Quote from: Mr_Akbar on May 05, 2019, 12:38:35 AM

Whats the difference between a winning trader and a losing trader? Its not that one is smarter than the other, or that one is luckier than the other. Sure, maybe having the right tools and the best information helps, but what separates a winning trader from a losing trader is their mindset.

A mindset is how one perceives the world. Its how a person absorbs the information around them, and chooses to either take action or not.

The most important mindset for a trader, new or experienced, is to consider decisions/trades/positions/investments through the lens of risk versus reward. A winning trader defines their risk and sets a target for their reward. There are lots of ways to do that, worthy of plenty Reddit posts on their own, but the critical learning is that the trader makes a plan based on solid logic, not emotion.

Once a plan is established, with a focus on risk:reward, the next piece of the mindset puzzle is sticking to the plan. This is accomplished through discipline. Only through discipline can you take your plan, and execute it over and over again so that you can measure it.

"If you cant measure it, you cant improve it." - Peter Drucker

The best way to measure your trading results is by keeping a trading journal. My personal journaling tool was built for Voodoo Crypto, but there are plenty of free ones if you google it. When looking for a journal or template, make sure to consider journaling both each individual trade as well as each trading session. Break down the numbers for every trade, and reflect on your performance and emotions for each session.

After the data has been analyzed and the journal reviewed, you make tweaks to your plan to attempt to maximize profitability. A winning trader understands that they dont win every time, that losing trades is a fact of trading. However, they can answer whether they win more than they lose and have the stats to back it up.

If you want more hands on guidance and education check out Voodoo Crypto.

Good read mate, and I somehow agree. I think what this strategy likes to front is the fact that trading is a science, and so, it should be measured through terms that can be quantified. I agree on that idea because some people just like to randomly choose some coins and bet on it, without actually looking behind its history and in its background to them that idea that having to strategize to gain big through trading is possible. Many of the seasoned and successful traders have often stated that there's a lot of data gathering and appraisal that is connected with making it big with the cryptocurrency market. If one is not patient enough to do some road work, then it would be highly unlikely for them to succeed.

Xising

Posts

Merits