Mental Hacks for Traders: Arrest Your Mind & Boost Your Profits

By ANDREW AZIZ

This book is for you if you want to learn how to trade crypto like a pro and achieve your financial goals. You will discover the secrets of successful crypto traders and avoid the mistakes that most traders make. You will also master your emotions and psychology in crypto trading and overcome fear, greed, and stress. This book will teach you the mental hacks for traders that will help you arrest your mind and boost your profits in crypto trading.

Crypto trading is one of the most exciting and rewarding ways to make money in the digital age. However, it is also one of the most challenging and risky endeavors that requires a lot of skill, knowledge, and discipline. Many traders fail to achieve consistent and profitable results because they lack the proper mindset and strategies to deal with the volatility and uncertainty of the crypto market.

This book will teach you how to develop a winning trading plan and execute it with confidence and consistency. You will learn how to use technical analysis, fundamental analysis, and market sentiment to trade crypto effectively and efficiently. You will also learn how to manage your risk and money in crypto trading and protect your capital from losses.

But more importantly, this book will show you how to master your emotions and psychology in crypto trading and cope with the mental challenges that come with it. You will learn how to overcome fear, greed, and stress, and how to develop a positive and supportive trading environment. You will also learn how to cope with volatility and uncertainty, and how to deal with losses and setbacks.

By applying the mental hacks for traders in this book, you will be able to trade crypto with discipline and consistency, and achieve your desired outcomes and results. You will also be able to enjoy the process and have fun along the way.

This book is not just a collection of tips and tricks, but a comprehensive and practical guide that will help you transform your trading performance and mindset. Whether you are a beginner or an experienced trader, this book will provide you with the tools and techniques that you need to succeed in crypto trading.

Here are some of the things that you will learn in this book:

How to create a positive and supportive trading environment that will help you focus and perform better

How to use technical analysis, fundamental analysis, and market sentiment to trade crypto effectively and efficiently

How to manage your risk and money in crypto trading and protect your capital from losses

How to optimize your trading performance and mindset by using the best platforms, indicators, and bots

How to leverage the power of social media and community to enhance your trading experience and results

How to master your emotions and psychology in crypto trading and overcome fear, greed, and stress

How to cope with volatility and uncertainty in crypto trading and deal with losses and setbacks

How to trade crypto with passion and enthusiasm and have fun along the way

And much more!

If you are ready to take your crypto trading to the next level and achieve your financial goals, then start applying the mental hacks for traders that will help you arrest your mind and boost your profits in crypto trading. You will be amazed by the results that you will get!

• Language: English
• Publisher: ANDREW AZIZ
• Release date: Feb 3, 2024
• ISBN: 9798224200948

Book preview

Disclaimer

Day trading offers significant potential benefits but also significant possible risks. To invest in the financial markets, you have to understand the dangers and be prepared to accept them. Never deal with funds you cannot afford to lose. This book's contents are intended only for general informational purposes. Despite our best efforts to ensure accuracy, we take no liability for mistakes or omissions. The following examples are meant to be illustrative only; they are not intended to represent investing advice or strategy. The limits of hypothetical or simulated performance outcomes are inherent; they do not represent actual trading, in contrast to a genuine performance record. Furthermore, because the deals haven't really been executed, the outcomes might have over- or undercompensated for any impact that certain market circumstances, such liquidity shortages, may have had. Previous outcomes do not guarantee future success.

INTRODUCTION

The Key to Success

Consider two merchants. I won't have to choose between Ashley and Casey when we refer to them as males or women. After reading a book on their favorite topic, Ashley and Casey pick up a new trading technique for day trading futures contracts.

They have been dealing together for approximately a year. In the event that someone convinced them to take an IQ test, their scores would be comparable. They received roughly the same education, finished school with comparable credentials, and graduated from the same institutions.

After reading the trading book for a day, our heroes enter the market. To the best of their abilities, they implement the newly learned approach.

On the same days, they are dealing with the same contract. Since they are searching for the same entry and exit signals, they ought to be making purchases and sales at the same times.

The same broker serves clients named Ashley and Casey. They have identical machines running the same software, and by amazing coincidence, their internet connections offer precisely the same latency and speed. They both use the same charting software, have identical order routing, and incur the same amount of slippage. Both of them are in excellent health, have no outside distractions in their trading environment, and get enough sleep each night.

Following a week of the new approach, they schedule a meeting to compare their outcomes.

Ashley gets there early and has a few drinks before Casey shows there.

Eventually, Casey shows up driving a brand-new vehicle. Sorry for being late, Casey says. Had to take this baby out of the dealership. How do you feel? Really nice, huh?

Ashley is taken aback. How were you able to afford that?"

With the money I made this week on the markets, Casey responds. The best week ever! I don't think that new strategy is going to survive?

Ashley is unsure of Casey's seriousness. Are you chuckling? That was a dumb pile of shit. I was losing money every day!"

Casey presents a broker statement to demonstrate that substantial amounts of money had in fact gone inward.

Ashley, who is deeply depressed, goes back to the pub and places an order for something stronger.

Casey is reimbursed.

Alright, you get the gist. Perhaps you have already experienced it yourself. I am aware that I have. It may be a blog article from a respected person, a fresh topic on a trading forum, a book, or a shared video online. It's the message that matters, not the means.

A fresh approach. An excellent concept. A certain approach to outperform the market!

Other than trying it out, I don't receive the advertised outcomes.

In what way is this possible? Is the author of the blog post, forum discussion, or video lying to me?

Are they inventing their outcomes just to giggle? How do they succeed when I am unable to? How could a plan of action that suits Casey so perfectly work against Ashley? They are, after all, equally intelligent and have equal access to resources. There is no disadvantage for either.

