Crypto Swing Trading Summary (C8): Trading Psychology

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You could be the best technical trader in the world.

But if you can’t control your emotions, you will probably fail.

On the flipside, even average traders can make money if they have a good command of their psychology.

Discipline and patience are the two personal traits you must exercise to become a successful trader.

You need discipline to stick to your strategy when your emotions start trying to take over.

Patience allows you to wait for the right trades to come along, as opposed to rushing in on bad setups.

In order to stick to your plan, you first must have one.

Create for yourself a checklist of indicators and patterns to look for and actions you will take.

You don’t need to include every indicator. In fact, you shouldn’t. Use the ones that work for you. Keep it simple.

Also integrate clear risk management guidelines with stop losses and profit targets.

Go through this checklist before every trade you make. If a trade doesn’t adhere to your plan, then don’t trade. That is where patience comes into play.

As you gain more experience, refine your strategic plans.

FOMO (the Fear Of Missing Out), greed and fear are the three biggest killers of your trading capital.

You can combat all of these in the same way.

Create a personal trading strategy you are happy with and stick to it.

Clearly define profit targets and stop losses before you enter a trade and follow through on them.

When you are tired, hungry, stressed out, etc., you are more likely to make poor decisions.

Take care of your physical and mental health and not only will you think more clearly, but it will also be easier to exercise discipline and patience.

Exercise regularly, eat well, get enough sleep, and do some breathing exercises or meditation.

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Read the next chapter here.

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