Welcome to the ditto educational series that will provide you with the skill you need to become a FOREX trader. Today we are talking about TRADING PSYCHOLOGY.
I am Reddy Shyam Shankar Garla. I am a FOREX trader and a Cryptocurrency analyst, I have been in this trading Industry for almost half a decade.
The journey is not smooth. I have changed strategies, Mentors, Time Frames, and Financial Instruments, but the result is the same that I am not consistent.
Trading is a journey of emotions, fear, happiness, and painful experiences. They are here to teach us something about ourselves; that is why this journey is essential for individual growth. The Important thing is you will come to know about yourselves. How much you know about yourselves that much strong you become to overcome the “fear of failure.”
Trading for a living (What you need to practice)
I heard this term “Trading for a living” from many people around the world. But this is not easy, as this comes to you how consistent you are in cultivating the habits on a day to day basis.
You need to punctual
You need to be disciplined
You need to stick to your rules
You need to control you risk
These are the four important characteristics that a trader has to follow in order to be consistent. It might sound so simple, but it is emotionally tough. Throughout this series, I will be introducing and talking mostly about the four pain points that one needs to follow and implement in order to be consistent in your trading.
The above four principles state that the amount of money you accumulate in the market isn’t solely a function of how much time you spend looking for the opportunities. It is a function of our state of mind.
A consistent trader always has a profound work mastering his feelings, emotions, and mentally prepared. This actually comes with the belief that you imbibe in your head that trading is a Journey. There is no difference from the losing trade to a winning trade. You just made a loss. If you can able to figure out why that loss happened, then that is not a loss, if not, then it is a pure loss. If you follow this simple rule, then you will see the winning trade and a losing trade with the same thinking. If you take losses to your heart, then you don’t know the reason for the loss. The solution for all the problems is just sitting back and observing things with logic, not with emotions.
Last but not least
“Consistency in trading is decisions based on your rules and not some personal whims.”
An extensive course on trading psychology
“Trading with Substance and Mindfulness”
Thank you for watching the video. This video is just an introduction to our psychological course, which we are about to roll out soon. If you enjoyed this video, please like and subscribe.