Successful Trader Psychology and Behaviour | Trading Psychology Episode 3

Successful Trader Psychology and Behaviour | Trading Psychology Episode 3
Chapters -
00:00 Successful Trader Psychology
01:47 Patience in Trading
04:44 Confidence in Trading
08:43 Discipline in Trading
11:11 Emotionless Trading
15:15 Self-Control
20:06 Fearless Attitude
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Unsuccessful Trader Psychology and Behaviour | Trading Psychology Episode 2
https://www.youtube.com/watch?v=09AneX69EZQ
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Trading Psychology
What is Trading Psychology?
Trading psychology refers to the emotions and mental state that help dictate success or failure in trading securities. Trading psychology represents various aspects of an individual’s character and behaviors that influence their trading actions. Trading psychology can be as important as other attributes such as knowledge, experience, and skill in determining trading success.
Discipline and risk-taking are two of the most critical aspects of trading psychology since a trader’s implementation of these aspects is critical to the success of his or her trading plan. Fear and greed are commonly associated with trading psychology, while things like hope and regret also play roles in trading behavior.
Understanding Trading Psychology
Trading psychology can be associated with a few specific emotions and behaviors that are often catalysts for market trading. Conventional characterizations of emotionally-driven behavior in markets ascribe most emotional trading to either greed or fear.
Greed can be thought of as an excessive desire for wealth, so excessive that it clouds rationality and judgment at times. Thus, this characterization of the greed-inspired investor or irrational trading assumes that the greed emotion can lead traders towards a variety of suboptimal behaviors. This may include making high-risk trades, buying shares of an untested company or technology just because it is going up in price rapidly, or buying shares without researching the underlying investment.
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Successful Trader Psychology
Trading is 90% Waiting and Just 10% Trading
Patience in Trading
Patience and discipline is a virtue that will benefit all traders, keeping emotion and snap judgments in check. Due diligence and quality research should inform your decisions about when to get in and out of trades, and allowing the price to catch up with the fundamentals can take some time.
Confidence in Trading
Self-confidence is perhaps the most important of all the qualities you will need in order to become a successful trader. You must believe in yourself and your trading plan and have the gumption to not be swayed by the crowd.
Discipline in Trading
A trader has or should have a fixed plan in mind before executing every single trade. This plan includes estimating the entry and the exit price along with a stop loss. Giving way to watch these without any solid reason may prove to be fatal in the long term
Psychology and Behaviour finance typically encompasses the concepts
Mental accounting: Mental accounting refers to the propensity for people to allocate money for specific purposes.
Herd behavior: Herd behavior states that people tend to mimic the financial behaviors of the majority of the herd. Herding is notorious in the stock market as the cause behind dramatic rallies and sell-offs.
Emotional gap: The emotional gap refers to decision-making based on extreme emotions or emotional strains such as anxiety, anger, fear, or excitement. Emotions are often a key reason why people make irrational rational choices.
Anchoring: Anchoring refers to attaching a spending level to a certain reference. Examples may include spending consistently based on a budget level or rationalizing spending based on different satisfaction utilities.
Self-attribution: Self-attribution refers to a tendency to make choices based on overconfidence in one's own knowledge or skill. Self-attribution usually stems from an intrinsic knack in a particular area. Within this category, individuals tend to rank their knowledge higher than others, even when it objectively falls short.
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