If you’ve been trading for any length of time you’ll know that trading psychology is one of the most important factors for long term success. Combine this with a good solid trading strategy and you’ve got the ingredients of a professional trader.
I find trading psychology is a very personal thing, what one trader struggles with, another finds easy. The most common problems traders face are usually:
- Sticking to your trading rules
- Pulling the trigger
- Taking losses
- Sticking to your trading plan and strategy
- Running your profits
- Taking a trade with no real setup
- Poor discipline
If you haven’t experienced at least one of those then you haven’t been trading long enough!
We all have at some point in our trading careers struggled with one of the above. But what separates the many that will quit trading and those who make it a success is your ability to overcome these obstacles. Don’t keep banging your head against a brick wall with the same problem, do something about it, take action, find a solution and get past it.
One of the better experts in the field of trading psychology is Steve Ward. The reason I like Steve’s stuff is primarily because most of his neat little tricks and tips to keep you in the zone come from his work with investment bank and prop firm traders so it’s tried and tested front line stuff.