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Lesson 1: 3 Essential Psychology Traits Every Trader Must MasterFinancial Trading Psychology: 3 Essential Traits Every Trader Must Master In the high-stakes world of financial markets, the journey toward becoming a successful trader requires more than just knowledge and technical expertise. Whether you’re trading forex, stocks, commodities, cryptocurrencies, or options, your psychological resilience is a cornerstone for long-term success. Without mastering your emotions, you risk falling prey to impulsive decisions that lead to costly mistakes. Today, we’ll discuss the three most crucial psychological traits every professional trader must develop: Initiative, Discipline, and Patience. These traits not only separate amateur traders from the pros but also empower traders to make consistent, calculated decisions in any market environment. This lesson is part of Hercules Trading’s Comprehensive Psychology Course , designed to provide you with the mental tools necessary to navigate any financial market successfully. In this course, we will explore how mastering your mindset is just as important as mastering technical analysis or market strategy. So, let’s dive into Lesson 1 and discover the key traits that will shape your path to becoming a confident, disciplined, and profitable trader. Trading Psychology: The Foundation of Success Before we dive into these three essential traits, let’s first address why trading psychology is so vital. Many traders focus solely on technical analysis, strategies, and market trends, believing that superior knowledge alone will lead to success. But in reality, the psychological component of trading is equally, if not more, important. In trading, three key elements contribute to a trader’s success: Money Management Trading Psychology Trade Entries Notice that trading psychology sits right in the middle of these pillars. While money management protects your capital, and trade entries define when and where you execute, your mental approach influences every decision. Even the most well-devised strategy will falter if your mindset isn’t aligned. If your psychology is anything less than optimal, emotional mistakes are bound to surface—resulting in missed opportunities and avoidable losses. Understanding and harnessing the power of your own mind is the key to navigating the volatility of financial markets with precision and confidence. This is why trading psychology is the focus of our first lesson in the Hercules Trading Psychology Course. It’s foundational to your success as a trader across all financial markets, whether you’re working with forex, stocks, commodities, or cryptocurrencies. Trait One: Initiative – Your Path to Becoming an Independent Trader Initiative is the driving force that sets apart successful traders from those who only dream of making it. Taking the first step in your trading journey is essential, but continuing to push forward when things get tough requires relentless initiative. Many people are intrigued by the idea of becoming traders, lured by the promise of financial independence and flexibility. But, as with anything valuable, only a select few are willing to put in the work. Most will ask how to get started, but when directed to resources like online courses or trading books, they never follow through. In contrast, those with initiative will not only take advantage of educational resources but will also practice diligently, demo trade, and test their skills across different market conditions before committing capital. Financial trading, regardless of the market, is not a spectator sport. You cannot rely on others to hold your hand every step of the way. It’s up to you to seek out knowledge, test strategies, and adapt to changing conditions. Initiative isn’t just about getting started—it’s about staying proactive, constantly learning, and improving your skills. The journey of a successful trader never stops. If you want to achieve long-term success, you must take responsibility for your growth and commit to learning each day. In the context of this course, initiative means not only completing these lessons but applying what you learn in your own trading. Practice what we discuss. Take the theories from this course and test them in real-life market scenarios. The more you do, the more you’ll grow as a trader. Trait Two: Discipline – The Pillar of Consistent Profitability Discipline is the backbone of any successful trading career. Without it, even the best strategies and plans fall apart. This trait manifests in two critical ways: Systematic Approach A disciplined trader sticks to their trading system, no matter the circumstances. Markets can be unpredictable, and emotions can tempt traders to deviate from their plans when faced with unexpected gains or losses. Traders who lack discipline may abandon their system after a series of losses, chase after big wins impulsively, or exit trades prematurely out of fear. These knee-jerk reactions are detrimental to long-term success. A disciplined trader, on the other hand, trusts their strategy even during turbulent times, confident that their system is designed for long-term profitability. Emotional Control Discipline also involves the ability to control emotions. Fear, greed, and impatience are constant threats to a trader’s success. Fear can make traders cut profits short, while greed can make them stay in trades longer than they should. Impatience might drive them to overtrade or take unplanned risks. Emotional discipline allows traders to stay objective, grounded, and focused on their process rather than the short-term outcome of any individual trade. A common misconception is that trading discipline comes naturally to all professionals. But the truth is, discipline must be honed and practiced just like any other skill. Every time you stick to your plan—whether that’s waiting for the perfect trade setup, adhering to a risk management rule, or exiting a trade according to your system—you’re reinforcing discipline. This continuous reinforcement will enable you to withstand the emotional ups and downs of trading and ensure you remain on the path to success. As you progress through this course, discipline will become a recurring theme. You’ll learn how to stick to your strategy, manage risk effectively, and avoid emotional pitfalls. Each lesson will build upon the last, helping you form the disciplined habits that are key to becoming a top-tier trader. Trait Three: Patience – Mastering the Art of Waiting Patience is often undervalued in financial trading, but it’s one of the most crucial psychological traits that all successful traders possess. Patience applies not only to waiting for the right opportunities but also to the long-term growth of your trading career. In an era where instant gratification is the norm, many traders enter the market expecting quick profits, only to be disappointed by the reality of the financial landscape. There are two aspects of patience every trader must master: Waiting for the Right Setup It’s easy to get caught up in the constant movement of the market, but successful traders know that trading frequently does not guarantee profitability. In fact, overtrading often leads to unnecessary risks and losses. Patience means waiting for the perfect conditions to align with your trading plan. By doing so, you avoid impulsive decisions and increase your chances of making successful trades. Long-Term Vision Financial markets are filled with stories of traders who made fortunes overnight, particularly in the world of cryptocurrencies. However, these stories often ignore the countless traders who lost everything due to their lack of patience. Achieving consistent profitability requires a long-term vision and the ability to delay gratification. Successful traders focus on sustainable growth, not quick wins. They understand that building wealth through trading is a marathon, not a sprint. They are willing to endure losses, knowing that patience and persistence will ultimately lead to success. Being patient also means learning from mistakes. Markets can be humbling, and traders will inevitably face losses. The key is to stay patient, trust your strategy, and keep improving rather than making impulsive adjustments after a few losing trades. Over time, your patience will be rewarded as you see steady growth