Correct psychology —
the basis for successful trading
Pocket Option trading platform is the undisputed industry leader providing a wide range of financial markets trading services for both beginners and professional traders.
Over the years of working with traders of completely different backgrounds, education, and location, we realized how important discipline and correct psychology are for successful trading.
At the beginning of their journey, many traders experience negative emotions. The ups and downs in the sentiment of a newbie trader are largely dependent on the results of trades, which can harm overall well-being.
What is meant by fear
The fear of loss can be extremely harmful as it deprives the trader of the ability to make rational decisions.
And the loss of profit syndrome leads the trader to make hasty decisions.
Face to face with greed
Greed is an emotion that makes traders take higher risks when they can be avoided.
Greed fueled by fear can have serious consequences.
How to develop trading discipline
Emotion management is a priority.
That is why, at Pocket Option, we emphasize the importance of educating our traders and provide a full range of possible tips and tools to educate and hone trading skills.
A healthy trading psychology implies strict adherence to certain rules that a trader aspires to:
Risk management tools
The basis of the basics of trading is the observance of the rules of money management, namely, the ability to properly manage the available amount of funds on the balance of the trading account, which includes setting the size of a trading order, using trading techniques such as "stop loss", "martingale", etc ...
Limiting trading sessions
Money management and trading session planning techniques also come to the rescue. An experienced trader senses the moment when it is necessary to “enter the market”, as well as the moment when it is necessary to suspend the trading session and wait for the time of another “market entry”.
Detailed report on trading sessions
Keeping a personal diary of a trader is an excellent tool for analyzing and correcting mistakes. This seemingly useless procedure helps to comprehend their strengths and weaknesses in order to increase the efficiency of trading.
