On the topic of fear of taking trades.
Personally it is a feeling I never experienced like most. I had the opposite issue where I would press buttons.
The fix is the same and its one that you have heard from me before.
Personally it is a feeling I never experienced like most. I had the opposite issue where I would press buttons.
The fix is the same and its one that you have heard from me before.
What creates under/overtrading?
Fear of losing VS Fear Of Missing Out
Now where do these fears come from?
1.Fear of losing:
•Fear of uncertainty
•Lack of understanding for expectancy
•Relationship to money heightened
•Recency bias
•Lack of preperation
•No process
Fear of losing VS Fear Of Missing Out
Now where do these fears come from?
1.Fear of losing:
•Fear of uncertainty
•Lack of understanding for expectancy
•Relationship to money heightened
•Recency bias
•Lack of preperation
•No process
This is an issue you will mainly face at the beginning of your career.
You trade everything, you see your idols and it seems so far away, you are unsure how to track, you remember every loss vividly... You are a bit lost.
Work on a routine,work on edge.
You trade everything, you see your idols and it seems so far away, you are unsure how to track, you remember every loss vividly... You are a bit lost.
Work on a routine,work on edge.
2. FOMO
Why can't you stop pressing buttons?
•Overthinking
•No process
•Letting noise take you
•Money>growth
•False belief in edges
Why can't you stop pressing buttons?
•Overthinking
•No process
•Letting noise take you
•Money>growth
•False belief in edges
Same type of issue, you look up to certain people or picture yourself at another stage.
Trading is all about researching for the future but always executing in the present.
A trade should have a proven edge: If you have 70% odds of winning on a given trade, take it and stop
Trading is all about researching for the future but always executing in the present.
A trade should have a proven edge: If you have 70% odds of winning on a given trade, take it and stop
There should be a defined 'I am wrong if it get here' level. If you are the type of trader that keeps on entering back in, you have 0 edge.
Like poker, if you get pocket As, take the bet. If the next is a 2,4... Why take it? Wait until you have a good hand.
It is a data issue
Like poker, if you get pocket As, take the bet. If the next is a 2,4... Why take it? Wait until you have a good hand.
It is a data issue
You have about a 0 chance of making it in trading until you understand your odds.
Not what you believe is good, but proper edges like a pocket As.
Otherwise its like you playing 2,4.. You might get lucky a couple of times, but play the whole round and the result will be clear.
Not what you believe is good, but proper edges like a pocket As.
Otherwise its like you playing 2,4.. You might get lucky a couple of times, but play the whole round and the result will be clear.
Truth is trading is like a lot of high performance sports.
99% talk the big game, but 1% do the work needed and they are usually the kind that will do so in the dark.
See it this way. Work with the thought that it will take 2y to pay off, that is what it takes.
99% talk the big game, but 1% do the work needed and they are usually the kind that will do so in the dark.
See it this way. Work with the thought that it will take 2y to pay off, that is what it takes.
Same thing is true to investing.
Warren said it best during a talk with Bezos.
Bezos: 'Warren, your investment strategy is so simple; Why doesn't everyone just copy you?'
Buffett: 'Because nobody wants to get rich slow'
Warren said it best during a talk with Bezos.
Bezos: 'Warren, your investment strategy is so simple; Why doesn't everyone just copy you?'
Buffett: 'Because nobody wants to get rich slow'
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