95% of traders lose because they can't control their emotions.
5 mind killers keep destroying traders:
5 mind killers keep destroying traders:
1. Fear
- FOMO, fear of losing and fear of failure kill your trading
- Confidence is the best way to control your fear
- Decrease your risk, backtest your system and focus on your execution
- FOMO, fear of losing and fear of failure kill your trading
- Confidence is the best way to control your fear
- Decrease your risk, backtest your system and focus on your execution
2. Greed
- Greed is the most powerful trading killer
- You can win 10-20 trades in a row, but then lose everything with 1
- Don't underestimate the market, don't go all-in, don't break rules
- Greed is the most powerful trading killer
- You can win 10-20 trades in a row, but then lose everything with 1
- Don't underestimate the market, don't go all-in, don't break rules
3. Anger
- When you're angry you will make silly mistakes and take bad trades
- Use anger to become the best trader, not to destroy everything
- Work harder, practice more, reach daily/weekly goals
- When you're angry you will make silly mistakes and take bad trades
- Use anger to become the best trader, not to destroy everything
- Work harder, practice more, reach daily/weekly goals
4. Impatience
- Trading is 10% execution, 90% waiting
- Taking more trades =\= making more money
- Know your system, follow rules, have a long term perspective
- Trading is 10% execution, 90% waiting
- Taking more trades =\= making more money
- Know your system, follow rules, have a long term perspective
5. Revenge
- Anger + Impatience = Revenge trading
- You make stupid mistakes and you want to recover your losses by taking random trades
- Think in probabilities, write rules next to your PC, don't increase risk
Trading is a business, not an online lottery.
- Anger + Impatience = Revenge trading
- You make stupid mistakes and you want to recover your losses by taking random trades
- Think in probabilities, write rules next to your PC, don't increase risk
Trading is a business, not an online lottery.
Trading is hard:
- Long time to overcome the learning curve
- Isolation and everyone against you
- Pain and emotional fights
But if you can control your emotions, you can do anything.
- Long time to overcome the learning curve
- Isolation and everyone against you
- Pain and emotional fights
But if you can control your emotions, you can do anything.
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