💠Based on psychological studies, especially the psychology of the trader, there are types of people who must stop trading until the psychological obstacles that prevent them from achieving the desired goals of trading of all kinds are eliminated; These people can be classified as follows:
First: Impulsive person: This type is always impulsive and enthusiastic, and you find him making hasty decisions without calculated consequences. This type must be trained to control psychological feelings, be patient in making decisions, and read the outcomes and consequences of things before they happen.
Second: The greedy person: He is an opportunistic person who always aspires to achieve the largest possible profit, even at the expense of others. His principle in life is “own it completely or leave it completely.” This type will never achieve his goals, and if he wins today, tomorrow he will lose everything. (See my article on greed to learn more about this topic)
Third: The frustrated person: He is a person who feels frustrated for the first time he loses, and thus he forgets that the basic principle in learning anything in this life is the principle of “right and wrong.” Each of us must learn from his mistakes, and someone who does not make mistakes means that he did not make mistakes. With his first attempt yet, this type must train himself to have self-confidence, and to believe in the legitimacy of making a mistake while learning and that it is not a shame, but rather the shame is to repeat the same mistake.
Fourth: The impulsive person: There is a type of person who has an impulsive tendency that does not calculate the consequences, and in the field of trading, when this type loses in a particular deal, he seeks without analysis or thought to enter into another deal to compensate for the loss and take revenge for his first mistake, so he loses again and again. Third, until he exhausts his entire capital, he has taken revenge on himself and punished himself subconsciously. This type must be trained to benefit from his mistakes by analyzing them and finding out their flaws so that he does not repeat them again.
Fifth: The uneducated person: There are people who do not even know the ABCs of trading, and yet you see them entering into deals whose inputs or exits they do not know, or they drift with the herd, so you see them implementing external orders and ready-made recommendations that only serve their owners, so the result is loss of money and regret when they do not. Regret is useful, these people should learn the basics of trading; Such as technical analysis, fundamental analysis, risk management, reading candles, tracking the news, learning the basics of protecting portfolios from loss and piracy, and other important topics in the world of trading.
♦️Don’t forget to leave a good impact. May you stay safe, profitable, and master the foundations of trading. ♦️