Trading Psychology: Master Patience to trade like a Pro

Trading Psychology: Master Patience to trade like a Pro

Trading Psychology: Master Patience to trade like a Pro 300 169 Minimalist Trading – Best Trading Indicators for TradingView

If you ask a full-time trade to give you his best advice, it would be: focus on Trading Psychology.

You could use the best indicators in the world, but if you get emotional when you have a trade open, then you will certainly fail.

Why are we so secure?

Because you will end up making many psychological trading mistakes that will compromise your trading performance.

However, reaching a successful trading performance is not hard if you are really committed to it.

So how can you actually do it?

The first rule: work on your trading psychology and more specifically, learn to become more patient.

In fact, the desire for quick profits is, for the most, what turns an aspiring full-time trader into yet another losing trader.

In today’s TradingView chart we have a very great trading opportunity which we discuss below.

During the discussion, you can learn that great trading indicators are essential to identify and build a good setup.

However, it takes a significant experience in trading psychology to ultimately win the trade.

Trade setup – 8 Apr 2019

Master patience to trade like a pro Setup 1

All the three conditions that we usually look for are checked:

    1. Divergence between the price (which moves sideways) and the RSI Exhaustion (which moves down)
    2. Bullish exhaustion in the RSI Exhaustion
    3. A confirmed top (displayed by the Bottoms Tops Signal)

Moreover, the price is currently below a major resistance indicated by the Levels and Zones.

Not only this is a fantastic condition for a high probability trade, but also, we can exploit the resistance to set our stop loss just above as be sure to be extremely protected both by the sell zone and by the resistance itself.

Setting the target is even simpler because, once again, we exploit the Levels and Zones and set it down where a major support is currently at.

Trade update – 8 Apr 2019

Master patience to trade like a pro Setup 2

The price moved lower and now it’s moving slightly higher after having formed a bottom.

However, the general outlook is still bearish and the validity of our initial technical analysis is absolutely intact.

Trade update – 10 Apr 2019

Master patience to trade like a pro Setup 3

It’s taking forever, but nothing has changed from a technical point of view.

We just need to stay rational and avoid getting emotional as most beginner traders do in these circumstances.

Trade closed – 11 Apr 2019

Master patience to trade like a pro Setup 4

It looked like it was taking forever, and then it made two very long down candles in which the volatility increased significantly.

It started as any other regular trade opportunity.

Then it turned into a rather long trade which made many beginners frustrated.

This is extremely evident by the price action which moved sideways for quite some time, thus finding many sellers at that level.

In the end, the price went all the way down to where we placed the target (if you’re interested you can learn How to set the Target right) and so we were able to close the trade with a 2.7x profit.

How would you manage a similar situation?

Would you get frustrated and close the trade or keep it open as we did?

Discuss and share your opinion with fellow traders by leaving your comment on the YouTube video above.