subject: Amateurs Traders Ignore The Traders Psychology. Winning Professionals Embrace It [print this page] It is quite amazing how big is the difference between what professional and winning traders think about the psychology state that they must have before facing the market, and what losing amateurs think. Professional and notable traders know how important the mental awareness is important when trading; whilst, neophytes completely ignore it. They believe that they only need a good setup and they are good to go.
That couldnt be more far from the truth. The best setup of the world would mean nothing in the wrong hands. On the other side, the worst setup in the world might still profit, even if just a bit, in the right hands. The big differentiator here is the traders psychology. That is what separate men from rats. Dont take this lightly since this can potentially change your trading career. If you have been trading for a while and have still gone nowhere, I might suggest you to stop reading books about setups and different kind of entry signals and focus on traders psychology.
This might be the one factor that you are still missing that is preventing you from becoming an efficacious trader. Dont worry, this is by far one of the hardest skills to learn; but is one of the most important! Some people know this and may have read elsewhere how important the traders psychology is when trading in the stock market; but even then, they either ignore it or they think they know it all about it.
Do not make the same mistake; it might take YEARS to fully develop a complete control over your emotions that wont stand in your way. If you read books on the subject, or even books by some other authors regarding trading in general, you will see that many have spent the first two to five years LOSING money in the market. They probably had a good setup and it might even be the same setup that they are using right now; but now they are mentally fit to be able to profit with them.
by: Chris Sferatti
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