Psychology of Great Traders", Thami Khabbaj explains, from his experience in the trading rooms, the madness of people who trade

most surprising fact that he remembers is that these people are sometimes capable of the best as well as the worst and can therefore "blow a fuse". Everyone, you will say, has strengths and weaknesses, and you are right.

If you really want to succeed, you have to take the psychological dimension seriously. It is also advisable to have a trading journal. This in order to rigorously follow our positions and emotions. And of course, follow a plan. The vast majority of losers are losers because they don't have a plan. 

Training in trading is the equivalent of training for an athlete.

How a trader reacts in unpredictable situations will reveal his winning/responsible character. 

Getting Started in Trading

first characteristic of a trader is to be a psychologist

trader is also a speculator, so it is up to him to buy and sell at the right time. Third, a trader is also a risk manager. 

What are some classic errors of crypto traders?

Failing to cut losing positions. It is important to know when to open a position and it is also important to know when to close it to avoid big losses. 

Listening too much to the noise.

Reading without applying. Reading is good but applying is better. Training in trading is the equivalent of training for an athlete. You will not succeed overnight.

Don't believe the dream sellers. Don't listen to all the people who are going to pretend that they have the best signals on the market and that they are going to make you rich. Don't be too naive. Good signals exist but they are rare and do not run on social networks. Don't follow too many signals from others. 

Some tips to trade crypto responsibly

first tip is to read a lot of books about trading. A top book we recommend is "Reminiscences of a Stock Operator" by Edwin Lefevre which tells the stories of Jesse Livermore's memoirs

totally represents the psychology within the trading floor

Some people fall into the trap of habits and "sheep-like" behaviors that lead to certain mistakes.

Working seriously on the psychological aspect will allow a good start. Working seriously means taking inspiration from top athletes, business leaders, and all people who have a winning mindset. The biggest part of the work for trading is mental. 

Try to anticipate all possible scenarios as much as possible. By anticipating, you will leave much less room for emotional trading. Take a position only after all your criteria for entering the position are met. Don't let yourself go and take thoughtful trades as much as possible. Many times, the best trades are the ones you didn't take. 

Learn that the market has no reason. You may be losing money when all the conditions were right for you to be successful. Learn to lose and be humble. What is important is to make the right decisions for the long term, the short term does not matter. 

You don't necessarily lose because you are bad, but sometimes because the market is simply irrational

if you're not solid, you're going to get screwed. You can disappear quickly if you are not mentally strong. The markets are easy to understand if we respect the rules but hard if we don't.