The psychology of trading : analyse - buy - wait - be patient - don't be greedy

I've been earning money online for about three years. I came to the conclusion that the best way to earn money online is trading.

I was invited by a lot of people to trade in forex and other platforms to trade fiat money, but I never tried doing that because they ask for a lot of money or they have unclear schemes. So I didn't buy into their persisting propositions because I'd seen enough fraud and scams. People are doing anything to earn money by creating and promoting hyips and ponzi schemes. And there are even websites that never paid, but that's not the topic.

I want to write about trading psychology because I think that any good trader has to know this. The trading psychology is clear in any exchanger because we are dealing there with people, not with robots. So we have to understand that in order to prevent losing money and always be in profit even if we gain just a dollar. We have to always think like champions, like winners - that is the most important.

The first aspect in the trading psycology is the analysis. To start trading we have to read a lot and learn about the currencies which we want to trade. If the main currency is bitcoin - you have to know enough about it to predict all the rises and falls of the price and how it's related to other altcoins. Also you have to analyse carefully all the strongest currencies and know why we need that currency, who created it and how much people are involved in dealing with it.

As for buying the currency, you have to choose the lowest price to sell with the higher later. But look at the closest lowest price since the price is low because the demand is also low. You have to think that behind every trade there is a person who is selling that coin because it must have made some profit for him. So there are maybe othere people who will sell the coin sooner of later. Don't ever think that this lowest price is actually the lowest price existing. There is always a chance that someone will sell it with a lower price.

The thing that you have to take in account is that you have to learn to wait, waiting is very important. Sometimes people have to wait for days or even months in order to make a good profit. Cryptocurrencies are getting more and more demand in the world and are becoming more expensive every day, so waiting is the key to good profit.

Being patient also helps in trading. If you can't be patient to buy or sell the currency in the right time, and you are thinking just about profit - you might end up choosing to lose a little to prevent losing a lot. But if you have enough patience, you will skip through the falls and get your profit.

Let other people also earn a little. If you've already earned some money - don't regret that you didn't earn more, control your emotions. But if you are not greedy, you will not be obsessed about gaining a lot - because the more difference you're expecting, the more risk you're taking.

So take this trading psycology into account when you're trading and try to understand it and you will always earn.

Follow @Clixmoney for more trading tips. ☺

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