Essentials Of Trading Psychology

Essentials Of Trading Psychology

What are ‘Essentials’ Stickies?
Welcome to the Essentials of Psychology Sticky. Stickies are threads that are ‘stuck’ to the top of a forum index. They contain information about the forum you’re in that is of critical or ongoing value - hence the ‘Essentials’ name. If there is anything missing from this ‘Essentials’ Sticky, or if there is content that is incorrect or misleading, please contact timsk, T2W Content Manager and, all being well, it will be amended.

Trading Psychology – What’s it all about? - Post #2
If you’re new to trading, you’ll doubtless be jumping from pillar to post trying to absorb as much as you can about this business, before deciding if it’s right for you. Whichever site you surf, book you read or trader you talk to, there will be one subject that crops up time and time again: trader psychology. What’s it all about and why is it such a big deal?

First of all, let’s clarify what is meant by the term ‘trader psychology’. Wikipedia defines ‘psychology’ as an “academic and applied discipline that involves the scientific study of mental functions and behaviours”. There are three mental functions and behaviours that apply specifically to traders: confidence, discipline and emotions.

In the next post we’ll examine each one in detail and why your ability to deal with them is vital to your success. If you don’t keep them in check, then you can kiss goodbye to a good night’s sleep, your glorious head of hair – assuming you have one - and those perfectly manicured fingernails. Oh, another thing you’re likely to kiss goodbye to is your Trading account. Afraid so. If any one of these three mental functions and behaviors are allowed to run riot, then a ‘blow up’ (traders’ jargon for losing most or all of their account) is all but inevitable.

Other Resources on T2W & Beyond - Post #3
There are some great resources regarding psychology beyond the walls of this forum. In post #3, you will find useful links to other areas of T2W and beyond, with a short précis about each one.

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