in your account and confidence in your abilities. Conclusion: Building the Psychological Edge In trading, your mindset is as important as your market knowledge and technical skills. The three traits we discussed—Initiative, Discipline, and Patience—are essential to developing a psychological edge that will serve you in all types of financial markets, whether it’s forex, stocks, commodities, cryptocurrencies, or options. By cultivating initiative, you take charge of your trading journey and commit to continuous improvement. With discipline, you maintain emotional control and adhere to your trading strategy, even when emotions try to steer you off course. And with patience, you resist the temptation of instant gratification, focusing instead on long-term profitability and growth. Mastering these traits is not an overnight process, but with consistent effort and self-awareness, they can transform you into a successful trader. As you navigate the ever-changing landscape of financial markets, these psychological tools will enable you to remain grounded, make calculated decisions, and stay on the path to trading success. This is just the beginning. In future lessons of the Hercules Trading Psychology Course, we will dive deeper into each of these traits and explore how to cultivate a winning mindset in more specific market scenarios. Keep practicing what you’ve learned here, and prepare for the next step on your journey to becoming a psychologically resilient trader. Stay tuned for Lesson 2, where we’ll delve into Initiative, a huge crucial trait that underpins consistent success in trading. Learn how to develop and maintain Initiative to ensure your trading strategies are executed flawlessly, regardless of market conditions. Hercules Trading Psychology Course is designed to equip you with the mental tools necessary to thrive in all financial markets. By mastering traits like Initiative, Discipline, and Patience, you’ll build a resilient mindset that can withstand the challenges of trading and lead you to sustained profitability. Here’s to your growth and success as a trader across all financial markets!
Education
by exlux
How to go through a LOSING STREAK better? 🍏1. Everything starts with preparation and true expectations. Losing streaks will happen from time to time, accept it if you want to be a good trader. Even the best traders on the planet have them. But it’s the reaction to them that separates good and bad traders. Know your probability of losing streak, based on your own backtesting and accept them before they even happen. Keep longterm focus! 🍋2. Make sure you’re practicing process based trading, not outcome based. Before every trade, ask yourself if anyone in the whole worlds can say the outcome of any individual trade? The answer is obvious - no one can do it. So is it rational to build expectation of a specific market moves in this individual trade, or nearest several trades - that they are completely uncertain and you are working with random distribution of your edge. 🥥3. Once in a streak, remind yourself about your testing. See that over the past 200 or more trades, you were profitable, at least RR wise. These 5-6 losing trades you’re having now are just a very small part of a huge data collection you did before, and they are part of random distribution. 🍈4. In a losing streak, there’s usually an urge to trade more to earn the lost $ amount back. It’s a mistake, as overtrading will lead to only one outcome - even more loss in short or longterm perspective. 🍎5. In the past, I wanted to reach some state of unbreakable consistency, "once and for all", and when I thought I did it, I started to expect things to be easy from now on and not to struggle or put effort, cause now I'm fully consistent. And that was exact moment when everything fell apart. The truth is, at least for me and for now, is that I need to make good decisions - mentally and technically - EVERY DAY and EVERY MOMENT, to actually prove I'm consistent. And consistency is dynamic, I'll continue to work on it, it's like gardening, when you need to put some effort everyday and it's never fixed or done, at least for me.
OANDA:XAUUSDEducation
by Yelli_trades
3
Motivation in tradingMotivation is essentially the driving force behind our ability to meet our desires and needs. The crucial psychological mechanism safeguarding us from threats. It's a natural response, and while it's important, dwelling on potential threats excessively can diminish our enthusiasm for life. However, fear serves a valuable purpose as it compels us to focus on specific situations. This psychological reaction goes by various names such as excitement, anxiety, worry, or tension, depending on the individual's circumstances when facing a perceived danger. These emotions manifest both emotionally and physically, but it's essential not to prolong or intensify them beyond necessity. Every emotional state has its limits, and one's ability to control them is crucial. In the realm of trading, fear is an omnipresent force affecting every trader. However, how traders deal with this fear varies widely. One significant fear revolves around initiating a trade. The thoughts and emotions surrounding trade initiation can be potent enough to create doubts about one's trading setup. This doubt often arises due to factors on the trading chart, fear of losing money, or simply the dread of making an error. Persistent self-doubt rarely leads to positive outcomes. Managing this fear is achievable through a well-defined trading strategy, one that encompasses risk management, trade timing, key factors, timeframes, triggers, tools, and adhering to established rules. Having clear boundaries and acceptable losses is crucial. When a 1% loss of your deposit doesn't burden you emotionally, you can objectively analyze your actions and plan your next steps. Another common fear, especially among beginners, is the fear of trading with real money. It's essential to recognize that learning to swim on land is impossible. This fear essentially pertains to the fear of incurring losses. While trading on a demo account offers a valuable learning experience and a platform to refine your trading style, it cannot fully prepare you for real trading. Overcoming the fear of trading with real money is essential for progress. To succeed, you need a clear timeline for your progress and the ability to monitor and analyze your actions. Striking the right balance between self-confidence and emotional burnout is essential. Self-confidence and a positive assessment of your progress will help keep you motivated on your journey. To make it easier to achieve your goals, we advise you to write them down in as much detail as possible. Starting from daily, small tasks, and ending with monthly or annual results. Everything should be as detailed as possible. The easiest way to start is with a plan that spells out what days and times you want to trade. What percentage goal should be achieved by the end of the week? This is just what concerns trade. It is equally important to get results psychologically. This applies to discipline, resistance to stress, as well as learning new material. Additionally, finding sources of inspiration can accelerate your progress. The trading community, with its collective wisdom and support, can be a significant source of motivation. Witnessing other traders' achievements, receiving guidance, and knowing you're not alone in your journey can provide invaluable inspiration. Other sources of motivation may include sports, music, travel, and familial support. It's essential to eliminate toxic sources that could demotivate you. In conclusion, achieving your trading goals requires diligent effort, including experimentation, decision-making, and continuous evaluation of your progress. It involves taking calculated risks and the courage to let go of what no longer serves your objectives. This journey may entail sacrifices, but the potential rewards make it worthwhile. Hope you enjoyed the content I created, You can support with your likes and comments this idea so more people can watch! ✅Disclaimer: Please be aware of the risks involved in trading. This idea was made for educational purposes only not for financial Investment Purposes. --- • Look at my ideas about interesting altcoins in the related section down below ↓ • For more ideas please hit "Like" and "Follow"!
