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Trading psychology is about 90% of success in trading.
Most beginners believe that success in trading depends on the strategy alone. If you believe that right now, then all I ask is that you consider that your psychology may have something to do with your success.
Here are a few things that are controlled by your psychology:
- Fear of failure
- Fear of success
- Your belief that you deserve money
- How long you will stick with trading until you see success
- How much you will practice your trading strategies
- Your mindset after a losing trade
…and the list goes on and on.
Ultimately, your mindset will determine if you are able to stick with trading until you are successful, or if you quit.
It's Not Your Fault
There can be elements in your psychology that are affecting your trading to a larger degree than you think.
For example, a childhood event that you currently see at no big deal, may have had more of a negative impact on you than you thought. You may have been repressing that emotion for so long that you don't realize that it's having an effect on you.
But it might be.
Therefore, it's not your fault that there are elements in your psychology that are affecting you. So don't beat yourself up about it.
But it is your responsibility to fix it…if you want to be a successful trader. Start exploring your psychology and why you act the way you do.
Trading Psychology is a deep topic and everyone will have different issues to work through. So it's impossible to have a complete list of issues and solutions on this page.
My goals here are to:
- Simply alert you to the fact that your psychology affects your trading more than you're probably aware of
- Open your mind to that fact that your limiting psychological beliefs may be caused by things that you are not aware of
So the best thing that I can suggest is to pay more attention to your emotions in different situations and ask yourself where that belief or emotion might be coming from. What could be the real source?
When you can figure out the source of your undesirable actions, you are one step closer to resolving the cause and fixing the result once and for all.
If you want to get started with upgrading your trading psychology, read these blog posts.
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