Scott Daniel T McDonald

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What is trading psychology and why is it important?

Trading psychology refers to the mindset and emotions that influence trading decisions. Fear, greed, impatience, and overconfidence often lead to mistakes such as chasing trades or holding losers too long. Developing discipline helps traders stick to strategies and risk rules. Maintaining emotional control is just as important as technical analysis or strategy. Successful traders manage stress, avoid revenge trading, and accept losses as part of the process. Consistency in psychology separates professionals from beginners.