Learn Trading Psychology
Trading psychology is one of the determinants of the sustainability of the trading business being undertaken. Because this trading psychology is related to the trader himself. If the psychology of trading is still chaotic, it will be seen from the way the transaction is still chaotic and emotions are still controlled in the transaction. Like rushing to take profits and still waiting a long time if you experience losses.
Not only analysis determines the success of this trading business but also in managing trading psychology. This psychology is what controls traders in making decisions so that it needs to be corrected if the trading conditions are still chaotic.
This is the trading psychology that traders must have.
Discipline
Being disciplined also requires quite a long practice. Discipline in the world of trading is being able to master and run a trading plan that has been made. So that trading activities are more focused and clearer. Traders must be able to obey the rules that have been made before trading. If you really have to exit the market without waiting anymore, just execute it.
Immediately exit the market if it is against the analysis
The analysis carried out is not always accurate there are times when the market will contradict the analysis. When you meet these conditions, a trader who is alert will make a decision to exit or wait until the market will turn around again. When choosing to wait, the thing to do is re-analyze market conditions. However, if it does not support the analysis, it is necessary to take action to exit the market in order to secure the large capital used. So that at other times they can recover the losses they face without facing the MC.
Don't refuse sustenance
Don't refuse sustenance, meaning don't wait until the profit is big if you already know that the market conditions are difficult to move in the same direction. So even if it's a little bit, take it so that it can be secured and don't let the market turn around and end up causing losses. So that's where the importance of a trading plan so that traders have guidelines for making decisions.
Faithful to the Trading System and its Rules
In the Wijaya trading family, they were taught to create a trading system independently. Because this trading system will later become a guide for traders to be able to profit independently without dependence on signals or indicators. The trading system itself, of course, adapts to each trading style and is made through a long process. So you should always be faithful to use the trading system in all trading activities to keep from experiencing losses.
Follow the Trend or Wind Direction
A strong trend will always form in the market it can be a double-edged weapon. If traders are able to take advantage of these opportunities, big profits will definitely be obtained. However, if traders are unable to read and enter against the trend, there will be big losses there.
then it is better for traders to follow the big trend that is happening by having a target or a way to get out of the market by bringing profit.
Waiting for the Moment
Patience and not rushing to make decisions in transactions is a must. Because when you rush to make a decision, you will face floating in the market which will make you lose. Momentum or opportunity does not always arise, therefore the waiting process requires extra patience. There is no need to watch the market all the time, but only to see the conditions for a few moments so as not to be tempted to make transactions. But you must always be ready when a moment or opportunity arises.
For this reason, the application of trading psychology can be done by all traders. It takes practice and a process to master it.
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