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Trading Psychology
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#17) Trading Psychology: Beliefs

I'm currently doing Van Tharp's Peak Performance course which focuses on a trader's individual psychology as the key factor to trading performance. I'd like to share some of the books ideas with any of you who are interested and get a discussion going.

The first idea is that a trader's beliefs can have a huge impact on their behaviour and performance. Some beliefs can be empowering (believing hard work is valuable could result in a trader spending more time working on their craft so they can gain experience and knowledge faster) and some beliefs can be limiting (believing the markets are rigged could result in a trader approaching the markets with a gambling mentality - as there is no point working hard and doing proper analysis if the markets are rigged anyway).

I think the most relevant and important belief for me right now is that "I have no time!". This belief is a limiting belief as I've already set myself up for "No point even trying to get all this work done as I don't have the time anyway". I am working on this belief by breaking down the hours in a day and seeing how I am utilising them (am I utilising my time on things which are important and urgent or on things that aren't important and can be done at a later date). I am also trying to improve my productivity and focus by setting goals for what I want to achieve each hour of my... (More)

"The Intangibles" YOU need to become a GREAT Trader/Investor

MUST WATCH**  well not really but I hope you take something away from this.  It's some of the intangible skills I think are most important to getting into trading and becoming "Great".  I have long to go until reaching a level I would consider great but these have been some "aha" moments for me as I reflect and improve.

https://www.youtube.com/watch?v=aAA9SJ19Xkc&feature=youtu.be

 

Hope this was a decent addition to the Exchange!

There are plenty more and I am sure if you took the time to watch through this that 5 or 6 others popped up in your head.  Please feel free to toss them below and I would love to discuss them.  Cheers to you all leading into this big end of quarter week, bring on the Volatility.

 

Jaymes R. 

Remi Tetot
GMI Analyst - (real vision co-founder)
We are seeing a nasty selloff across the board in crypto today.

It feels like the right time to talk about trading psychology.

When you trade any asset class, your long term success will most likely be defined how disciplined you are and how much you control your emotions.

There is a great series on Real Vision about it.

https://www.realvision.com/shows/mental-game-of-trading

Same pyschology applies when you trade crypto and I would say from personal experience you need to be even more disciplined.

Generating fast returns can blind your judgement and greed make you give back your profit before you know it.

Always make sure you have, target price, stop etc... Dont go in without a plan and do not let FOMO trade for you, and of course do your homework, thiss is a fast moving space...

One experienced crypto trader shared with me his 3 golden rules:

1- Never buy on a green day
2- Never sell on a red day
3- Dont panic sell

I also recommand to read "Reminiscences of a stock operator", one thing really stuck with me.

"Afte trading for while, making a lot of money, losing it all, it became a matter of being right and proove my work was correct..."

This is the stage I am at, I want to be right, making money along the way is a bonus.
Voted for INTP

Done this a few times. Usually pretty balanced on the four dimensions, sometimes INTJ. I'm mostly investing and news trading in small innovative companies w some options on bigger stocks mixed in. I guess the I and P makes me enjoy sitting in a flow of information and figuring it out. The N part could be good for handling ambiguity, not a surprise many have responded with an N-combo.