The most important thing in trading

[Akwin]

If you ask me you can have psychological issues with trading with or without having an edge. Some people don't even recognize when they have an edge because they are so stressed out.

Oh! It must be this, right? We hear it all the time: discipline is THE master quality you need.

 

[MasterOfCoin]

''Keep calm and carry on''

 

[0FXTrader0]

Capital and how you manage it.

 

[Akwin]

You need to set up a place to do your trading. It should not be in your family room or bedroom, but in a separate space that can be your private office where you can conduct your business proficiently. Remove anything that can distract you. When you are working in your trading office, you must make it a family rule that you are not to be disturbed, except for emergencies. Do you agree?

 

[Terez93]

Money management.

Combined with good risk management.

 

[Pat494]

Less is more.
In trading, I and probably many others have made the mistake of having too many trades going at once.
Not good practice imho
Quality beats quantity every time. Just trade the few that you are most sure of.

 

[Forexintradiadarwin]

The answer is easy to say, difficult to complay with, and of course like in any other profession (yes, if you take it like a hobby, you´ll pay for it), you need to know your stuff, you need to have an edge whatever it is (there are several ways to trade, pick the one it is handier for you, your life style and your personality), and of course money managment is vital too.

With these two things you are all set (it will take you years to get there.

But at the end of the day there is one thing that will make the whole difference in your success or your failure as a trader (if you have the two things mentioned before), that is your YOUR PERSONALITY.

Your personality will be the key to trade using only your knowledge and real experience (not your biassed inner devil) while keeping your money management stiff in the worst moments. Nothing else, if you change any of this two key and vital stones in your trading life you are dead, and it will be your personality what will keep you in the game when nothing else seems to work.

 

[ffsear]

Self awareness!

"Self-awareness is the ability to focus on yourself and how your actions, thoughts, or emotions do or don't align with your internal standards. If you're highly self-aware, you can objectively evaluate yourself, manage your emotions, align your behavior with your values, and understand correctly how others perceive you"

Know yourself, and build a strategy around your strengths

 

[Pat494]

Just supposing it was possible to incorporate all the tips above into one trader. I wonder what he/she would be like ? Probably unbearable or a sweet person of reason.
Would that person be a wunderkind of the business or so hopelessly tied up psychologically they are unable to make a trade.
Perhaps pick only one's favourite to be incorporated into one's persona and put up with the consequences from family etc.
I find by visiting someone's property one is able to judge the person vis a vis oneself by the psychological feelings one gets there. Some are calm and friendly like the person while others are hostile like their owner.

 

[postman]

Just supposing it was possible to incorporate all the tips above into one trader. I wonder what he/she would be like ? Probably unbearable or a sweet person of reason.
Would that person be a wunderkind of the business or so hopelessly tied up psychologically they are unable to make a trade.
Perhaps pick only one's favourite to be incorporated into one's persona and put up with the consequences from family etc.
I find by visiting someone's property one is able to judge the person vis a vis oneself by the psychological feelings one gets there. Some are calm and friendly like the person while others are hostile like their owner.

Why dont we meet up so you can decide for yourself. 😜

 

[cantagril]

Why dont we meet up so you can decide for yourself. 😜

🤮

 

[postman]

🤮

Yes I'm too (sickly) sweet for some tastes. It's probably your unrefined pallet from living en France.

 

[Forexintradiadarwin]

Misplaced optimism is disastrous.
I place arrows where I traded and at the end of the week I go back and look at the successes and failures trying to figure what went right or wrong.
Learn that the markets are the boss.

Actually, that is a good habit...thank you.

 

[galbi]

Yes finding that 'edge's is important, but it takes intuition gained from understanding the market. You thus need to be able to see what is happening, and what the trend seems to be. Your mind might sort of play games on you if you are not determined in focusing on important data and allow emotions or quick thoughts to affect your decisions

Agreed buddy!
Emotions play an important role while trading.

 

[NVP]

I was hearing an interview with psychologist Brett Steenbarger and it was an eye opener.

Trading is extremely hard and it has to be. ¿Why to make the hard job of create business, hire people and deal with customers if trading was easier?

The great difficulty in trading is to find an objective edge in the markets. And yes you need the psychology to maximize the profits from your edge and money management to not blow up and compound, etc.
But without an edge all that is worthless.
Not having an edge also creates psychological troubles.

That's why internet marketers sell psychology courses, because that's easier than find an edge in markets.

Another point is that markets evolve with the time and you can lose your edge at any moment. So you need to innovate and adjust to new market conditions. Or find new markets.

99% of Traders dont need a shrink.....they need an Edge that works ......

 

[NVP]

sell trading courses everyone .......thousands of scammers cant be wrong....

 

[IceThor]

Making Money

 

[thetradin]

Patience!

 

[hatemypips]

For me, the main thing in trading is to not get affected by what people say and do. one should be open to advice, suggestions etc but at the end you should use your own logic behind every decision that you take.

 

[Smith2525]

Discipline!