdolly]

Wrong mindset include revenge trading, overtrading or unrealistic expectations. But with such mindset, one can't go ahead in trading so you need to learn to control your emotions and choose discipline.

 

[Komondar]

Wrong mindset include revenge trading, overtrading or unrealistic expectations. But with such mindset, one can't go ahead in trading so you need to learn to control your emotions and choose discipline.

How do you handle emotions, especially during losses?

 

[Naktilar]

I have read several times about the opinion that one of the biggest problems in trading is the human factor.
That's why some traders try to automate their trading. Automation can be implemented in two ways.

1. Using special tools in order to eliminate the human factor. But they say that tools need to be constantly adjusted and optimized.

2. Creation of precise trading strategy in order to prevent any variants of events.

 

[Juanstevenson19]

Mindset is everything in trading. It's not just about finding the perfect strategy or chasing quick profits. It's about understanding the market, managing risk, and being realistic about what trading can and cannot do for us. I couldn't agree more with the advice to work on our mindset before anything else.

 

[SabaSaba]

Wrong mindset is a gambling mindset

 

[bigdolly]

Most of the time yes the biggest issue that newbies traders face is to avoid turning their trading in gambling, i.e. control emotions.

 

[Beokk]

This is a never-ending discussion. Unfortunately, there is no right or wrong answer when it comes to the trading mindset you have to employ to become a profitable trader.
Our minds work differently. My advice to newbies is not to search for the right mindset on forums, trading courses or webinars.
You need to search within yourself. I am aware that this might sound a bit philosophical, but let me explain it.
All of us come from different starting points, have different goals, and in the end, have different personalities. All of these mentioned affect our trading. So, you need to find the mindset that will cherish your trading style and your trading goals. If you prefer taking more risks, there is nothing wrong with it. But if you follow some trading gurus they will teach you that this is wrong and that you always need to risk 2% of your trading account… bla bla bla.
But one thing you should know. There is no trading strategy that works 100% and there is no magic indicator that would make your profits skyrocketing. If you are in that mindset, and searching for the holy grail I am sorry to disappoint you.

 

[Enayess]

Wrong mindset is the wrong path to take to go on.. If you are going the wrong direction, does not matter how fast you go. You are not going to get the right place. That's why getting the mindset is utmost important when doing anything with trading

 

[Buzanara]

I think overconfidence is a big thing as well. There's a concept called the newbie luck. Say you're just starting and you don't know much of anything, you run your book in the first month and you catch a few lucky breaks, it goes well and you're up like 10% overall. You start thinking you are the man. You think you have the right instincts based on predefined biases and things you think you know. But frankly, you don't even know what you are doing. It is called unconscious incompetence. It means you don't even really know what you don't know. But you start believing you can do this. And it ends in a bad way. In the red zone.

You know, you should always have confidence in yourself but you also stay humble and flexible too. You need to have a humble mindset.