How important is trading psychology to you?

[angelnish]

Just out of curiousity, I was wondering what everyones opinion is regarding the aspects of trading psychology are.

- Staying disciplined
- Sticking with stop losses
- Not cutting profits short
- Not entering trades on impulse
- Overall sticking to your plan

This seems to be a big topic so I figured this would be a good discussion.

 

[advfntrader]

having lost for 6 years now and every time due to poor discipline, moving stops , over-leverage etc. i would say it is THE MOST IMPORTANT THING in trading.

if you don't have the right mindset for profession gambling then you have next to no chance of success

 

[angelnish]

having lost for 6 years now and every time due to poor discipline, moving stops , over-leverage etc. i would say it is THE MOST IMPORTANT THING in trading.

if you don't have the right mindset for profession gambling then you have next to no chance of success

This is true, psychology is hugely important in trading, understanding yourself, your ticks and your behavioural patterns when overcoming losses and negative attitudes is essential, in my experience, for surviving as a trader. It can take time for this to become realised however.

 

[tim3]

The disciplined trader by Douglas is a must to get your head right!

 

[Paulds11]

It is THE most important part of Trading. It also took me about 6 years of losing on and off to get to this realisation. Now I am aware of it, my trading is turning a corner. The reason many lose is because they never quite get to this realisation and self analysis. They think trading is an external endeavour primarily.. it isnt.. its a character based performance discipline and knowing more facts about the market wont get you there.

 

[phyzelor]

Most important I agree. This and timing when to enter a trade and exit a trade. If you got these under control, then you're likely to be set to earn some money.

I've been trading for years, on and off. And I managed to not obey my stoploss last friday. Now im still in the position and im getting screwed on monday probably.

Even with years of experience, I managed to gamble it away on a friday, while being super cautious the days before.

You have to be so good at self discpline. It's really ridiculous how important it is. You think it's so easy, but it's not.

 

[The Leopard]

Vital.

 

[tomorton]

This is indeed a huge topic and hugely inportant. Only you, and not the market, can decide how successful you will be.