Trading Psychology
Trading Psychology
The Keys To The Kingdom: Understanding Trading Psychology
Ichimoku Secrets by Kiana Danial Review
Who is Kiana Danial and is she a scam ?
Do you want to know what the best advice anyone can give you about stock trading?
DON’T DO IT.
It will drain your emotions and likely your finances.
Unless you are willing to work harder at it than you’ve ever worked for anything else in your life, just invest your money in the S&P 500 and forget about it so it gives you passive income without much effort.
There, it needed to be said and I said it. Now that I’ve mentioned that you should not do it, maybe it will spark an additional desire to do just that; that’s how weird psychology can be.
Trading Psychology is one of the key elements–perhaps the most important–that will not only enhance your trading skills but has the potential to set you up for long-term success in any other challenging endeavors.
There are entire books, courses, and coaches that are dedicated to helping you grow in all relevant areas, conquer the seemingly impossible, and keeping you from self-sabotage.
Too often progress is destroyed by making avoidable mistakes cause catastrophic consequences.
Limited Time Deal to Purchase Nate Bear’s Profit Surge Trader ASAP HERE
You can also watch a full interview with Nathan Bear discussing the Profit Surge Trader system here.
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Investing Wizard Who Turned $37K Into $2.7M in Just 4 Years Makes His Next Big Move
 |
He started from nothing and became a multimillionaire…
He’s now one of the most sought-after trading experts…
Yet he operates 858 miles from Wall Street.
And now, he’s revealing his #1 favorite strategy that targets MASSIVE weekly profits with just one stock ticker.
*****************************************
Bullseye Trades: Best Alerts Service
Every Monday at the market open, Jeff sends you his weekly Bullseye Trade.
2022 has been AMAZING for these Bullseye Trades!
(+50% to 300% per week in my experience)
LEARN HOW TO WIN 90% OF YOU TRADES IN 90 SECONDS!
>> CLICK HERE TO LEARN MORE! <<
Although I am not qualified to write an entire book about trading psychology, I believe the psychological aspects that are relevant to trading psychology are the same ones that transcend to many other areas of your life.
Therefore, the same advice that I sought for insurmountable challenges previously in my life, has been the one that has helped me improve my trading.
To be transparent, I have some work to do to really consider myself a “consistently profitable trader” as I currently trade part-time and cannot rely on a strict daily trading routine that I can repeat often to derive actual statistical data and conclusive results.
Moreover, I have to continuously and deliberately practice what I preach and find the ways that will keep me safe from my most formidable opponent–myself.
I believe the same is true for you and any trader.
Like most, I have many ups in trading much like in any other part of life; however, unlike most that are reasonably intelligent, I decided that it was a great idea to jump into trading head first without any prior experience.
I figured I could learn by doing (which turned out to be true) and using real money from day one (which turned out to be a big mistake).
I learned my lessons by trading real money from day one and digging a hole so deep that I wondered if I’d be able to dig myself out.
On the bright side, by trading with real money from day one I was able to truly experience the untethered and powerful emotions culpable for many traders’ forced retirements and bankruptcies.
On the not-so-bright side, due to my prominent inexperience, I was sizing up too soon and I was depleting my financial resources at an exceedingly fast pace which made it very difficult to see any proportionate progress, even months later.
Essentially, even after learning how to make great gains, my lack of discipline at the time combined with sizable initial losses, made me unable to keep those gains.
The entire experience definitely made a dent in my psychological armor as it seemed as though I was headed in the same direction as the infamous 90% of unsuccessful traders.
Why Do So Many Traders Fail?
I believe that what traders need most, in addition to regular education and training (and perhaps more time to deliberately practice what they still need to improve upon), is a heightened level of awareness and emotional intelligence.
Bullseye Trades: Best Alerts Service
Every Monday at the market open, Jeff sends you his weekly Bullseye Trade.
2022 has been AMAZING for these Bullseye Trades!
(+50% to 300% per week in my experience)
LEARN HOW TO WIN 90% OF YOU TRADES IN 90 SECONDS!
>> CLICK HERE TO LEARN MORE! <<
These psychological factors are often overlooked or underestimated by newer traders which leads them to go into “war” with the market with little to no weaponry and that, more often than not, causes them to fail.
