Trading—The Last Frontier
2.Psychology Is the Key
2.1 Getting Off the Roller Coaster
The majority of traders spend most of their time looking for good trades. Once
they enter a trade, they don’t manage it but either squirm from pain or grin from
pleasure. They ride an emotional roller coaster and miss the essential element of
winning—the management of their emotions. Their inability to manage themselves
leads to poor risk management and losses.
If your mind is not in gear with the markets, or if you ignore changes in mass
psychology of crowds, you have no chance of making money trading. All winning
professionals know the enormous importance of psychology. Most losing amateurs
ignore it.
Friends and students who know that I am a psychiatrist often ask whether this
helps me as a trader. Good psychiatry and good trading have one important principle
in common. Both focus on reality, on seeing the world the way it is. To live a healthy
life, you have to live with your eyes open. To be a good trader, you need to trade with
your eyes open, recognize real trends and turns, and not waste time or energy on
fantasies, regrets, and wishful thinking.
Note: To understand full concept, Start reading from Sequence 1 .
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