BITSTAMP:BTCUSDEducation
by Crypto4light
Meditations for the Modern TraderDrawing inspiration from the timeless wisdom of Marcus Aurelius, this guide distills ancient Stoic principles into modern trading strategies. Dive in to discover how to strengthen your trading mindset and unlock your unique edge. 1. On Emotion and the Markets Remember: The markets are indifferent to your emotions. Anxiety, joy, desperation – these are constructs of your own mind and have no bearing on the ebb and flow of currencies or stocks. Allow your decision-making to be guided not by the heat of the moment, but by calculated, unbiased reasoning. 2. The Impermanence of Success and Failure Today you may rejoice in your gains, yet tomorrow, you might lament your losses. Both states are transient, just as day turns to night. Strive, then, not for constant triumph, but for a balanced mind that remains unperturbed by these shifts. 3. Humility in Profit, Acceptance in Loss Each transaction in the market offers an opportunity to learn humility and acceptance. When you profit, do not let arrogance cloud your judgment. When you lose, do not fall into the abyss of self-pity. Recognize that both are integral aspects of the trader's journey. 4. The Futility of Prediction Remember that no man can predict the movements of the market with unerring accuracy. Do not let fear of the unknown cripple your actions. Instead, make educated decisions based on research and your understanding of the market, accepting the inherent uncertainty of the trade. 5. On Overindulgence Excessive trading is akin to overindulgence in food or drink - it may bring temporary satisfaction but can lead to long-term harm. Moderation is key. Know when to act and when to remain still. 6. The Trap of Comparisons Comparing oneself to others is a distraction and an invitation to distress. Your path in trading is your own and must not be dictated by another’s success or failure. Seek to better yourself and not simply to surpass others. 7. Learning From Mistakes Each mistake is an opportunity for growth. Instead of fearing errors, embrace them as teachers. Learn from them, adjust your strategies, and forge ahead with newfound knowledge. 8. Acceptance of Market Forces Just as one must accept the changing of the seasons, accept the cycles of the market. There will be times of plenty and times of scarcity. In both, stay steadfast and remember that this, too, shall pass. 9. The Power of Patience Do not expect instant success in your trading endeavors. Mastery comes with time and experience. Be patient with your progress and do not rush the journey. The fruit of patience is often sweet. 10. The Mind as the Trader's Greatest Asset Your greatest tool in trading is not a strategy or algorithm, but your mind. Cultivate it with knowledge, exercise it with practice, and keep it balanced with mindfulness. In a balanced mind, reasoned decision-making thrives. Trade with wisdom, patience, and acceptance, and let not the waves of market tides disturb your inner peace. Embrace the journey with all its ups and downs, for this is the path of the enlightened trader. Which Stoic principle resonates most with your trading approach?
TVC:DXYEducation
by natron
Motivation on the crypto marketI will tell you about a way of motivation in the crypto market, which I sometimes use myself. It is simple - I analyze large wallets. I have paid for several services to analyze wallets and the movement of crypto assets. I analyze the wallets. There are profitable trades when I made dozens. Of course, it's nice to calculate your profit, but you analyze other wallets on this project and see that someone invested 5 times more, respectively, and the income is much higher. This brings you back to the ground to work harder. It's nice to just track and see the transactions of the big whale wallets: what they own, what they buy/sell, where they farm/stalk. And when you look at their results, you get motivated to use the same volumes. I look at their wallet group when they have $500m-$3bn each. At that moment I realize that a correct and clear analysis of prospects can bring very high returns. Someone will call them lucky, but it can't be lucky all the time. It's already happening systematically. So there's a secret to analyzing it correctly? And they see prospects where no one else sees them yet? And when everyone discusses something promising and it becomes a hype - they are already selling at that moment. Large transactions and numbers motivate me a lot. Many top whales hide such deals, and only at the end they transfer the funds to their main wallets. But analyzing such deals after the fact motivates you and reminds you once again that big Xs are possible with the right analysis. And there is no need to worry that you missed out on some top project.In the crypto market, new opportunities are opening up all the time.To summarize, I wanted to remind you that I am not competing with anyone. Yes, I compete only with myself, but seeing someone else's success gives me a benchmark for achieving my own intermediate mini-goals, and I realize that the bar can be moved much higher. To make this post not only motivational, but practically useful I want to share tools: www.arkhamintelligence.com debank.com www.nansen.ai zerion.io Also I suggest sharing whale wallets or successful wallets in the comments. There's a good phrase: "If we look at the human race as a whole, those who are left alone in society or leave the tribe tend to die faster. Early on in human history, we learned that you need a group to survive. Usually those who stick together the most usually win over the others. Collective thinking helps us to do things more efficiently." Best regards EXCAVO
Long
by EXCAVO
7