Why can’t aspiring traders focus on these psychological components?
In very simple terms: too many distractions and not enough discipline. Black swans and other extrinsic factors are out of your control.
However, what you do with your spare time once you’re done with your other responsibilities is well within your control and can make all the difference.
Limited Time Deal to Purchase Nate Bear’s Profit Surge Trader ASAP HERE
You can also watch a full interview with Nathan Bear discussing the Profit Surge Trader system here.
*******************************************
Investing Wizard Who Turned $37K Into $2.7M in Just 4 Years Makes His Next Big Move
| |
He started from nothing and became a multimillionaire…
He’s now one of the most sought-after trading experts…
Yet he operates 858 miles from Wall Street.
And now, he’s revealing his #1 favorite strategy that targets MASSIVE weekly profits with just one stock ticker.
*****************************************
Regular trading knowledge is a place to start but to actually succeed there are many more things that need to be done and yet very few do it.
Becoming successful at trading is not unlike other big challenges but does present very unique hurdles that can only be overcome by developing the kind of emotional management that few ever achieve; therefore, few actually succeed at trading long-term.
Patience Is A Virtue
Too many people want success overnight (myself included when I began trading) and are NOT willing to learn over time and gradually begin trading with real money.
Even less people are willing to carefully increase their position sizes and cut their losses quickly when trades go against them.
They are beginners with small accounts but can act like degenerate gamblers with infinite funds.
Instead of putting in the work required for long-term success, they expect to watch a couple of YouTube videos and hit the ground running.
More often that not, they only manage to quickly blow up their accounts; I know I did.
Learn From Our Trading Mistakes
Cut Out The Noise
Overall awareness and emotional intelligence may actually help a trader succeed; however, when unscrupulous swindlers in the market and on social media are intent on exploiting psychological vulnerabilities faster than the trader can even realize it’s happening, it becomes increasingly difficult for traders to react accordingly.
We are in a society that offers quick fixes for anything and engenders the need for immediate satisfaction.
It’s much more exciting to become the next multi-millionaire stock trading prodigy than have to spend months and likely years to even begin reaping the benefits of stock trading.
“Following” everyone is worse than not following anyone. It’s definitely beneficial to have a trustworthy mentor but following every insta-famous or social media trading guru will cause more confusion than help in any way.
It’s very easy to follow the crowd without doing your own due diligence but it’s also much harder to work on the skills that require your undivided attention when you’re doing that.
In other words, to focus on the psychological components that really matter and will help you succeed, you must set time aside for it and JUST DO IT.
After all, how bad do you really want trading to be a real prospect?
It Won’t Be Easy And It’s Definitely Not For Everyone
I understand that not everyone can just set extended periods of time aside to study. Moreover, not everyone can easily set time aside to work on self-development and improvement; however, the key word there is “easily”.
Bullseye Trades: Best Alerts Service
Every Monday at the market open, Jeff sends you his weekly Bullseye Trade.
2022 has been AMAZING for these Bullseye Trades!
(+50% to 300% per week in my experience)
LEARN HOW TO WIN 90% OF YOU TRADES IN 90 SECONDS!
>> CLICK HERE TO LEARN MORE! <<
If it were easy, anyone would do it. You have to ask yourself: “how bad do you want it?” Then after earnestly answering that question, develop a consistent long-term plan to complete the actions necessary to help you succeed.
Notice I said a “consistent long-term plan”.
It takes a great deal of time to become familiar with all the intricacies of the markets and learn the actual skills required on top of finding and developing your own strategy based on your own personal experience and strengths.
Trading is difficult because there are too many unobserved variables (black swans) but it’s even more complex because it’s driven by emotions.
“Giving it your all” may be setting a side an hour a day to study because you’re diligently taking care of your family and working a regular job.
In that case you must know that initially, one hour won’t be nearly enough to get you started trading with real money.
That could easily discourage you because it will make you feel a certain negative way. That is just one of the infinite scenarios in which emotions will make you question your decision to learn trading.
Your Choices And Behavior Have To Be Conducive To Your Trading Aspirations
Sometimes your reality may just not be aligned with your trading goal.
It simply may not happen in the short or long-term and you have to be realistic enough to objectively come to terms with that.
