As a trader, it's not good to rely solely on trading as your only source of income. Why? Depending solely on trading puts immense pressure on you to meet monthly bills. The consequence? You may find yourself taking unnecessary and low-quality trades.
However, when you have another or multiple other sources of income alongside trading, you can stay relaxed and have the mental comfort needed to make quality decisions. For example, you can be a trader and be a Bitcoin miner.
Do you have another trading psychology tip to share with me?
This is a good one, but it is not applicable to all. Fine, it is not so wise to be engaging in a risky business like trading and depend solely on it, but that is applicable solely to those who just started it or have not been making consistent profits from it. However, there are good traders too, but they would have attained some sustainable level with it before relying that much on it. If a trader has been trading successfully for a year or two, such would have built some kind of confidence to rely on it. Nevertheless, I often advise this kind of trader to tread carefully, they should diversify as trading could be so challenging at times or something bad could happen especially on the brokers' side that could happen through cheating or insolvency.
I've lived long enough in the world of trading and investment to experience a lot that is happening in the market. Though it is well regulated but it is a business, and for this, business circumstances could happen to it as well.
As for other psychological tips required, another important one that is similar to yours is to invest the money that is affordable to lose for the trader, otherwise, it affects the trader's psychology seriously. Even at that, the trader should maintain low-risk trading so that it will not affect his psychology. And despite being disciplined, there is what we call "determination" as well, without it, the discipline can't be effective, this, I know is good for the psychology of any trader.