ELON MUSK QUOTES FOR POWERFUL THINKING Elon Musk is today's Nikola Tesla. Here are 11 Elon Musk quotes to make you start working on your dreams, no matter how impossible they might seem. “I do think there is a lot of potential if you have a compelling product and people are willing to pay a premium for that. I think that is what Apple has shown. You can buy a much cheaper cell phone or laptop, but Apple’s product is so much better than the alternative, and people are willing to pay that premium.” “When something is important enough, you do it even if the odds are not in your favor.” “What makes innovative thinking happen?… I think it’s really a mindset. You have to decide.” “I’ve actually not read any books on time management.” “It’s OK to have your eggs in one basket as long as you control what happens to that basket.” “The first step is to establish that something is possible; then probability will occur.” “I wouldn’t say I have a lack of fear. In fact, I’d like my fear emotion to be less because it’s very distracting and fries my nervous system.” “I say something, and then it usually happens. Maybe not on schedule, but it usually happens.” “If you get up in the morning and think the future is going to be better, it is a bright day. Otherwise, it’s not.” “As much as possible, avoid hiring MBAs. MBA programs don’t teach people how to create companies.” “It’s very important to like the people you work with, otherwise life your job is gonna be quite miserable.” Remember that your mindset is 80% of your future success, dear traders. 🌺Hope u like my article. Please let me know what you think💋 Love, Anabel❤️ Please, support my work with like and comment! Love you, my dear followers!👩‍💻🌸
Education
by AnabelSignals
6
NASDAQ Update, Todays levels and a encouraging messagenext level 13270 Well its official the market is bullish, isnt it funny how that works? I dont really care to say "I told you so" because thats not really my style. I prefer to be quiet and move on with my life, However I am trying to build my community haha so I have to say things. Anyways, I said many times that when everyone freaks out over the banks and its the end etc.... a.k.a every youtuber.... you know its time to buy. Check out my latest bitcoin post where i poured my heart out about trading and some history of what got me into it Nasdaq is doing great, I released the new levels on the psychosis indicator that plot more of the whale trades. you can see on the chart the purple horizontal line, If you are a trader and know anything about trading you would see that these lines are killer! Imagine if you had in front of you every location the market will probably turn around at? would you feel more confident in trading? This strategy is what landed me what I have. Its what built my real accounts. I make videos almost everyday on youtube and yet people scroll by not paying attention to watch the next kardashian short, Most people cry about wanting to make it in life and yet never do anything about it but they know the name and score of every football or basketball team ever existing. I dont even know how to watch sports. I dont care... My sport is building my life. Get with it. if you want it so bad, get with it! look at the latest trade, which i showed on my latest youtube short video. This trade had a psychosis whale line along with the 100 sma. what a beautiful trade? we entered at the psychosis line when the 21 sma moved above it! I just released yesterday the sma indicator for free. open source its not much but it helps and it works. if you really wanted you could see where i plotted the psychosis lines and plot them on your chart. there are things you can do to make it. it just takes effort. stop watching sports. stop caring about the news. just focus on you. GYM and STOCKS cycle it. learn something. convince people you can trade and they throw hundreds of thousands at you just to try it.
CME_MINI:NQ1!
by Psycho_1-1
📖STOIC TRADING📖Stoic trading. I bet stoics didn't trade, but they knew a lot about life in general. I suggest to cultivate stoic mindset in regards to trading, and negative expectation and negative visualization in particular. You can talk about it with ChatGPT and explore yourself, but here let me explain a bit. So, instead of doing exactly what everyone else does - that is to expect your next trade to deliver big time, or to dream about a big runner, or huge profits in a day or a week, or to trade back all your recent losses with one overrisked entry - try to do something that's completely different. And by the way, that's a great overall approach to trading: find what doesn't work, and do the opposite (that's one of the main principles discussed widely by great Tom Dante). To do this, when you come to the market, visualize and expect nothing🙀. Literally tell yourself this: 1️⃣..I showed up to the charts just to observe and analyze them (by the way, did you know that speculation, from latin "specio", means observation, with no judgement) 2️⃣..I expect my setup to NOT show up today, and so today I'm not expecting any trades to have In case you'll find your setup, continue to keep the following negative mindset: 3️⃣..I followed my rules and entered a good setup, and I will follow my management rules, but right now I expect this trade to just end up as a loser If you were able to protect at breakeven later, expect it to hit your breakeven and not your take profit. For beginners, this all can sound stupid, even somewhat like a paradox🙄, but that's only because they don't understand how trading works. And trading really works in a way, that having LESS trades brings you MORE profit. Even if you're trading 1 sec. chart, and I'm not joking here. This mindset practice I described above allows you to protect your emotional capital and also enter setups with a better quality. I will talk more about this and also why so called "overtrading" is actually pure gambling, and how it destroys people's accounts in the next post. Have a good day everyone, and keep the grind, even if there's no one to appreciate or believe in you! P.S. I appreciate you and believe you will eventually do it and become consistent and profitable trader. 🙌
BITSTAMP:BTCUSDEducation
by Yelli_trades
11
EURGBP potential reversal zoneHi; EURGBP has been examined in different dimensions: 1- Strong supply and demand levels that I identify with my own indicator and system. 2- The structure of recently formed waves 3- Current market momentum 4- The structure of classical and price patterns In this idea, I identified the direction of the market in different ways and in the second step, I analyzed the potential of continuation or reversal. Usually, paying attention to the trend and strength of the trend can greatly increase the accuracy of the analysis. In general, I tried to describe the continuation of the movement in the simplest possible way in the diagram. ⚠️ Disclaimer: This is a personal opinion and you are responsible for any trading decisions.