I say that because forcing yourself to trade by investing the little time or money you could have otherwise dedicated to personal interests or family, may not be a wise decision.
Not everyone can be a trader and recognizing that before you’ve spent your precious time attempting what may very well be out of reach for you, may be a fools errand.
Trading is just one way (definitely not the easiest) to reach your financial goals.
The reality is that a big part of trading will depend on your ability to control your emotions and not only be the hardest worker in the room, but the most resilient.
Moreover, to improve your psychological resilience and develop a keen awareness for the market and its inherent nuances, you must not only really “want it” but you must actually do it.
Start small.
Thread very carefully.
Be very patient.
Work on developing that resiliency. In essence, CUT OUT THE NOISE and LEARN about the things that “move” you emotionally, and about the ones that affect every person that collectively make up the market.
And remember that the only way to move forward is one step at the time and there are no shortcuts to success.
Psychological Warfare in The Market: Awareness of Propaganda and Hype
It used to be called propaganda, now it’s the “hype”; it’s all over the place and it’s part of the ubiquitous psychological warfare that exists in the markets even single day.
It’s now extremely easy to disseminate misinformation throughout social media. Inexperienced traders (and sometimes even experienced ones) are easily manipulated by the “hype”, which often becomes their achilles tendon.
Anything influencing a trader’s emotions can cause impulsive actions and the kind of erratic behavior that can lead to financial disaster.
In a way, just like propaganda was used during WWII and continues to be used today, psychological warfare is never-ending in the stock market.
If you don’t think is happening or can’t see how is being utilized to deceive, you’re right where you need to be to eventually fail.
Just as easy as we’re convinced that we need the latest car model, nicest house, or the most expensive and fashionable outfit, we’re easily convinced that a particular market commodity is at discount and that we should hold with our “diamond hands”, irrespective of the veracity and validity of that idea.
Bullseye Trades: Best Alerts Service
Every Monday at the market open, Jeff sends you his weekly Bullseye Trade.
2022 has been AMAZING for these Bullseye Trades!
(+50% to 300% per week in my experience)
LEARN HOW TO WIN 90% OF YOU TRADES IN 90 SECONDS!
>> CLICK HERE TO LEARN MORE! <<
Your mind has to be in the right place at the right time to see all this hubris for what it is and not let it affect your decisions. No one knows you better than yourself and you need to exploit that for your own improvement and long-term benefit.
Don’t Be Deceived By “Experts” and “Influencers”
Deceitful marketing is everywhere and deceitful tactics are employed in the stock market like they are in any other business or field where there is an exchange of resources from one side to the other.
Because a stock is worth what the market says it’s worth, and you and I are the market, it pays huge dividends to be a successful influencer in the market.
What I am saying is there are too many incentives to be dishonest and conniving in this business and you must always remain vigilant and actually try things for yourself instead of believing every self-proclaimed trading guru.
“Influencers” will always have their agenda and you may or may not be in it. Let that sink in when you see the next “buy recommendation” from that “reputable” firm, market analysts, “gurus”, etc.
I’m not saying don’t follow anyone or have mentors, what I am saying is that if we are chasing stocks and pushing them to new highs because we’re being wrongfully influenced by externalities, we must be aware of that fact and trade accordingly.
Backtest strategies over and over and only go “live” once you’re comfortable and are able to see things for what they are and not what others want you to see.
Limited Time Deal to Purchase Nate Bear’s Profit Surge Trader ASAP HERE
You can also watch a full interview with Nathan Bear discussing the Profit Surge Trader system here.
*******************************************
Investing Wizard Who Turned $37K Into $2.7M in Just 4 Years Makes His Next Big Move
| |
He started from nothing and became a multimillionaire…
He’s now one of the most sought-after trading experts…
Yet he operates 858 miles from Wall Street.
And now, he’s revealing his #1 favorite strategy that targets MASSIVE weekly profits with just one stock ticker.
*****************************************
Don’t Believe Every Assessment From Analysts or Every Tweet From Promoters
Stop, and notice how paid and unpaid promoters and will send hundreds of tweets and publish numerous PR articles with exaggerated facts from “analysts” and sometimes blatant lies in order to move stocks.
