Get a Grip on Your Mind, Conquer the Market

A lot of folks tend to blame their skills or strategies when things go wrong in trading, but honestly, the main issue is often the trader’s mindset. Once you get control over your thoughts, you can really take command of the market. Set some clear rules for your trades and stop stressing about the results; instead, shift your focus to the process itself. Trading isn't a quick route to wealth, and losses are just a part of the game (it happens to everyone), but every loss is a lesson if you let it be. Don't keep chasing your losses, that will just dig you deeper. Put energy into working on your trading psychology while you hone your skills. I’ll also share a few books that can help boost your mindset: • Trading in the Zone by Mark Douglas • The Psychology of Trading by Brett N. Steenbarger • The Daily Trading Coach by Brett N. Steenbarger • Disciplined Trader by Mark Douglas

As soon as I saw the topic on my telegram notifier, I knew it is about trading psychology. You can't ignore it in trading. It is like the Pareto 80/20 rule. And in my estimation, trading is about 80% trading psychology and 20% execution. Thank you for recommending these books. These are very high recommend authors. They know their stuff.

This is a fact that actually happens in the market. Because the majority of traders experience losses not because they are bad at technical or fundamental analysis, but most of those who experience losses are those who have no control over themselves. Namely those who cannot master emotional management or market psychology and trading psychology itself. Usually people like this don't really understand the sentimental analysis of the market. Because they themselves are actually immersed in market sentiment itself instead of becoming sentimental observers of the market. Even though it is very important in trading we combine everything. Technical, fundamental and sentimental analysis. Then there is Money Management and Emotional Management. Without it someone is just playing around with their trade in the market. And only speculating more makes him prone to losses. But everyone has their own strengths, but on average people's weaknesses lie in their own psychology.

What that is very important in trading is to use small amount of money to trade. Impatience has been the most reason for traders to be losing or losing more than they expected. I have realized traders failed is completely linked to impatience. Traders need to use small amount of money to trade Traders do not need to use leverage Traders need to use just 1% of their trading fund on an exchange to trade and not go more than 10% Traders should not expect more than 30% annually The less you think of making profit, the more the way will open.

The books recommended are good for one to read and learn about trading, because learning does not have limit to how far we can go in acquiring knowledge, however, we should also know that there is more expected of us to know, which is in balancing for the entire aspects of learning how to trade, which are the theoretical and practical aspect in learning trades, when we have the needed experience, then we are going to be more proactive in trading.

I could understand your opinion wrongly but would you mind explaining what does it mean, please. Why do you send your trading capital to an exchange and use only 1% or 10% of your deposit for trading? In your post, I don't know did you imply like a trader should never deposit all capital to an exchange for trading. Did you mean it? For example, you use only 10% of your capital for trading, and you want to use 1% of trading capital for trading on an exchange, if I was you, I would deposit only 1% of my trading capital to an exchange for trading. I would never deposit all my trading capital to my exchange account, while I know that I only use 1% of it for trading and I don't need any more capital as collateral because I don't use leverages.

I have a good explanation about it recently. This is it: https://bitcointalk.org/index.php?topic=5541635.msg65352081#msg65352081Best advice to traders There must be patience in trading. Trading should also be about earning little if compared with your trading fund so that if there would be any loss, it will also be little. Patience is very important. Read the link above.to understand more.

This is the actual truth about been successful in bitcoin trading, No matter the kind of strategy you use or how good that strategy is once you have a wrong trading psychology then your path to success is definitely not going to be good, so I agree with your proportion there. But for me I don’t see much of this books giving someone high psychology, one way to get a good trading psychology is nothing but having a good risk management. A good risk management puts you at a position where you don’t panic and trade and this what makes one a good trader. Your losses will be calculated and the risk of blowing up your account will be minimal I understand your point of risk having some capital extra funds on exchanges which is justifiable but I think why he actually wants the capital there which is already small is not to been sending funds from your wallet every time to CEX in case you lost the 1% on trade, it will take 10 losses before you can simply send in another funds this can save up fees most especially when the network is congested

The combination of all these elements will make us better at trading, that's very true. Many sometimes find it very difficult to control emotions, even though they actually know that controlling emotions is the most important thing in carrying out trading activities, but it is very difficult to apply in trading. Because training all of that can't just be done by reading books, but must be applied directly so that we can learn slowly from the trading activities that we do. To train all of that after we finish each trade, we must take the time to reflect on our decisions and actions. Consider what works and what doesn't, and evaluate opportunities to improve our trading strategy. That way, we can build mental or psychological strength and be able to face market challenges with more confidence. Basically all of that takes time, but if we do it consistently and diligently, then we must build a mentality in trading. I mean, reading alone is not enough, but to apply it all must be accompanied by direct practice so that we get a lot of experience from that experience that we can learn.

Trading involves hundred percent psychology, if you don't work on your mental development then you cannot be a successful trader...The financial Market doesn't respect anyone's emotions, few months ago I watched a video of someone crying because he lost money in forex trading.. being emotionally unstable isn't for traders, you must learn to master your emotions in order to succeed..I highly recommend the second book I have gone through it and it would give you the tools you need to be psychologically mature.

it is not by reading all this books you mentioned that will make you a good trader, though it will help you to improve in your trading skills and strategies, and secondly there are traders with good Trading skills and strategies but they end up loosing money not because their trading skills and strategies failed them, they are just too greedy, they want to get rich overnight which is a very wrong way to approach trading, because it will land you in continuous lost if you approach trading that way.