Short
by HamidRamezani1992
2
✍️Gratitude is an essential component of trader's well-being✍️This is a continuation of Weekly Quote series " We've seen that gratitude is an essential component of psychological well-being. The grateful trader is not self-focused, absorbed in how much money they could/should make. The grateful trader is thankful for the opportunities coming their way. When we look heavenward with thanks for what we've accomplished, there is an essential humility to our perspective. It's not just about us. It's not just about profits and losses. A great metric in evaluating your trading journal is to count the number of frustrated statements versus the number of grateful ones. A great metric in evaluating other traders is to count the number of self-aggrandizing statements with the number of humble, grateful ones. If losses are opportunities to learn and improve, we can sustain a grateful mindset even in times of adversity. A humble mindset is one looking to learn. A grateful mindset appreciates every opportunity to grow. A life perspective that instills and strengthens humility grounds us in the awareness that there is always something more important than me. There is always something more significant than what is simply happening here and now. We cannot succeed in trading or any life endeavor if it becomes our end-all and be-all. Once trading and P/L are placed on a pedestal, they control us and our experience. And that is precisely what interferes with profitability! It's great to correct your mistakes, but it's in your shining successes that you can find your path to fulfillment--and your future in markets. Hidden in your winning trades may be the key to your development as a trader. So many developing traders look for one edge after another, one market after another, one trading style after another--all in a frantic search for success. The reality is that our best trading is hiding in plain sight, when we explore what we're trading and how we're trading it when we're most fulfilled and successful"
BITSTAMP:BTCUSD
by Yelli_trades
11
🗡Your first line of defense against committing an error🛡If producing consistent results is your primary objective as a trader, then creating a belief (a conscious, energized concept that resists change and demands expression) that "I am a consistently successful trader" will act as a primaiy source of energy that will manage your perceptions, interpretations, expectations, and actions in ways that satisfy the belief and, consequently, the objective. The first step in the process of creating consistency is to start noticing what you're thinking, saying, and doing. Why? Because everything we think, say, or do as a trader contributes to and, therefore, reinforces some belief in our mental system. Because the process of becoming consistent is psychological in nature, it shouldn't come as a surprise that you'll have to start paying attention to your various psychological processes. The idea is eventually to learn to become an objective observer of your own thoughts, words, and deeds. Your first line of defense against committing a trading error is to catch yourself thinking about it. Of course, the last line of defense is to catch yourself in the act. If you don't commit yourself to becoming an observer to these processes, your realizations will always come after the experience, usually when you are in a state of deep regret and frustration. Observing yourself objectively implies doing it without judging about yourself. This might not be so easy for some of you to do considering the harsh, judgmental treatment you may have received from other people throughout your life. As a result, one quickly learns to associate any mistake with emotional pain. No one likes to be in a state of emotional pain, so we typically avoid acknowledging what we have learned to define as a mistake for as long as possible. Is it possible that, for the great athletes, their past positive experiences with respect to mistakes caused them to acquire a belief that mistakes simply point the way to where they need to focus their efforts to grow and improve themselves? With a belief like that, there's no source of negatively charged energy and consequently no source for self-denigrating thoughts. However, the rest of us, who did grow up experiencing a plethora of negative reactions to our actions, would naturally acquire beliefs about mistakes: "Mistakes must be avoided at all costs," "There must be something wrong with me if I make a mistake," "I must be a screw-up," or "I must be a bad person if I make a mistake." Remember that every thought, word, and deed reinforces some belief we have about ourselves. If, by repeated negative self-criticism, we acquire a belief that we're "screw-ups," that belief will find a way to express itself in our thoughts, causing us to become distracted and to screw up; on our words, causing us to say things about ourselves or about others (if we notice the same characteristics in them) that reflect our belief; and on our actions, causing us to behave in ways that are overtly self-sabotaging. If you're going to become a consistent winner, mistakes can't exist in the kind of negatively charged context in which they are held by most people. You have to be able to monitor yourself to some degree, and that will be difficult to do if you have the potential to experience emotional pain if and when you find yourself in the process of making an error. If this potential exists, you have two choices: 1. You can work on acquiring a new set of positively charged beliefs about what it means to make a mistake, along with de-activating any negatively charged beliefs that would argue otherwise or cause you to think less of yourself for making a mistake. 2. If you find this first choice undesirable, you can compensate for the potential to make errors by the way you set up your trading regime. I define self-discipline as a mental technique to redirect (as best we can) our focus of attention to the object of our goal or desire, when that goal or desire conflicts with some other component (belief) of our mental environment. The first thing you should notice about this definition is that self-discipline is a technique to create a new mental framework. It is not a personality trait; people aren't born with self-discipline. In fact, when you consider how I define it, being born with discipline isn't even possible. Each time I experienced a conflicting thought and was able to successfully refocus on my objective, with enough conviction to get me into my running shoes and out the door, I added energy to the belief that "I am a runner." And, just as important, I inadvertently drew energy away from all of the beliefs that would argue otherwise Beliefs can be changed, and if it's possible to change one belief, then it's possible to change any belief, if you understand that you really aren't changing them, but are only transferring energy from one concept to another. (The form of the belief targeted for change remains intact.) Therefore, two completely contradictory beliefs can exist in your mental system, side by side. But if you've drawn the energy out of one belief and completely energized the other, no contradiction exists from a functional perspective; only the belief that the energy will have the capacity to act as a force on your state of mind, on your perception and interpretation of information, and your behavior.
BITSTAMP:BTCUSDEducation
by Yelli_trades
10
How to achieve any goal in 2023?First you need to clearly define your goal, for this we use this simple tips Technique that helps you better define and achieve goals. Goals formulated using this technique are usually more realistic and achievable. S - Specific (specific) The goal should be well defined and specific. M - Measurable It should be possible to determine if the goal has been achieved. A - Attainable The goal should be realistic and achievable, despite the possible difficulties. R - Relevant (actual) The goal should be related to your actions and goals. T - Time-bound (limited in time) The goal must have a specific deadline. Goal setting example: - Specifically: Increase the average monthly profit - Not specifically: Earn more – Measurable: Increase monthly profit by 10% - Immeasurable: Increase profits – Achievable: Increase monthly profit by 10% - Unattainable: Increase profits by 300% — Actual: Increase the average monthly profit by 10% from trading - Not relevant: Increase the average monthly profit by 10% (in some other business) - Limited: Increase your average monthly profit by 10% in 3 months. Result: Increase the average monthly profit from trading by 10% in 3 months. Once we have set a goal, now we need to sketch out a rough list of how we can do this. 1. Determine the current level of trading skills through a self-assessment and determine the necessary improvements. 2. Study various trading strategies and choose the one that suits you best. 3. Create a realistic trading plan by defining goals and risks for each trading day. 4. Open a demo account and start trading strictly following the created trading plan. 5. Gradually increase the amount of trading sessions and risks, observing the principles of rational risk management. 6. Open a real trading account after successful completion of trading on a demo account. 7. Continue to trade, strictly following the created trading plan and the principles of rational risk management. 8. Study, read books, take courses, constantly improve your skills 9. Regularly analyze your trades to improve your trading strategy and increase efficiency. Once the list is ready, now you need to break it and your goal into smaller goals and set them every week. For example: Goal for the week, read 1 book, master 1 new strategy, make 10 trades on a demo account. Finally, you need to break each of these goals into daily goals. Set them for a day and just like a robot go to fulfill them without hesitation. For example: Goal for Monday, read 20 pages of a book, watch 1 webinar, make 2 trades on the strategy. And finally, every week you track and adjust your progress as needed. Hope you enjoyed the content I created, You can support with your likes and comments this idea so more people can watch! ✅Disclaimer: Please be aware of the risks involved in trading. This idea was made for educational purposes only not for financial Investment Purposes. * Look at my ideas about interesting altcoins in the related section down below ↓ * For more ideas please hit "Like" and "Follow"!