Notice how market promoters and many educational “gurus” focus on selling you a romanticized dream that “you can only achieve if you thrust yourself into the stock market or buy shares of this company right NOW”.
In the last sentence above, did you notice how I wrote the word “NOW” in all caps?
Since this is written communication, that’s one way I can effectively emphasize something. Yes, that right there was a visual cue.
Bullseye Trades: Best Alerts Service
Every Monday at the market open, Jeff sends you his weekly Bullseye Trade.
2022 has been AMAZING for these Bullseye Trades!
(+50% to 300% per week in my experience)
LEARN HOW TO WIN 90% OF YOU TRADES IN 90 SECONDS!
>> CLICK HERE TO LEARN MORE! <<
Stop and see how many ways can market swindlers capture your attention and slowly lure you in to exploit your naiveness.
You are typically one “lambo picture” away from believing what “they” want you to believe with their propaganda.
That is because market participants exploit individual vulnerabilities by using well-studied psychological elements used in marketing. These elements are used to not only draw your visual attention to the actual word in the page but to also create the sense of urgency.
Why do I have to buy that company now? Why do I need to believe that the market bubble is about to burst and I am going to lose my only chance at “making it” in the stock market?
Why do I have to be concerned about any of that?
Well, partly because if everyone believes it the it becomes a self-fulfilling prophecy. That is, we were told that company “A” is the next best thing and well all bough company “A” at the same time which then causes the company to appreciate or fly “to the moon”.
People then start taking profit and it begins to decline in value but a couple of PR releases by quasi-reputable PR firms later will temporarily revive the company and put it back in the radar and its moving up again…until is not.
Then rinse and repeat and that’s one way to influence market moves and perpetuate the perennial pump and dump. And although this is most common in the penny stock world, it can happen across the market.
There are many forces in play for these companies to move and it really doesn’t matter what the true cause of these moves are as long as you are not just mindlessly succumbing to irrational temptation but are actually cognizant of all the moving parts and externalities at play so you can actually profit from it.
Knowledge and information will always empower you and in the age of technology, ignorance is a choice.
“It’s easier to fool someone than convince them they’ve been fooled” – M. Twain
With the incessant flow of information it should be easy to find the truth, right? In theory, yes.
However, when it’s well known that actions are driven by emotions, the focus will always be on keeping us distracted and emotionally compromised.
That way we make irrational decisions and take impulsive actions that transfer our hard-earned money from our account to the “market’s” account.
Bullseye Trades: Best Alerts Service
Every Monday at the market open, Jeff sends you his weekly Bullseye Trade.
2022 has been AMAZING for these Bullseye Trades!
(+50% to 300% per week in my experience)
LEARN HOW TO WIN 90% OF YOU TRADES IN 90 SECONDS!
>> CLICK HERE TO LEARN MORE! <<
Few traders REALLY take the time to ensure their psychological health and emotional intelligence are solid.
It therefore becomes easy for the market to target our most vulnerable psychological deficiencies and profit off of them.
Unless we proactively and deliberately put in the work, the “reps” to increase our fortitude and resiliency (mental toughness), we’ll fail. Every.Single.Time.
The Psychological Elements Involved in Your Trading Downfall
Unless you are aware of the psychological factors and the senses and emotions that are involved in trading, you’ll lose the battle without even having began it.
Visual cues and creating a sense of urgency or scarcity are psychological elements the market exploits.
For example, if you know that market makers use visual cues such as sudden intra-day price action on small cap, low float stocks (may even form known candle patterns) may compel emotionally compromised traders to act impulsively and cause mistakes, then you can retain the advantage and by avoiding those easily manipulated stocks.
At the very least, you won’t trade them at the open, irrespective of how many press releases cause a sense of urgency throughout social media to buy the stock at “such a great discounted price” before it’s too late.
Limited Time Deal to Purchase Nate Bear’s Profit Surge Trader ASAP HERE
You can also watch a full interview with Nathan Bear discussing the Profit Surge Trader system here.
*******************************************
Investing Wizard Who Turned $37K Into $2.7M in Just 4 Years Makes His Next Big Move
| |
He started from nothing and became a multimillionaire…
He’s now one of the most sought-after trading experts…
Yet he operates 858 miles from Wall Street.
And now, he’s revealing his #1 favorite strategy that targets MASSIVE weekly profits with just one stock ticker.
