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Trading Psychology

Best practices for trading psychology

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  3. Psychology Resources/Journals

    Find journal templates and resources related to psychology.

    64
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  4. Psychology Articles

    Articles from Trading Psychologist.

    23
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  5. Averaging Down

    A forum post for discussion on averaging down.

    7
    posts
  6. Being Mindful

    A forum post for discussion on being mindful while analyzing the market.

    14
    posts
  7. Building Mental Resilience

    A forum post for discussion on building mental resilience while trading.

    17
    posts
  8. Coping with Anxiety

    A forum post for discussion on coping with anxiety during the market hours

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  9. Dealing with FOMO

    A forum post for discussion on dealing with the effects of FOMO (Fear Of Missing Out)

    4
    posts
  10. Developing a Pre-Market Routine

    A forum post for discussion about pre-market routines and how they assist traders.

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  11. Fear of Taking a Trade

    A forum post for discussion on the fear of taking a trade or fear of being wrong.

    3
    posts
  12. Improving Discipline

    A forum post for discussion on improving discipline.

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  13. Increasing Patience

    A forum post for discussion on increasing patience while trading.

    8
    posts
  14. Overtrading

    A forum post for discussion on overtrading.

    10
    posts
  15. Other

    Post all other psychology related topics here .

    31
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  • RECENT POSTS

    • i believe not due to technical limitations in DAS - you cannot place 3 orders into one hotkey.
    • Hi everybody. I am currently working full time as a registered nurse in CA, USA and I am new to stock and day trading/ swing  trading. I have the  JP Morgan manage my investment account and money and pay yearly fee for the service. Recently, Chase has a new service for the private client to open the You invest/YouTrade account and all the stocks transactions through this account will be free. I started to buy and sell stocks 2 weeks ago. At first,  I did not read any instructions, book or watch you tube video about trading. I just randomly picked the stock that I like and bought it.  I won some money with Tesla, Uber and Lyft when I first started. This made me think trading stock and making  money by trading is easy. Just last week, I tried to trade with the penny stock and started losing money since I did not know how volatile this type of stocks are.  I am currently a bag holder for 3 pharmaceutical company type of stocks. I bought them with big volume (>10K per each) and since the price dropped really low, I am stuck with them :-). Anyway, being a bad holder motivated me to find sources online to read and watch. I came across  Andrew's  book yesterday and got hooked. I know the  reasons why I lose money now. I learn that trading is not easy as I thought. I wish I read Andrew book and learn how to trade before I started using the real money.   My goal is to become  Day trader/Swing trader since I want to work less and I am really serious about it. I am a workaholic and  I have been working crazy for the past 12 years. I work non stop, long hours and hold multiple jobs at the same time. I would like to slow down and take it easy. I found that day trading is fascinating. I love the new field and the new language. I believe I have what it take to become a profitable day trader.  I would like to learn from the professional trader to better myself. I love to challenge myself to be a profitable traders. I hope I head to the right direction.  Please teach me and guide me, Thao    
    • -2R day, but with commissions and fees I hot max loss again. I made 3 plans for trades before the open. One worked at the open, but I was concentrating on the other two stocks I had plans for. All three plans ended up working, but I didn't execute any of them.   NVDA was the one I was not watching closely enough in the first five minutes. There was no catalyst for this stock, but the daily looked like a good possibility to break out, it had a nice daily flow going.     Because I wasn't watching this stock closely enough, I missed my entry. When I saw it looked strong and could still head towards my target, I chased the trade. After thinking about how chasing a trade is bad discipline, I exited. Then the stock in fact kept climbing. My second entry was a short after the inverted hammer on the one minute followed by a lower low, I entered. Stopped out. I shorted again after it reach dmy daily level and started a pull back.   I revenge traded this stock later while it was chopping around. Very Bad Trading, 2 shorts stopped out, then tried long immediately and was also stopped out this direction. I continue to make this same mistake of guessing and getting stopped out while a stock is just trading in a channel. I even had another long that I chickened out of later in the day, its a few charts up.     MGM had been stuck in a range the past several days, pre market it was trending up and close to the top of this range. I had my plan ready.   I didn't have a short planned for MGM, but that's what I did the first two trades when it lost VWAP. Once it regained it I went long earlier than my plan. got a partial and stopped out, had I followed my plan at the break of 12.20, this would have ended up being a nice trend up the remainder of the day.   SQ in pre market I identified a good BO level at 48, made my plan.     SQ, it tried to reach my entry in the first minute and failed, chopped below VWAP for five more minutes so I decided to short even though I had no plan for this on my notecard. Then when stock slowly crept back above VWAP I entered thinking it would make it to the prior high at the open. After that inverted one minute hammer, I took a partial, then was stopped out at BE. Once it broke above that level again, I went long and made some good partials.   Later when the stock went above the 48 level again I went long and got 1 partial and stop BE. If I had kept watching, the next time it broke that level, it did end up making it to my pre market target and above. Once again, I try to trade the SPY with MU, I need to stop doing this, I am just bored looking for something to get in instead of scanning for a real setup. Shorted, added, stopped out, Short again, stopped out, Long, one partial stopped BE.   Then shorted after it fell below MAs, this was way too close to VWAP to be shorting this stock. This trade eventually worked (didn't take pic), but that doesn't change the fact that it was a bad trade.   CCL thought that bounce at VWAP on the 5 minute was a good looking doji to go long. Took an early partial so I didn't end up catching the nice move up. During this slump, I have been taking partials quick because I have no confidence in my trades, so I'm trying to get a little green instead of letting the trade work.   My updated progress on last weeks issues: I still did a great job not trading the first 5 minutes, 3 days in a row now, not such a good job on the "No Strategy" problem. Two more things I need to work on are stop trying to catch SPY moves mid morning with MU AMD etc.  Stop doubting the real setups, don't take the early partial, if I analyzed properly, let it go, so what if I get stopped out if my plan was good. Expand on pre market plan to have levels the opposite direction I think the stock will be going, have a Long and Short plan that make sense. Be mentally nimble, don't be too biased. Tomorrow: READ THIS RECAP BEFORE THE MARKET OPENS!!!!!!!!!!!
    • I sometimes will enter a buy limit order and once its triggered, I will then add my bracket stop and profit with a range sell order. Is there a way to do both simultaneously?  Many platforms will allow this. Thanks!
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