BITSTAMP:BTCUSDEducation
by Crypto4light
⚠️Don't let FOMO ruin your trading⚠️FOMO, or "fear of missing out," is a common emotion that can lead to impulsive and potentially reckless trading decisions. ⚠️ ✅Here are five key rules to help you respect and manage FOMO in your trading: 🔵 Use risk management techniques. Proper risk management is critical to successful trading. This includes setting stop-loss orders to limit potential losses and using position sizing strategies to ensure that you don't risk more than you can afford to lose. 🔵 Seek out education and guidance. If you're new to trading or struggling to manage FOMO, it can be helpful to seek out educational resources or seek guidance from an experienced trader or financial advisor. By learning more about the markets and trading strategies, you can increase your knowledge and confidence, which can help you make more informed and rational trading decisions. 🔵 Take breaks and step away from the markets. It can be easy to get caught up in the excitement of trading, but taking breaks and stepping away from the markets can help you clear your head and make more rational decisions. 🔵 Don't let emotions drive your trades. FOMO can lead to emotional trading, which is often not based on sound analysis or strategy. It's important to stay disciplined and base your trades on objective criteria rather than letting emotions drive your decisions. 🔵 Set clear trading goals and stick to your trading plan. Having a clear understanding of what you hope to achieve with your trades and a plan to achieve those goals can help you avoid making impulsive decisions driven by FOMO. 👤 @Galerdev 📅 Daily Ideas about market update, psychology & indicators ❤️ If you appreciate my work , Please like, comment and follow ❤️
Education
by TradeConf
Forget about motivation and implement this insteadThere is an over-estimated word that people say. I’m talking about MOTIVATION. “I need motivation to keep to a healthy diet.” “I need motivation to go to gym six days a week.” “I need motivation to see my friends.” If I needed motivation to trade, I would have stopped trading over a decade ago. From today, I want you to remove the word motivation from your life and replace it with… INTEGRATION Integration is when an action becomes a habit without any effort and without any force. You make it a part of your daily life where you don’t need the motivation to do something. To integrate something is to naturally enforce great discipline, passion and determination into your life. I bet you already integrate certain aspects into your life such as, Getting dressed Brushing your teeth Cooking food Just like you’ve integrated a few of the above aspects into your life, so too have I done with trading. For well over a decade, I have the same morning trading routine I’ve incorporated into my life. I make coffee Open my trading and chart platform Look at the main index Analyse charts using my MATI System Place my trade orders Let the market do its thing That’s it. It’s what I do. I don’t need the motivation or discipline from friends, family and colleagues when I follow my morning routine. I’ve just integrated trading into my routine. It’s time you stop the motivation and start integrating certain aspects into your life with everything that you are passionate about. Trade well. Timon (MATI Trader)
JSE:J200Education
by Timonrosso
ELON MUSK QUOTES FOR POWERFUL THINKING ELON MUSK QUOTES FOR POWERFUL THINKING Elon Musk is today's Nikola Tesla. Here are 11 Elon Musk quotes to make you start working on your dreams, no matter how impossible they might seem. “I do think there is a lot of potential if you have a compelling product and people are willing to pay a premium for that. I think that is what Apple has shown. You can buy a much cheaper cell phone or laptop, but Apple’s product is so much better than the alternative, and people are willing to pay that premium.” “When something is important enough, you do it even if the odds are not in your favor.” “What makes innovative thinking happen?… I think it’s really a mindset. You have to decide.” “I’ve actually not read any books on time management.” “It’s OK to have your eggs in one basket as long as you control what happens to that basket.” “The first step is to establish that something is possible; then probability will occur.” “I wouldn’t say I have a lack of fear. In fact, I’d like my fear emotion to be less because it’s very distracting and fries my nervous system.” “I say something, and then it usually happens. Maybe not on schedule, but it usually happens.” “If you get up in the morning and think the future is going to be better, it is a bright day. Otherwise, it’s not.” “As much as possible, avoid hiring MBAs. MBA programs don’t teach people how to create companies.” “It’s very important to like the people you work with, otherwise life your job is gonna be quite miserable.” Remember that your mindset is 80% of your future success, dear traders.
OANDA:XAUUSDEducation
by TopTradingSignals
9
✍️WEEKLY QUOTE: EXECUTE DO NOT PREDICT✍️..Why would you break your money management rules by trading too large a position relative to your equity or emotional tolerance to sustain a loss, if you weren't positive that you had a sure thing? If you really believed in a random distribution between wins and losses, could you ever feel betrayed by the market? If you flipped a coin and guessed right, you wouldn't necessarily expect to be right on the next flip simply because you were right on the last. There is always a point at which the odds of success are greatly diminished in relation to the profit potential. At that point, it's not worth spending any more money to find out if the trade is going to work. If the market reaches that point, I know without any doubt, hesitation, or internal conflict that I will exit the trade. The loss doesn't create any emotional damage, because I don't interpret the experience negatively. To me, losses are simply the cost of doing business or the amount of money I need to spend to make myself available for the winning trades. If, on the other hand, the trade turns out to be a winner, in most cases I know for sure at what point I am going to take my profits. (If I don't know for sure, I certainly have a very good idea.) The best traders are in the "now moment" because there's no stress. There's no stress because there's nothing at risk other than the amount of money they are willing to spend on a trade. They are not trying to be right or trying to avoid being wrong; neither are they trying to prove anything. If and when the market tells them that their edges aren't working or that it's time to take profits, their minds do nothing to block this information. They completely accept what the market is offering them, and they wait for the next edge. As traders, we can't afford to indulge ourselves in any form of "I know what to expect from the market." We can "know" exactly what an edge looks, sounds, or feels like, and we can "know" exactly how much we need to risk to find out if that edge is going to work. We can "know" that we have a specific plan as to how we are going to take profits if a trade works. But that's it! If what we think we know starts expanding to what the market is going to do, we're in trouble. And all that's required to put us into a negatively charged, "I know what to expect from the market" state of mind is for any belief, memory, or attitude to cause us to interpret the up and down tics or any market information as anything but an opportunity to do something on our own behalf.
