The biggest difference between professional and beginner traders is what they most focus on. While newcomers put their focus into finding the ultimate strategy to make them rich through trading, seasoned traders know that while strategy is important, the biggest contributor to success is controlling your emotions.
Trading psychology is something that most beginners never even worry about. They think that it’s irrelevant, while their accounts are silently bleeding cash mainly because of uncontrolled emotional behavior. There are many sites that help you come up with a good trading strategy or even copy the strategies of winning traders, but fixing your emotional errors is something that only you can do.
Fortunately there’s an easy fix to the problem. All you need to do is to be mindful of the main emotions that drive bad decisions. Once you are aware of them, it is easier to stop them from influencing your decision making. Emotional control is like a muscle that gets bigger when you train it.
The attached infographic by Foxytrades.com summaries the 7 main mistakes that emotions cause traders to make. Each of the 7 problems has an easy fix. All you need to do is apply them to the problem and you will see a significant increase in your overall profitability.