Trader's Queries - Manual for trading - Part 3
Query : How to over come losses and become a profitable trader?
Answer : This is Part 3. I have attached the links for Part 1 & 2. If you are new, read those and then continue Part 3.
Step 6 : Develop self awareness. Knowing what type of trading suits you give an edge in trading.
Example
Swing trade
Intraday trade
Momentum trade
Break out trade
Once you start gaining experience, your trading style start to change. Self awareness helps you to understand whether the change in trading style is good or not. As your knowledge evolves, your trading style also evolves.
Step 7 : Align your personality with your mind and brain. “Trading in zone” happens when your personality is in alignment with your mind and brain. It needs a lot of training to reach that level.
Step 8 : Check whether you are having “analysis paralysis”. In live market we get data from so many things like indicators, software etc. If the information/data is too much, then the brain goes to the overwhelming state and its function slows down. Whenever you are trying to change bad trading habits, if your new trading habit has too many data gathering points, then your brain will struggle to take decision and go to the old routine(bad trading habit).
What to do to overcome it?
Use less number of indicators.
Keep your analysis simple.
Keep your trading plan simple.
Keep your thinking process simple.
(To be continued...)
Answer : This is Part 3. I have attached the links for Part 1 & 2. If you are new, read those and then continue Part 3.
Step 6 : Develop self awareness. Knowing what type of trading suits you give an edge in trading.
Example
Swing trade
Intraday trade
Momentum trade
Break out trade
Once you start gaining experience, your trading style start to change. Self awareness helps you to understand whether the change in trading style is good or not. As your knowledge evolves, your trading style also evolves.
Step 7 : Align your personality with your mind and brain. “Trading in zone” happens when your personality is in alignment with your mind and brain. It needs a lot of training to reach that level.
Step 8 : Check whether you are having “analysis paralysis”. In live market we get data from so many things like indicators, software etc. If the information/data is too much, then the brain goes to the overwhelming state and its function slows down. Whenever you are trying to change bad trading habits, if your new trading habit has too many data gathering points, then your brain will struggle to take decision and go to the old routine(bad trading habit).
What to do to overcome it?
Use less number of indicators.
Keep your analysis simple.
Keep your trading plan simple.
Keep your thinking process simple.
(To be continued...)
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