BITSTAMP:BTCUSD
by Yelli_trades
28
🌱Weekly quote: We know what we're doing wrong🌱🟢For many of us, our trading accounts are our cluttered homes. What we desperately need is to find our inner quiet; review our trades and trading statistics in detail and truly experience the horror of betraying our potential; and fully appreciate what we do well and embrace it with gratitude. Out of that energized awareness, we can replace the clutter with what is meaningful. Our great enemy is routine. Many times, we know what we're doing wrong, but we keep making the same mistakes. Indeed, that is the way of life's curriculum. If we fail to learn from the first lesson, we get a second and a third and a fourth: one painful opportunity after another to commit to a different path. Is that failure, or is that something to be grateful for: a curriculum that is trying, trying, trying to teach us the lessons we need to learn to be successful? 🟢We've seen that gratitude is an essential component of psychological well-being. The grateful trader is not self-focused, absorbed in how much money they could/should make. The grateful trader is thankful for the opportunities coming their way. When we look heavenward with thanks for what we've accomplished, there is an essential humility to our perspective. It's not just about us. It's not just about profits and losses. A great metric in evaluating your trading journal is to count the number of frustrated statements versus the number of grateful ones. A great metric in evaluating other traders is to count the number of self-aggrandizing statements with the number of humble, grateful ones. 🟢If losses are opportunities to learn and improve, we can sustain a grateful mindset even in times of adversity. A humble mindset is one looking to learn. A grateful mindset appreciates every opportunity to grow. A life perspective that instills and strengthens humility grounds us in the awareness that there is always something more important than me. There is always something more significant than what is simply happening here and now. We cannot succeed in trading--or any life endeavor--if it becomes our end-all and be-all. Once trading and P/L are placed on a pedestal, they control us and our experience. And that is precisely what interferes with profitability! It's great to correct your mistakes, but it's in your shining successes that you can find your path to fulfillment--and your future in markets. Hidden in your winning trades may be the key to your development as a trader. 🟢 So many developing traders look for one edge after another, one market after another, one trading style after another--all in a frantic search for success. The reality is that our best trading is hiding in plain sight, when we explore what we're trading and how we're trading it when we're most fulfilled and successful. Brett Steenbarger, Trading Psychology
BITSTAMP:BTCUSDEducation
by Yelli_trades
16
🟢TRADING HACKS: A MIX OF TRADING ADVICE, ROUTINE, GOOD HABITS🟢When you open your charts in the beginning of the day, don't rush into first trade you see. Step back for a little while, and check in with your emotions. If you want to trade cause you didn't have a trade in a while, or you're bored, or you want to make your money back, or if you just want to make money and now you "know the market will go up (down)" - these all are signs of emotional imbalance. if you feel like this, it's better just to make a pause. Yes, it can be hard to do it by the way, but you need to make it through your will effort. So, instead of putting a trade right away, go through your multitimeframe analysis, mark up the zones and set your alerts for zones you really like. more on this here While you're waiting for alerts to go off, you can do a lot of useful things for your trading. first of all, go through your checklist or trading plan, or a journal, and remind yourself how your best, high-quality setups look like. Now go back to previous week or two, and just look in hindsight for your highquality patterns, whatever strategy you use. See how market developed and find entry points which will be in line with your rules. You can even make a step further and journal these hindsight trades in a separate journal (I call it mark ups, or "missed trades"). This simple action will train your pattern recognition skills and also develop a habit of working with a journal. In the future you'll come back to these trades for reference of how your best setups can look like. Now, if the alert is still not activated, do some backtesting, 5-10 trade would be enough, but also journal these trades. Doing this, you're already few steps ahead of your competitors become not many people are willing to put such kind of effort in their trading. Well done, and now it's time to go and check how the market is developing. More on building the routing and good habits you can read in this series of posts
BITSTAMP:BTCUSDEducation
by Yelli_trades
14
✍️WEEKLY QUOTE: You don't need to know in order to make money✍️...Having an awareness or an understanding of some principle, insight, or concept doesn't necessarily equate to acceptance and belief. When something has been truly accepted, it isn't in conflict with any other component of our mental environment. When we believe in something, we operate out of that belief as a natural function of who we are, without struggle or extra effort. To whatever degree there is a conflict with any other component of our mental environment, to the same degree there is a lack of acceptance. It isn't difficult, therefore, to understand why so few people make it as traders. They simply don't do the mental work necessary to reconcile the many conflicts that exist between what they've already learned and believe, and how that learning contradicts and acts as a source of resistance to implementing the various principles of successful trading. The answer is quite simple: The typical trader doesn't predefine his risk, cut his losses, or systematically take profits because the typical trader doesn't believe it's necessary. The only reason why he would believe it isn't necessary is that he believes he already knows what's going to happen next, based on what he perceives is happening in any given "now moment." If he already knows, then there's really no reason to adhere to these principles. Believing, assuming, or thinking that "he knows" will be the cause of virtually every trading error he has the potential to make (with the exception of those errors that are the result of not believing that he deserves the money). If he believes that anything is possible, then there's nothing for his mind to avoid. Because anything includes everything, this belief will act as an expansive force on his perception of the market that will allow him to perceive information that might otherwise have been invisible to him. It's the ability to believe in the unpredictability of the game at the micro level and simultaneously believe in the predictability of the game at the macro level that makes the casino and the professional gambler effective and successful at what they do Their belief in the uniqueness of each hand prevents them from engaging in the pointless endeavor of trying to predict the outcome of each individual hand. They have learned and completely accepted the fact that they don't know what's going to happen next. More important, they don't need to know in order to make money consistently. Because they don't have to know what's going to happen next, they don't place any special significance, emotional or otherwise, on each individual hand, spin of the wheel, or roll of the dice. In other words, they're not encumbered by unrealistic expectations about what is going to happen, nor are their egos involved in a way that makes them have to be right. As a result, it's easier to stay focused on keeping the odds in their favor and executing flawlessly, which in turn makes them less susceptible to making costly mistakes. From Trading in the Zone by M. Douglas
BITSTAMP:BTCUSDEducation
by Yelli_trades
19
🟩TRADING HACKS: You're doing ENOUGH 🟩 This video is about the importance of thinking in RR and %. The main point is when you think you haven't earned enough is $ amount - and so you want to trade more and more, which leads to poor trade quality - remind yourself that trading is highly scalable, and so it's ok to imagine you have a 20x more capital at the moment. So x20 your profit in the trade and ask yourself how I feel now, is this enough for the day? Remember, if you're consistent, you'll be able to scale the account relatively easy.
