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A few steps to help you practice trading psychology.

Step 1: Set up trading rules. For me or all of you, it’s about building a principle and forcing yourself to be disciplined in each phase of that principle. is absolutely necessary to get the highest trading efficiency. For those who have been in the market long enough, you will naturally realize that “principle and discipline” are two factors that are always required if you want to survive in this market. To establish the principle you must: + Create a trading method: First you need to determine and set up a trading method for yourself, such as: what to analyze?, how to signal ? how to order? where to cut losses? Take profit on what point? Closing orders during the day or overnight?… From there, create your own method to make the most of it. Example: You set up a method to enter an order when the price exceeds ema34 and set the rule to stop loss when the order is negative 7%. + Adhere to the set rules: each person will create their own rules, no one is the same because everyone’s thoughts and actions are different. So, strictly follow the rules to make the most of them. For example: when you set the rule to stop loss 7%, the order is negative 7% and you cut. Don’t let yourself become a reluctant holder. (if you don’t cut it, you should have a good reason to analyze it) Step 2: Accumulate knowledge and experience. + Anyone, whether a novice or a seasoned trader. It’s hard to capture the full range of market volatility. This market fluctuates very quickly and strongly, it can be 1, 2 days or just a few hours. Whether it is fundamental or technical analysis, sometimes it will also help you predict the price trend, but to make the most appropriate decision, it is necessary to rely on your own knowledge, experience and experience. brotherhood. + Please learn knowledge and practice with the SMALLEST CAPITAL. Step 3: Record the transaction log + You should have a transaction log yourself, to record the time to place the order, how much, what is the token name, the reason for placing the order …. The notebook helps you to save all the trading process at one time and moreover it also reflects the investment efficiency and thereby offers more effective trading opportunities in the future. + This step is also very disciplined. Step 4: Know enough and not be rigid. + When trading, it is perfectly reasonable to set a target of 10-20%. But sometimes, the market fluctuates suddenly, taking profit at 7% is already too good for us. Therefore, do not be a too rigid, conservative investor, always be quick to be able to respond to the unusual fluctuations of the market. + Be knowledgable and not greedy. Step 5: Stay alert and consistent. + Read and update new information every day and in addition, you need to select official information sources or highly professional judgments, grounded predictions and solid data. At the same time, always keep yourself alert, lucid and a cool head so as not to be affected by conflicting information that is trying to navigate you, making you easy to fall into psychological effects like Fomo, crowd psychology, etc. + 1 more thing, in investing, you should always be consistent with your pre-set plan. It is necessary to change to adapt to bad developments, but never give up before the plan has been set. Step 6: Don’t be glued to the screen. + Extremely bad habits of traders, especially newcomers to the market. When new to joining, most people easily get “addicted” leading to staring at the screen continuously just to place orders. This affects not only physical health but also psychological effects. + Each time you place a trade order, you should have more TP (take profit) and SL (stop loss) orders to help the order be automatically executed and take that time to learn new knowledge. Step 7: Smart capital management. + New brothers should start with the smallest amount of capital, absolutely must not be greedy, want to eat immediately and then load all the capital into allin so that when it burns, there is no capital to do it again. + No allin. For example, when you want to buy XXX and have a capital of 100$. Don’t buy all 100$ at one time, but divide it into several purchases, maybe the first time 20$, when the price has gone in your favour, you can buy another 30$ and if the price continues like that, you I will buy the 3rd time 50$…. + Divide the buying money and also divide the selling money to limit risk and maximize profit. To be successful in this market, emotional management is always a top priority. You need to understand yourself, control your psychology and make reasonable and logical trading decisions. Will help you get the best win and profit. Goodluck.

Source: Collector



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