Great post on PSYCHOLOGY OF TRADERS By our own XRAY bro,,,,
Psychology for Day traders...
Day traders can be divided into systematic traders and discretionary traders, i'm a systematic trader now ,previously discretionary..
Discretionary trading: Whole setup's are based on the follow of the market and he using his analytical skill to enter or stay away ..so here he should be more inclined towards his inward journey,so keeping away from social media /forum is a must to him !!! ,lot of skill is need to adopt this system
Inward journey( my own understanding):
1. i'm a discretionary trading and i must stay focused on charts,
2. i will not disturb my peace with unnecessary chats and arguments
3.Do your home work on charts and follow it,without seeing backward, once area of play is decided ,stop loss is there for protecting my capital
Systematic Traders: Setp is decided and all the ingredients like SL,TSL,Target i'e., rules are predefined and trader has to follow it .Mind should be strong to follow it
Inward journey( my own understanding)
1. i'm prepared for DD
2.Going trade all the signal generated without any fear or greed
Problem only arises when a person jumps from discretionary to systematic ,systematic to discretionary...entry as per systematic method and exit as per discretion or entry as per discretion and force to impose sudden rule for exit .
Question your self who am I, and mould accordingly .
Psychology for Day traders...
Day traders can be divided into systematic traders and discretionary traders, i'm a systematic trader now ,previously discretionary..
Discretionary trading: Whole setup's are based on the follow of the market and he using his analytical skill to enter or stay away ..so here he should be more inclined towards his inward journey,so keeping away from social media /forum is a must to him !!! ,lot of skill is need to adopt this system
Inward journey( my own understanding):
1. i'm a discretionary trading and i must stay focused on charts,
2. i will not disturb my peace with unnecessary chats and arguments
3.Do your home work on charts and follow it,without seeing backward, once area of play is decided ,stop loss is there for protecting my capital
Systematic Traders: Setp is decided and all the ingredients like SL,TSL,Target i'e., rules are predefined and trader has to follow it .Mind should be strong to follow it
Inward journey( my own understanding)
1. i'm prepared for DD
2.Going trade all the signal generated without any fear or greed
Problem only arises when a person jumps from discretionary to systematic ,systematic to discretionary...entry as per systematic method and exit as per discretion or entry as per discretion and force to impose sudden rule for exit .
Question your self who am I, and mould accordingly .