MBG Markets: The psychological state of top traders

Philosopher Sartre said:The fate of life cannot be changed, and all the meaning of life lies in your endowments.The so-called giving life a certain meaning is to face it with a certain mentality and emotion.To some extent, changing mindset is equivalent to changing meaning, and changing meaning is equivalent to changing life.This is in theforeign exchangeThe same goes for the market, where the psychological state during trading largely determines our win or loss.
There is an ancient Chinese saying:"Our predecessors planted trees, and later generations enjoyed the shade." Successful traders naturally have their own reasons for success, even Newton's success had to "stand on the shoulders of giants," let alone the mediocre us?The psychological state of the top traders in the foreign exchange market is worth pondering and learning from.
Marty Schwartz



Champion trader, in the first ten years of trading, often suffered losses and was on the brink of bankruptcy for a long time,1979Becoming a top trader after the year.He has participated in a total10Winning the four month trading competition project in the US Investment Competition9The second champion has an average return on investment of210%The money he earned was almost the sum of the other contestants.
viewpoint1：If I'm wrong, I have to get out of here quickly. As the saying goes, leave the green mountains behind and don't be afraid of burning firewood.I must maintain my strength and make a comeback.
viewpoint2：No matter when you encounter setbacks, your heart will be very uncomfortable.Most traders, when suffering significant losses, always hope to immediately make a comeback, so they get bigger and bigger, hoping to make up for the disadvantage in one fell swoop.But once you do this, it's like you're destined to fail.After I suffered that blow, I would immediately reduce my operations. What I did at the time was not about how much money I made to make up for the loss, but about regaining my confidence in trading.




Michael Marcos




A genius trader,1969Year to1973During the year, I often lose all my money and fall into the formula of borrowing, losing, borrowing, and losing.1973After the year, we began to embark on a path of successful trading.1974year8Joined the commodity company as a trader on a monthly basis, and the company provided3As a trading fund of $10000, approximately ten years later, the return rate of this fund will be about 2500 times, expanding to8000Ten thousand US dollars.
viewpoint1：The main reason why I keep losing money and losing everything is because I lack patience, which leads to ignoring trading principles and not being able to enter the market rashly when the situation becomes clear.
viewpoint2：Today, there are fewer and fewer trading opportunities that meet the profit principle, so you must be patient and wait. Whenever the market trend is completely opposite to my prediction, I will say:I originally hoped to make a big profit in this market trend, but to my surprise, the market trend did not meet expectations, so I decided to withdraw.
viewpoint3：You must stick to your good cards and reduce your bad cards. If you cannot stick to your good cards, how can you make up for the losses caused by bad cards?There are many very good traders who end up spitting out all the money they earn because they are unwilling to stop trading when they lose money. When I lose money, I will say to myself:You can't continue trading anymore, wait for a clearer market trend.When you win a good card, you need to hold it patiently, otherwise you will not be able to make up for the money lost by winning a bad card.
Tom Bodewriting




viewpoint1：The most common mistake many traders make is trading too frequently.They will not carefully choose the appropriate trading timing.When they see market fluctuations, they want to enter the trading market, which is like forcing themselves to engage in trading, rather than patiently waiting for trading opportunities in an active position.
viewpoint2：We are able to profit because we have patiently done a lot of work before entering the site.Once many people make a profit, they tend to take trading lightly and operate more frequently. The next few losses will make it difficult for them to cope, resulting in huge losses, even losing their savings.
Bruce Covanna




Across the globeForeign exchange transactionsEmployee.1978Year to1988Annual, with an average annual return rate of87%That means when you invested2000USD to his fund,10In a year's time, your investment can grow to200Ten thousand US dollars.
viewpoint1：Whenever I enter the market, I always set a stop loss point in advance, which is the only way for me to sleep peacefully.I always avoid setting the stop loss point at a price that the market situation may easily reach. If you analyze correctly, the market situation will never be able to fall back to the stop loss level.If the market reaches the stop loss point, it indicates that this transaction has made an error.
viewpoint2：My worst transaction was due to impulsiveness.Based on my trading experience, the most destructive mistake in trading is being overly impulsive. Anyone who formulates a trade should follow established trading signals and never change trading strategies hastily due to impulsiveness.Therefore, not being impulsive is the first step in risk control.

