*What else is required for such a person to control,is it still his or her emotions or what next?
*And what will be your advice to a person in that position or state and what kind of trader are you going to call such a person?
I totally agree with your point but sometimes emotions save you too, like when i started trading, i trade on emotions (yeah you heard right i traded totally on emotions, it was really dumb) But you know what after losing some money i came e to know if i want to do emotional trading (new word) then i have to select one token and only have to trade on it and that token must be volatile (highly) so that I could earn and loss too (hehe).
After then i started to make some profit but I was not using "Stop-Loss" When you don't use it, you have to check the market again and again as you want to make profits and when you set the stop-loss then it could decrease the chances of getting high profits but it's still in our favor to use it as sometimes your greed for more and didn't exit the market and after 2 minutes you are in a situation where you can't exit now and you are stuck with the market's sentiment.
So, my main advice for a newbie is to,
- Never do emotional trading
- Always use Stop-loss
- Do not over-trade, only trade as much as you want to earn money (don't become greedy because greed is a curse) if you will become you might lose your own money (in the future).
- Start with spot trading, and try to control your emotions, as when your friend whom you trust more than you, if he told you the market will crash you still have to control your emotions and personally analyze the market.
Further, you should trade on the basis of stats no on the basis of emotions but following emotions can save you some time. (only when it's your time).