Trading the markets can get rough. Make sure your mentally prepared to go up against the markets with these tips on trading psychology.
All of us have struggled on our path to becoming a successful trader. How long you struggle, though, is really up to you. A few years ago, I had the worst trading losses of my career. At that point, I had been trading for two years, and though I knew how to trade, my P/L … Read more
One of the greatest strengths of the human race is our ability to adapt to our environment. Not the kind of adapting where we grow fur, webbing, or a new limb, but rather, adapt mentally.
The “societal beliefs” that we discussed yesterday imbed into the trader’s brain the following account killers: Fear of Missing a Move: The trader sits and sits, amazed that the market continues to run away without him. Finally, he can’t take it any longer. He doesn’t want to miss any more of the move. He jumps … Read more
Traders are the best salespeople in the world. Although used car salesmen are saddled with reputations as being pushy and dishonest, they don’t hold a candle when compared to the average trader. Why is this? A trader, once in a position, can deceive himself or herself into believing half-truths faster than a house cat pouncing … Read more
It’s easy to take our bodies for granted. After all, the human body knows what it is doing, and it is great at adapting to change. But there are times when we push it too far and it just . . . snaps…throws in the towel. And, a few years ago, that is what happened to me. I went through … Read more