Editors' picks
BITSTAMP:BTCUSDEducation
by Yelli_trades
41
✍️WEEKLY QUOTE: Remember the errors✍️..I advocate that you focus on eliminating your biggest errors, rather than trying to acquire new knowledge.. ..It may feel like you are taking a step back, but this is a very useful heuristic for learning, because you are always acutely aware of what your biggest leaks are, and it is a much more efficient way to progress. When you constantly chop off your C-trade errors, eventually your A-trade becomes your B-trade, and you develop an entirely new, better A-trade.. When you are simply working on preventing your biggest leaks, all you have to do is make an effort to remember not to do them. If you are falling out of the Zone, it is much easier to steady the ship when you have simple reminders of what not to do, then trying to apply 10 pages of notes on complex trading concepts. This was from How to Get in the Zone More Often – Minimize Active Learning by Jared Tendler
BITSTAMP:BTCUSDEducation
by Yelli_trades
18
📖 STEP 5 to MASTER TRADING: Create a Checklist 📖 🟩 Checklist is the necessary and essential part of your trading plan 🟩 If you already have a trading plan - that’s really great. Now it’s time to take one step further and create a checklist. You will refer to it before each and every trade, and you’ll enter only if 100% of the checklist is present. You can have different kinds of trading plan, it can have 5 or 50 pages - and it will describe your overall approach. Unfortunately, when it comes to executing your edge in the market, it’s very easy to bend your rules “just a little bit”, and all of a sudden you find yourself taking trade that is only a distant reminder of your actual trading setup. Most traders will damage their account not because their strategy is bad but because they start to take random set up outside of their trading edge. Blowing the account usually doesn’t take more than several hours of emotional trading. So that’s why it’s essential to have a short and clear checklist, usually up to 10 sentences usually that describes, point by point, what your trade entry looks like. You can even check every point before entering a trade (I do it). Of course, with time you’ll perfectly remember that checklist, but it’s also important to honestly follow it without checking every time, and the rule-following skill itself is a separate topic. 🟩 You're trading randomly if you don't have a checklist 🟩 Think about it. How many traders are constantly looking for “something else”, one more strategy. Instead of grinding deep into some specific concept, pattern or trading system, they will run to the next one with the first normal losses. They are running on the surfice for years instead of going deep to the core of trading - which, in my opinion, is the perfection of one strategy. Sometimes they even find what they like and what starts to show some kind of results. But then some time passes, and after any kind of emotional stress (would it be euphoria after a winner or fear and anger after a loser), he can start to deviate from his rules. A beginner can be so emotional that he can enter random trades, one after another, in the course of a few hours, destroying a big part of his account. There are a lot of other issues behind such inefficient behavior, however, a checklist is one of the first steps to handling it. Because if you don’t truly know what you’re looking for at the market, you’ll take the first trade you’ll find. 🟩 "Right or wrong" mentality is a fundamental flaw 🟩 You’re only right when you’re following your rules, and you’re only wrong when you take random setups. Again: even if you have a loser but you followed your setup - you're right, and even if you have crazy profit but it was a random trade - you're wrong, because this approach is not stable long-term. Yes, traders do predict the price movements in a way, but only as a side effect of following their rules and executing their system. A trader will not be fixed on his predictions, and because he drew a box or a line, he will not expect the market to obey his colored drawings. A trader’s job is to take a setup based on his experience and testing, and he should let go of the expectations and his trade, managing on the way of course. This is a very deep question, in my opinion, and deserves a separate post later. That’s why next time when you’ll see someone asking: “Should I buy or sell sir?”, you can surely tell the person is in the very beginning of his journey. 🟩 How to create a checklist? 🟩 Take a moment and describe in the short form how does your entry look like. What are your rules for Structure, Zones of interest, what is your entry confirmation, and what is your risk and management? I like to actually checkmark every point before each of my trades, so I’m sure I’m following my plan. Here’s an example of what my checklist looks like: 🎁Bonus for everyone still reading :) If you’re struggling with any discipline issues, ask yourself a question: “If I would receive a fully funded 100k account, for free, would I start to follow my rules and would I be more disciplined than I am now, and would I start “trading the right way” at last?” Try to be honest with yourself. It may seem strange, but many novice traders think that something should happen before they will “really stick to their plan”. It could be “just one more good winner”, or “if only I had bigger capital”, or “when I finish this yet one more educational course’’ - and AFTER that I’ll do what I know I should be doing. So, if your answer to that question is yes, then this is a clear indication you’re still in a very beginner mindset. Try to realize that ANY external change will not change the way you are. You need to change yourself FIRST, the way you behave in the markets and your mindset, and then everything external will follow.
BITSTAMP:BTCUSDEducation
by Yelli_trades
19