My technical knowledge is good at an advanced level, I can multiply my capital really quickly, but there are times when I make mistakes that I wouldn't make, I don't know why this happens. However, I am quite successful, but what is missing?
Trading Psychology, in the simplest terms, is the way of thinking, feeling and making the right decision about the market and your transactions.
Apart from your technical knowledge, THE THING THAT IS MOST IMPORTANT is your trading psychology. You can do pretty advanced analysis and make a lot of money against your peers and those around you, but if you let your emotions influence your decision making, you will end up facing serious losses. To be a successful trader, you must not be a slave to emotional pincers such as greed, fear, hope, panic and keep them under control. We all often experience a lot of indecision, worrying about which way the market will go, whether we will make a profit or a loss, and eventually this leads to a lot of stress and wrong trading decisions, we fail and lose money. In the end, we are left with what we are angry about. Successful people are people who can control their emotions and keep their cool. This is the crux of their success.
So what should you and shouldn't do?
HAVE A SPECIAL TRADE STRATEGY FOR YOURSELF AND TAKE CARE NOT TO GO AWAY FROM IT.
Today, when we type 'Bitcoin' on any social media platform, we see all kinds of graphics, comments and transactions. If we try to look at all of them, we will never come to a clear conclusion. Real traders are not influenced by other people's charts. They have full confidence in their own knowledge and trading strategies. Even if they make a mistake or are wrong, they do not look for blame on someone else. Instead of thinking that whatever you buy every day will get away with it, you should aim for cumulative growth by putting it into a system. Would you rather make a big profit one day by chance and have it fly out of your hands the next day without any guarantee, or would you rather grow like a snowball and eventually become the biggest? If your answer is a snowball, determine a specific strategy for yourself. There is a time to trade, but you decide. It doesn't matter whether it is morning or evening, the opportunities are endless. Make sure that there are times when your mind is truly empty, you will see the difference.
STRICTLY STAY AWAY FROM OVERCONFIDENCE AND REVENGE TRADES.
When we all make a loss, we fall into the mistake of thinking, "Well, I need to recover it urgently, I can buy it from here and sell it here and multiply my loss." This attempt often, though not always, ends in disappointment.
In addition, there may be pairs that we are overly confident in, and we may have achieved very high returns, but do not let this mislead you, it does not always work like this. Both with the trend and the unyielding parity. Your bias must be variable. When the market is rising, you should not look at it as if it will always rise. Just as every fall has an end, so does a rise. If you are overhyped in one direction, know that this is often not true. The market preys on people like you, and that's always what it wants to make you think. If you say this will definitely go up, sorry, you are out.
When you lose big or small or make a mistake, sitting back, thinking and watching will protect you from the worst-case scenario. Try to learn from your mistakes. Take notes, create a trading journal. Trade with confidence and to win most of the time, not for revenge. Stay away from parities that everyone is overly excited about, you can lose everything with a single candle.