*****************************************
The same applies to inexplicable prints on the times & sales tape that may “mess with your head” and compel you to act based on just that one cue.
I’m oversimplifying the visual cues concept and some of the psychological elements at play but the fact remains: there is too much noise, fake sense of urgency, and too many misleading visual cues, among other deceitful tactics and variables that plague emotionally compromised traders.
Be Objective And Stick To Your Plan
You need to be able to keep your wits and act as objectively as possible, irrespective of distractions.
You at the very least have to be more objectively than “the rest” which will then allow you to base your trades on technical factors combined with your own strategy and time-tested experience.
Bullseye Trades: Best Alerts Service
Every Monday at the market open, Jeff sends you his weekly Bullseye Trade.
2022 has been AMAZING for these Bullseye Trades!
(+50% to 300% per week in my experience)
LEARN HOW TO WIN 90% OF YOU TRADES IN 90 SECONDS!
>> CLICK HERE TO LEARN MORE! <<
Your trading strategy MUST include solid risk management and inflexible rules set in place to protect you from YOURSELF. Your rules and strategy must allow you to profit or at the very least protect your gains.
Never forget that sometimes the best trade is no trade at all.
Is It Even Possible To Be Objective?
Another interesting and crucially important psychological element that will make or break our trading future is social proof.
We’re inherently social beings and many times we inadvertently adjust our behavior to align ourselves with what is socially acceptable in any particular situation.
In other words, we tend to follow the herd and try to fit in by even going so far as tailoring our decisions to align with popular opinion.
To traders attempting to be objective, that is kryptonite. Social proof will become the bane of their existence and they will never be able to trade objectively.
If we fall into those psychological traps, what we actually end up doing is selectively seeking confirmation to our biases.
We will frequently visit sites with questionable “analysts” or social media commentators before making that trade.
Because the “market” knows we have these innate biases, it will do anything in its power to exploit them for their own benefit.
The market will always poke holes in your vulnerabilities by using social signals, collective influence, and deceitful tactics to influence your decision-making process.
“Werk, werk, werk, werk, werk”- Rhianna 😝
Unless you continuously work on strengthening the psychological factors needed for you to survive your trading experience, you’ll fail.
Every.
Single.
Time.
Everything inside the little worlds we’ve created glamorize trading. Only once you actually begin trading will you even truly experience all the intricacies involved.
Most traders stop after an average of two years and many, unfortunately, lose it all. Trading is not an easy journey and due to the same common mistakes, most can’t afford to remain in the “game” even after they’ve learned their lesson because they’ve squandered their only financial means to “pay to stay” in it.
Bullseye Trades: Best Alerts Service
Every Monday at the market open, Jeff sends you his weekly Bullseye Trade.
2022 has been AMAZING for these Bullseye Trades!
(+50% to 300% per week in my experience)
LEARN HOW TO WIN 90% OF YOU TRADES IN 90 SECONDS!
>> CLICK HERE TO LEARN MORE! <<
Be Resilient And Work Harder Than Anyone Else
The fact that I am still even writing this now should tell you that I either improved my skills and have been making steady progress by working incessantly and extremely hard or that I am an incredibly stupid and nonsensical masochist.
The truth is that through trial and error…many errors… I have found strategies that work more often that not and “tips” and “tricks” that can help me and anyone make small consistent gains.
The truth also is that I know few people that can consistently maintain the discipline and dedication required to continuously exploit these strategies and tested “tricks”.
If you had to remember only a few things from this section remember this: Be resilient and control your emotions.
And don’t be greedy (part of controlling your emotions) and rather aim to benefit from small and consistent gains while cutting off your losses at a much faster rate than you take profits on your winning trades.
So where does that leave us?
Well, more important than seeking an elusive set of “mandatory requirements for trading success” is that you’re proactive and intensive about achieving the highest level of discipline, behavioral consistency, emotional intelligence, and acute awareness as they relate to stock trading.
Limited Time Deal to Purchase Nate Bear’s Profit Surge Trader ASAP HERE
You can also watch a full interview with Nathan Bear discussing the Profit Surge Trader system here.
