Steps to Mental Success in Trading

For mental success I believe its important to work on your trading psychology. Because apart from the strategies and analysis its all about how well a trader manages his thoughts and psychology while trading. The strong the mindset the better would be the trading results.

Even if you have a good strategy, a good trading plan for Lenovo will not be psychologically prepared, you will most likely have a failure.

Don't trade live with huge money until you know what you are doing. Know your stuff very well. Be enough skilled. There is no short cut. It takes time to learn the art of trading. Don't have unrealistic expectation.

ElliotCooke posted:
Don't trade live with huge money until you know what you are doing. Know your stuff very well. Be enough skilled. There is no short cut. It takes time to learn the art of trading. Don't have unrealistic expectation.

Its always wise to start small I would say. No point risking too much money and losing it altogether which will obviously affect a trader's motivation too. Hence better start small and gradually increase the amount.

TroyS posted:
For mental success I believe its important to work on your trading psychology. Because apart from the strategies and analysis its all about how well a trader manages his thoughts and psychology while trading. The strong the mindset the better would be the trading results.

Yes, trading psychology is very important in trading. Traders who are well aware of this trading psychology would have a strong control over their emotions and biases. This is different for every trader and they can overcome this bias by acknowledging their emotions. In my experience, I’ve seen the impact a peaceful mindset has over the trades. Can’t ignore that factor.

Not only the trading psychology but also the use of different indicators and strategies is necessary to be a successful trader. I’ve been trying my hands on some indicators with the price action strategy and learning to identify some entry/exit levels with position trading. I won’t say it is easy and the toll it takes on my mind at times but I try to stay calm in order to achieve some level of success.

Managing thoughts and keeping up with every day trading is very difficult, to be honest. I have a fixed time to meditate everyday while trading. This keeps me somewhat sane when I trade. The best thing about forex is that it’s easily manageable since the market is up and about 24 hours. These days I’ve been working on some demos and Ecn. Tried some decent platforms for it (hotforex, fxview) and I’m looking for more. Oanda seems okay and I’m thinking about opening a demo with them to check. Am I on the right track here?

davidkew posted:
Managing thoughts and keeping up with every day trading is very difficult, to be honest. I have a fixed time to meditate everyday while trading. This keeps me somewhat sane when I trade. The best thing about forex is that it’s easily manageable since the market is up and about 24 hours. These days I’ve been working on some demos and Ecn. Tried some decent platforms for it (hotforex, fxview) and I’m looking for more. Oanda seems okay and I’m thinking about opening a demo with them to check. Am I on the right track here?

That’s a great tip. I’ll try meditating too. Might help me with the stress. Thanks.

davidkew posted:
Managing thoughts and keeping up with every day trading is very difficult, to be honest. I have a fixed time to meditate everyday while trading. This keeps me somewhat sane when I trade. The best thing about forex is that it’s easily manageable since the market is up and about 24 hours. These days I’ve been working on some demos and Ecn. Tried some decent platforms for it (hotforex, fxview) and I’m looking for more. Oanda seems okay and I’m thinking about opening a demo with them to check. Am I on the right track here?

I’m not so sure about Oanda since I haven’t used them. I have some experience with Fxtm, Fxview, fxpro. I think it is more about the platform choice than the broker. I mean I am so comfortable with MT4 that I won’t look at any other platform, even for their so-called additional features. You’re right to go with demos first. It’s always better to experience an interface first hand.

Shelby10 posted:
My first advice is do not come into trading if you do not have patience of learning and the patience to wait for the right moment to open a trade.

Great advice. Acquiring proper knowledge does take a lot of patience and effort.

If you use low leverage you will have all the mental health that is available to the traders.

It took me 10 years to sort out my trading psychology. The first step is to just be aware of the range of emotions which you can be feeling when trading... I found the book Trading in the Zone helpful for this.
Then it's practicing.. trading with a live account and noticing these emotions and what you do next. You have you be conscious of your error and try and change your behaviour.. believe me, it's not easy.. which is why it took a decade for me!
Over the past few years, I've moved everything to algorithmic trading. I believe as an algorithmic trading you don't have to worry as much as a manual trader for trading. An algo will perform the tasks for you automatically.. opening and closing. You just need to practice not interfering with it. Hope that helps

It is never possible to trade properly if the mental condition is not right. So the mentality should be fixed first.

I agree. Stops are so important and using them prevents a trader from making hasty decisions. Starting small is also a great advice.

Coming into the atmosphere and choosing a broker Amarkets for myself, I followed the advice of experienced managers and started my trading with a minimum deposit of $ 100 and this brought results.

Trading is 90% mental work. A trader must master their trading psychology in order to become successful.

In trading, peace of mind is highly important to make the trading functional.

Maximum attention and focus are very important in trading.

These are very well explained and are also pertinent for the success of a trader. Thanks for sharing these steps.