Almost all articles and studies on the psychology of trading activities provide a detailed, but rather one-sided coverage of this important component of the trading process. For some reason, all authors are focused only on the search for various psychological problems, shortcomings and ways to overcome them. Sometimes sections devoted to psychological problems take up such a large volume that one gets the feeling of reading a book on psychiatry, rather than a textbook on working in the financial market. And traders are people who don’t know how to make money on binary options.
Of course, trading, like any other field of activity that requires a creative approach and associated with high personal responsibility, primarily attracts people with extraordinary and a certain set of psychological qualities. The inevitable nervous tension that accompanies stock trading, like any other profession, causes certain changes in the psyche.
But not everything is as scary as sometimes written in books about the psychology of trading. Also, some psychological attitudes and complexes that cause difficulties in “ordinary” life can be very useful:
Be like a chameleon
At any moment, you should be able to change your point of view on what is happening. It is necessary to adjust the psyche so that it is what kind of trading strategy and opinion about the market is being used. Do not “fall in love” with your thoughts and exact binary options strategy. If you feel that you need to “change colour” to survive in the market, do it even if you don’t like this novelty. As we see in everyday life, such as “repainting” by the majority is not at all welcomed.
Constantly maintain a sense of victory
You will not be able to survive periods of loss if you do not remember your successes. The psychological paradox of trading is that excessive self-confidence is also harmful, and you can get rid of it only by remembering the possible losses. It is very difficult to live, and most importantly to work effectively, in such a psychological split, because usually in life you have to uniquely choose who to feel-a winner or a loser.
Act like an archer: always be sure that the arrow will hit the target
Believe that you are opening the most successful deal in your life. If you do not believe in yourself, any mistake will psychologically kill the trader and will be written off by external circumstances. Such self-confidence may not be adequately perceived by others, but a professional trader should not care what others think.
Cowardly Hare Complex
It is always better to have a way away in case of the wrong deal. It is better when there are several options. The market does not like stupid heroes and severely punishes them.