*******************************************
Investing Wizard Who Turned $37K Into $2.7M in Just 4 Years Makes His Next Big Move
| |
He started from nothing and became a multimillionaire…
He’s now one of the most sought-after trading experts…
Yet he operates 858 miles from Wall Street.
And now, he’s revealing his #1 favorite strategy that targets MASSIVE weekly profits with just one stock ticker.
*****************************************
Like you, I am still vulnerable to many of the destructive inherent reactions for which trading requires an inordinate amount of discipline, self-awareness, and personal accountability to overcome.
If Not For The Psychological Aspect, Trading Would Be Simple
When I was much younger I remember reading a biographical book about martial arts legend, Bruce Lee. The book touched on many philosophical areas as well as physical development, self-care, personal accountability, and discipline.
At the time, I read a passage that baffled me. To paraphrase it, the book read something along the lines of: “when I began practicing martial arts, a punch was just a punch and a kick was just a kick.
Then I was somewhat experienced in the middle of my journey and a punch was no longer just a punch and a kick was no longer just a kick. Then I became an expert and a punch was just a punch, and a kick was just a kick”.
While we need to be aware of all the moving parts that comprise the trading world, we should not overcomplicate it.
A trade should only be a trade, not more, not less, just a trade. We must use the information available, have proper risk management, and behave according to set rules that are part of our long-term strategy.
When the chips are down the only thing that matters is that you stick to your initial trade plan with pre-determined stop losses and pre-defined overall risks.
Bullseye Trades: Best Alerts Service
Every Monday at the market open, Jeff sends you his weekly Bullseye Trade.
2022 has been AMAZING for these Bullseye Trades!
(+50% to 300% per week in my experience)
LEARN HOW TO WIN 90% OF YOU TRADES IN 90 SECONDS!
>> CLICK HERE TO LEARN MORE! <<
You DO NOT make any transaction, neither long nor short, unless you have a plan with specifics in it and are ready to STICK to that plan irrespective of what direction the trade goes after you’ve executed it.
Proper Risk Management
If you had a risk of $1.60 and the stock barely bounced of that $1.60 but your stop got triggered (hard or mental) and the stock then moved up “to the moon”, you must learn to absolutely accept that fact while at ease and begin searching for a different opportunity.
In fact, you should celebrate that you were able to do that as most can’t which is exactly why so very few succeed at trading in the long run.
You should NOT let your EMOTIONS make you CHASE that move.
Innumerable times I’ve done that only for the trade to go against me immediately after I entered this “amazing” trade. “But it seemed so probable and had tons of volume and confirmation”…
- DOES. NOT. MATTER.
There are algos, supercomputers, and too many other unobservable variables potentially trading against you in which case it would be impossible to try and guess what will happen to any given trade.
If your TRADE GOES AGAINST YOU at ANY TIME YOU MUST, YOU MUST, YOU MUST, IMMEDIATELY cut your LOSS. CUT your LOSS quickly and emotionlessly so you live another day in this vicious market.
The market is collectively driven by emotions but has no feelings and cares about no one.
It will give you plenty of money one day to lure you in only to go for the kill the next day and take back all that it’d given you and then some more to twist the knife once it was already in you. Don’t ever forget that.
Conviction vs Delusion
There is a big difference between conviction and delusion, namely that a firmly held belief (a conviction) has to be based on something concrete and often irrefutable.
Delusion is based on idiosyncratic beliefs or impressions that are firmly maintained despite being contradicted by what is generally accepted as reality or rational argument.
You need to have the ability to recognize a move in either direction for what it is: just a move in a particular direction. A price action that may be driven by many things or nothing at all.
Do NOT fall in love with a stock and romanticize a trade or company to justify your bad trade. Do NOT believe the news. Do NOT find reasons in your mind to convince yourself the trade will work or it will “bounce”.
Do not make one of the most toxic and idiotic mistakes, holding and hoping. DO NOT HOLD AND HOPE; HOPE IS NOT A PLAN and if YOU FAIL TO PLAN, YOU PLAN TO FAIL.
Remember that any trade can go against you at ANY time and you must react accordingly by cutting the loss quickly once it hits the PRE-DETERMINED stop loss.
Limited Time Deal to Purchase Nate Bear’s Profit Surge Trader ASAP HERE
You can also watch a full interview with Nathan Bear discussing the Profit Surge Trader system here.
