Unsuccessful Trader Psychology and Behaviour | Trading Psychology Episode 2

Unsuccessful Trader Psychology and Behaviour | Trading Psychology Episode 2
Chapters -
00:00 Unsuccessful Trader Psychology
00:47 Trading Without Knowledge
02:15 Treat Trading Like Gambling
03:08 Emotional Trading
07:30 Revenge Trading Mod
10:11 Trading FOMO
17:55 Over Analysis
18:41 Over Trading
19:21 Trading Without Stop Loss
19:58 Averaging
21:24 Trading with Heavy Quantity
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Trading Psychology for Beginners | Trading Psychology Episode 1
https://www.youtube.com/watch?v=Ff4iEuW_zLg
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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.
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Unsuccessful Trader Psychology
One interesting emerging topic in trading is that of random reinforcement. Random reinforcement, as it relates to trading practices, occurs when a trader misattributes a random outcome to their own skill or lack of skill. This can be detrimental as a trader may come to believe their own prowess when it does not, in fact, exist—or greatly discount it when it does.
Trading Without Knowledge
Stock trading is a form of investing that prioritizes short-term profits over long-term gains. It can be risky to dive in without the proper knowledge. ... You don't have to work on Wall Street to learn stock trading
Treat Trading Like Gambling
Gambling is defined as staking something on a contingency. However, when trading is considered, gambling takes on a much more complex dynamic than the definition presents. Many traders are gambling without even knowing it—trading in a way, or for a reason that is completely dichotomous with success in the markets.
In this article, we will look at the hidden ways in which gambling creeps into trading practices, as well as the stimulus that may drive an individual to trade (and possibly gamble) in the first place.
Emotional Trading
Many skills are required for trading successfully in the financial markets. They include the abilities to evaluate a company's fundamentals and to determine the direction of a stock's trend. But neither of these technical skills is as important as the trader's mindset.
Containing emotion, thinking quickly, and exercising discipline are components of what we might call trading psychology. There are two main emotions to understand and keep under control: fear and greed.
Revenge Trading Mod
Revenge trading is a natural and emotional response when a trader suffers a significant loss. Before taking time to think about their next move or looking at their strategy, they enter another trade after their big loss.
The idea is to recover from the loss immediately. The thinking behind it is by putting on another trade (which is expected to be a winning trade) then the losses can be recovered quickly.
But as you already know, markets are not predictable.
And the expected winning trade would most likely turn into a losing trade. Only bigger than the one the trader is trying to recoup.
Revenge trading is when you try to force a trade in order to recover from a previous loss. Most of the time, traders who do revenge trade have been in a good run until a big loss sets them back.
According to Steen barger “Revenge trading is caused by wrath as you are angry that you lost and have the lust to make it all back quickly.”
Trading FOMO
FOMO – Fear of Missing Out - is a relatively recent addition to the English language, but one that is intrinsic to our day-to-day lives. A true phenomenon of the modern digital age, FOMO affects 69% of millennials, but it can also have a significant bearing upon trading practices.
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