In the previous part of the article, we started discussing the common mistakes of traders and poker players. To remind you, both trading and gambling require similar things in terms of psychology. The participants should always stay in control of their emotions and objectively evaluate the process and the results, strictly following the strategy that is planned in advance. In this case, traders and poker players should be masters in managing their own emotions to…
Have you ever admired at least in movies how the poker players act? In cold blood, rationally and with no hesitations. Like it helps in poker, similarly, it does in investing and trading. Wanna be the same in trading? Then learn some rules from successful poker players and apply them in trading! The idea is that some poker experience may help you to reveal your emotional traps, which destroy your strategy and, therefore, your investing and…
As it was mentioned in our previous article, the information on your past trades can considerably sharpen your trading results. Trading statistics is your superpower. Why? By evaluating it, you get a whole picture of your trading performance with all your strong and weak points. Then you simply improve your weaknesses (change your trading plan) and empower strong sides. Then repeat. These steps are basic for building a profitable and scalable trading system. The question…
“If you fail to plan, you plan to fail” – the words of Benjamin Franklin are applicable in trading, dividing traders into two large groups. The first one consists of those who use a trading plan, the second one consists of those who lose. We bet you’d like to be in the first one! Thus, planning is one of the key issues along with tech analysis, money and risk management, and traders’ psychology issues. So,…
Trading appears to be an appealing way of earning, doesn’t it? In plenty of articles, efficient trading strategies are described, along with all opportunities to get solid profits being even a part-time trader. And these statements are quite reasonable: you just need to identify a trend on a chart, jump on this train and let the profit flow. There is no need to monitor the price of the coin every minute. That is why it…
Have you ever noticed that even though mankind appeared at about 150 000 — 200 000 years ago, we still have some habits which helped to survive that time? Like fight or run in case of danger, share the info, and many more. If you pay attention to your behavior during trading, you will see how these fundamental habits are ruling the process. There are many pieces of advice like: “Minimize risks” or “Maximize profits”…
