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What is "Psychology Trading"? Trading psychology is thought and mindset that can help for success and failure in trade. Every aspect of one's character and interaction will affect their trade, which will also affect their trade, because traders have the knowledge, experience, and technical abilities. In essence, discipline and taking risks are very important factors, after the trader implements his trading plan. If you feel AFRAID and GREEDY are the two most common ones that often occur with psychological trade, HOPE and REGRETS are two who want to communicate with trade.
Successful traders will help you in trading, and mindset is far more important than the strategy you use why discipline and control policies are needed to stick to the strategy. Inability to improve using good strategies, many like, entering the market too fast, going out of the market too fast, risking too much, risking too big, getting too late, getting out too fast, skipping trade, or even trading too much. This is what makes hope and regret come directly after fear and greed.
There are many ways to make a good strategy for making a loss, more than these ways come from your mindset and psychology.
Trading is like a life; we all live in a lot of happiness, sadness, hope, and regret. For example, happiness is a compilation of you successfully winning a lottery, and sadness is a compilation of you exchanging with the people closest to you, hope is a compilation You want to find the prince or princess of your dreams, regret comes compilation You are not looking for the best to get a career improvement. Therefore, many factors outside and which we can discuss are uprooted. Trading is the same. Our emotions are important by market movements, news, technicality, and more importantly, our mindset. Please take a minute to think about your trade going beyond this; how many times have you set your mindset, not by the strategy?
Many say it's easier to talk from practice. However, you can always exercise to be disciplined and not lose patience.
Tomorrow, I will talk about common mistakes we must be aware of. Happy trading.