What mental characteristics must a trader have to be able to emerge? First and foremost it must have a lot of cold blood, which means great resistance to stress. Secondly, it must be equipped with the speed of thought, which is essential for managing emergencies, especially in full operation. Finally, it must have courage and a certain determination, which translates into the ability to get up when things go wrong. The defeat, in fact, is the faithful companion of all traders, including – paradoxically – the winning ones. From eToro now you will be having the smartest options.
In general, the study is a concept that is associated with the phase prior to the actual trading, with the preparatory phase. In short, the training course that turns an absolute neophyte into a trader ready to face the appointment with the market. Well, this is a partial truth. The study, in reality, is a practice that should never leave the trader. He must continue to study throughout his career, updating without interruption.
What should be the topic of study for those who simply are no longer a neophyte? There are numerous: new trading systems, other assets than the usual ones and, obviously, the economic environment in all its forms and its phenomena.
The study is important because the market changes, and those who do not study remain perpetually equal to themselves.
Incidentally, the term “past” means, in this paragraph, the previous trades. Regardless of whether you have won or lost, the guiding star must be the trading plan. Very often, however, traders, especially traders with little experience, tend not to act but to react. With their trades they react to what happened in the past, or to ride the wave or to seek redemption.
The worst approach is, between the two, the one that consists in seeking redemption. Well, it’s the most effective way to lose again. To break away from this approach which, it must be said, is completely spontaneous, natural and physiological, it is necessary to have a lot of courage, a lot of resistance. In short, we return to the question of psychology.