Richard Dennis




A legendary figure in commodity trading.to1960Entering the commodity trading industry in the late 1990s, in the first few years, I often lost all my money.1970After the year, we began to embark on the path of success,20In the middle of the year, he brought400The US dollar has turned into a sum of approximately2A wealth of billions of dollars.The founder of the Turtle Trading Act.
viewpoint1：I have been engaged in trading for a long time20Over the years, if I hadn't learned to stay calm earlier, I would have been driven crazy by the ups and downs of my trading career.Traders are like fighters, and the market will hit you hard at any time. You must remain calm.When you suffer losses, it indicates that the situation is not favorable to you. Don't rush, take it slow. You must minimize the losses and protect your capital as much as possible. When you suffer significant losses, your emotions will be greatly affected. You must reduce your operations and consider the next transaction at intervals.
viewpoint2：Whether I am making a big loss or a big profit, I will keep my mind calm and analyze every transaction every day to see if there are any violations.For good trades, think carefully about why they succeed, and for bad trades, self reflection is necessary to identify the root cause.Therefore, if you want to always do well, you must pay close attention to every transaction you make in your daily life.
Mark Weinstein




I used to work as a real estate agent before becoming a trader, just starting out4For over a year, losing money was like losing money, losing everything time and time again, and saving money again and again.after 4After more than a year of failure, he began to move towards the path of success and maintained a high proportion of profit margins. An insider revealed that he had watched him100Out of the transaction records, only a few were losses.
viewpoint1：Why can I achieve such a high proportion of profit margins?That's because I'm afraid of the volatility of the market, and I've found that successful traders are usually people who fear the market. The fear of trading in the market forces me to carefully choose the right timing to enter.Most people don't wait until the market becomes clear before entering. They always enter the forest in the dark, while I always wait until dawn to enter.I don't predict the direction of market changes before they start, I always let market changes tell me the direction of market changes.Choosing and waiting for a foolproof opportunity before launching an attack, otherwise I will have to give up. This is my most important trading principle.
viewpoint2：Don't be blinded by the joy of profit.You should know that the most difficult thing in the world is how to sustain profitability.Once you make money, you will hope to continue earning more money.In this way, you will forget about the risks, and you will not doubt the correctness of your established trading principles, which is the reason for self destruction. Therefore, you must always be cautious, be very cautious when losing money, and be even more cautious when making money.

Paul Dude Jones




Offensive operational art.1984year9Month, Jones with150Founded Dude with tens of thousands of dollarsfuturesFund, here we are1988year10The fund has grown to3Billion3000Ten thousand US dollars.He has a dual personality and is quite easy-going in social situations. He is an approachable, humble, and polite gentleman;When trading, giving orders seems like a fierce and brutal officer.
viewpoint1：I lost myself in one go70%When it comes to funding, I have decided to learn self-restraint and fund management.When operating, I will try to relax as much as possible. If holding a position is unfavorable to me, I will step out. If it is beneficial to me, I will hold it long.My current mindset is how to reduce losses, not how to make more money.Therefore, when your trading situation is not good, reduce or stop trading. When trading enters a good situation, increase trading. Do not enter the trading market recklessly in situations beyond your control.
viewpoint2：Whenever I make a transaction, I always feel anxious because I know that success comes and goes quickly in this industry. Every time I suffer a blow, it's always when I feel proud.The speed of destruction of anything is far greater than the time it took to build it. Some things take ten years to build, but they can be completely destroyed in a day.Therefore, no matter when, I will strictly restrain myself.
viewpoint3：My biggest flaw is being overly optimistic.Therefore, when I operate now, I never think about how much money each transaction can earn me, but constantly think about the potential losses I may suffer, and always pay attention to protecting what I already have.
Eddy Sekuta




A genius trader, Sekota utilizes computer trading systems to operate for both clients and himself1972Year to1988During the year, the investment return rate obtained was almost unbelievable, for example, one of his clients invested in5000USD, it's here1988In the year, the capital growth was1250Ten thousand US dollars.
viewpoint1：I believe that trading and psychology are actually two sides of the same coin.The financial market is a good place to test individual psychological barriers.What happens to oneself must be a reflection of one's own mentality.It is difficult for a failed trader to transform into a successful trader because they have no intention of changing themselves.Every loser actually harbors a subconscious desire to lose deep within their hearts.Therefore, even if one achieves success, they will unconsciously destroy the fruits of victory.Everyone can achieve their wishes in the market.
viewpoint2：When trading, it is important to take the initiative to do a good job based on human flaws. For example, when I have difficulty operating and face losses, I will continuously reduce my business volume or even stop operating, rather than increasing trading emotionally, hoping to reverse the decline. This will inevitably result in heavy losses, which is simply self inflicted and cannot survive.

summary




The famous master of chaotic trading, Bill William, believes that financial trading is the best medicine to promote personal mental development and physical and mental balance.Because foreign exchange trading is like a mirror that can expose all the hidden weaknesses in you.As the saying goes, a sergeant nurtures the mind. There is no universal secret to the success of trading. To stay in this market for the long term, it is necessary to learn and imitate the psychological state of successful traders.Continuously enriching oneself is the key to continuous progress.