It's a question I used to ask myself on a regular basis when I first started trading. Although I believe I always knew the answer, acknowledging it was difficult. And there is precisely where the issue is. It's challenging to recognize Ashley and Casey's differences from one another.

Seeing things as they actually are is the crux of the matter.

There is no environmental or technical advantage to Casey over Ashley. However, Casey does have one benefit. Casey is able to recognize the truth and act without hesitation in response to it. Casey has made the difference between understanding what has to be done and actually carrying it out.

Put differently, Casey is able to perform.

If there's a secret to trading success, it's this: execution is key.

That begs the question, Why can some traders execute while others cannot? At the conclusion of this book, you will be aware of the response to that query.

Trading Is Hard

I know of no tougher career than trading. It's also among the simplest. How are those two assertions possible to be true? Anyone who has ever tried trading is likely intuitively aware of the answer.

Trading is simple in the same manner as quitting smoking is simple. Simply give up smoking.

Trading is simple in the same way that cutting weight is simple. You simply eat less and move more.

The same rules that apply to winning a Formula One Grand Prix also apply to trading. All you have to do is drive faster than everybody else on the grid.

Trading is simple in a similar manner as learning a new language. All you do is commit numerous terms, grammatical rules, and exceptions to memory.

Trading is simple in the same sense that constructing a skyscraper is simple. You get where I'm going with this?

While all of these tasks are simple, they are also very difficult, with only a small percentage of people succeeding. In Formula One racing, each race can only be won by one individual. Everyone can, at least, profit from trading (yeah, really).

Naturally, the issue is one of mental toughness. I refer to it as head crap. Making a decision and carrying it out are two different things.

Execution is crucial.

You know that eating the large cream doughnut is bad for weight loss and that eating an apple is a better option. That’s simple. Everyone is aware of it. Putting the sticky, sugary doughnut down in front of you on the counter and going for the apple instead? That is difficult. The small voice in your head begs you to give it one more try. Admire the abundance of creamy richness. Just think of how amazing that will be! Tomorrow, the apple will still be there. Grab the doughnut! Then a second tiny voice warns, That doughnut is a really bad idea. Consider the amount of calories in it.

It will take three miles of running for you to get those off. The apple is also rather pleasant. Take the apple, please.

Which voice are you hearing? Arguments and counterarguments fly back and forth as the struggle rages. You make a decision and have to live with the results.

Occasionally, it's the appropriate decision, and other times, it's not. You have only won or lost a battle, not the war, in either case. There are constantly more options available.

I could be exaggerating a little bit. Maybe not everyone has an inner monologue as voluminous. However, everyone has trouble making the appropriate decision and choosing between opposing ideas. These split-second judgments, these little decision-making moments, are what make or shatter our dreams. Moreover, humans are sadly not particularly excellent at making wise decisions.

We can, however, improve.

That is the main focus of this book. Improving oneself in terms of doing the right thing and making wise decisions.

I have been teaching trading for more than ten years, and I have been trading for even longer. I’ve dealt with traders and would-be traders at every skill level, from total novices to hedge fund managers managing millions, even billions, of dollars. Each and every one of them, including me, faces the same issues from time to time. Simply said, effective traders are more adept at handling those issues. They tend to make better decisions than bad ones most of the time.

Fear and  Greed

Of all the traders I've met, not a single one has expressed fear or greed to me on their trading experiences. It’s not appropriate to feel ashamed of these seemingly damaging feelings. They do, in fact, exist for excellent evolutionary reasons. Unfortunately, they are our biggest opponent when it comes to making and breaking trades. Who has never shied away from making a large trade out of concern of suffering a significant loss? Who hasn't been a little too long in a position out of greed for more money? And who among us can genuinely claim that they have never hesitated to quit a losing transaction as soon as possible, never hanging on for a few more seconds to see if it might turn around?

We’ve all been there, and it's one of the most frequent causes of traders not making the gains they properly deserve.

The majority of trading books will encourage you to just learn to get rid of greed and fear. They’re not incorrect, but the advice is about as helpful as telling someone that you should learn not to put smokes in your mouth if you want to quit smoking. If only everything were that easy.

To eradicate fear and greed from our trading, we must first comprehend these emotions—what they are, where they originate, and what they are attempting to accomplish. They didn't just appear out of nowhere, after all. They have a very excellent purpose for being there as well.

In actuality, I believe we are capable of more than simply overcoming our greed and fear. If we have a proper understanding of them, I think we can turn their incredible power to our advantage and make them work for us instead than against us.

Mental Hacking

Before we dive into the topic at hand, it would probably be a good idea to define brain hacking. The term hack has the following two definitions according to my dictionary:

Verb: Acquire illegal access to computer or system data.

Verb: Quickly and roughly program.

Noun: A computer program that offers a fast or clumsy fix for a certain issue.

Alright, so I'm appropriating the term with a little artistic license. I’m not advocating that you obtain unauthorized access to your own mind.(Is it really possible?) Nor am I advocating that we devise any clumsy or crude fixes for the issue of trading execution.

I'm proposing that you use your brain, a system, to quickly apply fixes for the specific issue of trade execution.

If you've ever watched the movie War-games, you should understand what I mean.

In the movie, David, played by Matthew Broderick, breaks into the US Missile Defense System and unintentionally starts a series of events that might eventually result in the firing of nuclear missiles on Russia. There will be a third world war, and mutually assured devastation will come next. It is end-of-the-world material.

David breaks into the system once more in an attempt to save the planet, turning it against itself and making it realize that going to war is not the solution. Though it's all a little unrealistic, the theory essentially accomplishes the same goal that I have for this book.

We'll find out shortly why your brain is attempting to interfere with the way your deal is executed. Through hacking and manipulating its programming, you can harness its power to improve trade performance rather than impede