This is a critical aspect of trading in the markets...it's about having the right trading mindset.
Professional traders out there know that having the right mindset while trading makes all the difference between making profits or losses.
Even if you have the best trading strategy with you, it won't do any good unless you're mentally prepared to stick to the same plan.
We have a profound respect for traders because they are not just traders rather warriors. Traders in the market fight, ideate, survive, thrive, win, lose with the ideas they generate to put food on the table.
For this, a trader's brain is their primary tool.
To master trading psychology, here are some trading psychology books to get started.
These books will help you in:
Keep in mind that as a trader, your most important tool is your mind rather than any trading tool.
Your brain is the primary tool and technical analysis alone won't do.
Here's what India's #1 trader Vijay Bhambwani has to say when it comes to trading psychology:
As the old saying goes... It's not the swiftest to whom goes the race. It's not the strongest to whom goes the war, but time and chance catches up with us all.
As traders, no matter how long a winning streak you have, at some point in time, you will always encounter loss and how you handle that loss, how you behave after the loss or during the loss, and how you try to fight back or to give up, being either bulimic, eating or by simply starving yourself, will determine what kind of a personality attributes you have and whether you are suited to big ticket trading on not.
And the best part about behavioural attributes is that a timid person can become strong, an angry person can become cool headed.
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