Reading books might be helpful, but I believe that your mindset depends on how much knowledge in general you have about something, so instead of reading books on how one's psychology about trading should be, one should focus on learning as much as possible about trading and the market in general. As you mentioned, so many new traders believe that trading can help them get rich quickly, but they are wrong if they have this perception because trading might have the potential to make you good money, but if you have this mindset, it can create problems for you. Those who gain knowledge about trading before getting involved and then use it the right way will stay afloat and will stay profitable in the long run because if you are not greedy, and you make your trades with knowledge and understanding without making reckless decisions, you won't lose a lot of money, and you will earn more than you might lose. This is why we need to take trading for what it is instead of thinking of it as a way to get wealthy real quick.

Thank you very much for explaining how a trader should proceed. Most people on trading platforms do not know how to trade. Most people trade randomly and with guesses because they do not have a trading strategy, as a result, most traders face losses on trading platforms and blame the trading platform. I am also a victim, I have been trading a newly launched token on a trading platform for several months. While trading, I made some profits on a few trades and then I became more greedy and kept trading. I don't know when my excessive greed killed me. I didn't sell even though I had profits. Currently, I have a loss of about $700. So, you should never trade with large amount of money on trading platform and should not trade without a trading strategy and be overly greedy.

Reading up some writings or books in regarding about some common words of wisdom about on how to handle yourself in the market isnt that a bad thing to read on. It is just that there are those times that you do need up some guidance in regarding about on what are the ventures that you've been dealing into specially when you do make up some trades and dealing up with an unpredictable market. We do know that on the moment that you do step your foot into this volatile space then you do even have that hard time on trying out to make a good grasps or handling about market volatility. You can read up different real time feedbacks and advises online on which neither into this forum or with those writings and advises that we can see online. It is just that depending on you on how you will be applying it out into your own trading ways. Mastering your mind and mastering the market will take up such time for you to be able to obtain it out. Just take it slow and dont hasten up yourself because if you do have that kind of desperation then it will be leading up into loses because you cant be able to think up well because there's something that you do need to reach on. Its important that you are still sane while you do make up some trades and dont make yourself that delusional because mistakes usually do came into this one, including on becoming emotional too on which its one of the factors on why you do fail or continuing on committing up mistakes just because of this. Experience is the best teacher and its important that you do instill up these things into your mind.

Thank your for these recommendations, I will try to look for these books asap. However, it’s undeniable that our mindset and perspectives count a lot for the success of our trades. They turn our losses and frustration into positive feelings towards trading. But more than that, aside from knowledge and skills, real life trading experiences also count the most. They can guide us in our trading journey, although we can’t have instant trading success but at least we have a certain direction to follow, since our experiences could direct us into where our goal is.

Thank you for sharing these books. These authors are excellent, they focus on the psychological aspects of trading to enhance our mindset and manage emotions effectively. But do you all still prefer traditional books? These authors also offer an ebook, and I believe the best and easiest option is to purchase the ebook instead of the traditional one.  I have already searched for this ebook, and it's available on Amazon. People must understand that trading isn't for everyone. We need to conduct thorough research and prepare ourselves to face the possible consequences and accept losses.

You could read all the books in the world and still have a poor mindset or psychology. Those books can help, but most of the work is yours to be done. After devoting time to read these books, you need to practice what you have read, not keeping the knowledge dormant. And then, those books are not books you read just once as a trader, those are the books that you need to always visit for re-reading so you can remind yourself the lessons learnt.

This style is usually for those with good capital , while those with little capital won’t be able to flow with such method of trading ,but this is actually nice it will help in risk management. The thing is that even if one decided to use only one percentage of their capital to trade he will surely get greedy eventually due to the little returns, just imagine one starting with the capital of $25 , using 1% is using $2.5 to trade which won’t bring a better return. So the best thing to do is to focus on learning and knowing what you can risk personally, but the best is enjoying the process , and always apply proper risk management.

Yes! What @Oshosondy listed are ways to effectively trade while preserving our funds by making us think about long-term trading.  This can have pros and cons where pros emphasize safer trading while the cons are that this needs a long time to grow the funds and might possibly miss some opportunities due to inaccessible funds since most of the funds are not deposited on the exchange. But regardless, trading this way as a beginner let us develop our career more efficiently. It takes time to learn things about trading, and this trading schematic is one of the best approaches especially if we are still learning to trade.  This trains our psychological strength through disciplined trading by sticking to the said trading strategy. I experienced the same kind of losses, I failed to sell $20k+ worth of tokens thinking that the price will soar beyond that only finding myself bagholding a worthless one when that token market crashes.  Greed indeed, together with fear and being uninformed is the largest hurdle in trading.

I disagree with this, small or huge capital must always practice this, which leads to risk management. That's why it's important you already practice it even if you still have small capita,l so once it grows, you already know what to do. Consider also that this capital may small to you but to others, it is already huge.