*******************************************
Investing Wizard Who Turned $37K Into $2.7M in Just 4 Years Makes His Next Big Move
| |
He started from nothing and became a multimillionaire…
He’s now one of the most sought-after trading experts…
Yet he operates 858 miles from Wall Street.
And now, he’s revealing his #1 favorite strategy that targets MASSIVE weekly profits with just one stock ticker.
*****************************************
I repeat, once the trend changes or the breakout fails, cut your losses quick and without hesitation—even if that means having to use your one available round trip or your one trade in a cash account before having to wait for it to settle.
That happened to me too many times to count, where I would hold, hope, and try to find any news or tweet that would the social proof and confirm the delusional idea that my trade would somehow go in the right direction because of absolutely no logical reason.
That is not conviction or realistic reassurance but destructive delusion and it could cost you your profits for the last day, month, or the entire balance of your trading account.
Bullseye Trades: Best Alerts Service
Every Monday at the market open, Jeff sends you his weekly Bullseye Trade.
2022 has been AMAZING for these Bullseye Trades!
(+50% to 300% per week in my experience)
LEARN HOW TO WIN 90% OF YOU TRADES IN 90 SECONDS!
>> CLICK HERE TO LEARN MORE! <<
I would much rather wait the two cash settlement days than stay in a bad trade which can quickly turn into a catastrophe. It is much more important to live another day in the market than to blow your only chance along with your account due to impatience.
Emotional stability
Also remember to not neglect self-care as it can make or break you. You need to rest well, eat well, and be sharp between the ears or you risk making irrational reactionary decisions because your brain cells aren’t firing correctly.
I blew up my SECOND account because I didn’t take a break once my brother passed away.
As if doubling down on the trading and quadrupling my position sizes without any predefined risk would help me grieve his passing and all of a sudden become absurdly rich and forget everything.
Instead, what that horrible decision to keep going (when I KNEW I should’ve STOPPED) ended up doing was temporarily turning me into an irrational and compulsive degenerate that could not stop making bad decisions which not only blew up my trading account for the second time but destroyed my psyche.
I could NOT think straight and was now not only at a huge financial loss but also in a never-ending destructive emotional rut.
What I was doing–and the more I did it the harder it was to stop– was making obvious blunders that sometimes left me unable to trade for the day right before seemingly infinite opportunities arose (as if to taunt me and mock my helplessness) and all I could do was stare in disbelief and wallow in the worst type of self-pity and rage against my stupidity.
You Messed Up, Now What?
Please Do NOT continuously punish yourself for having missed any move or worse, for having chased one.
Fear of missing out (FOMO) will ruin you faster than you will even notice.
I cannot tell you how many times I “knew” that if “I had just “traded that breakout” right after my round trips were over I would’ve saved my account from such a loss or from completing blowing it up.
The truth is that those sort of thoughts are almost diabolical (for a lack of a better word) because they continuously plague you as if your mind were attempting to unequivocally convince you that it’s true when in reality, more breakouts or more “great plays” DO NOT NECESSARILY MEAN MORE PROFITS for you.
Sure, there might be more “opportunities” for someone out there but not necessarily for you. You see, it’s always easy to see in hindsight and recognize that you would’ve, should’ve, could’ve entered that trade “here” and “there” at this specific “support/resistance” line, etc.
But the fact is that you NEVER REALLY KNOW WHAT’s GOING TO HAPPEN IN A TRADE. And you MUST REMEMBER THAT.
Bullseye Trades: Best Alerts Service
Every Monday at the market open, Jeff sends you his weekly Bullseye Trade.
2022 has been AMAZING for these Bullseye Trades!
(+50% to 300% per week in my experience)
LEARN HOW TO WIN 90% OF YOU TRADES IN 90 SECONDS!
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Emotional Consistency
We probably agree that any trader needs to be emotionally stable. In this business, one irrational or impulsive move can ruin you.
But it’s not enough to sometimes be emotionally stable when trading, but it’s crucial that you are consistent with that emotional stability.
Your unchecked emotions will drive your mind to believe outlandish things that will foster erratic behavior.
I’ve had my own fallacies debunked by the market right after refunding my account to try a “new infallible strategy” just to see my account balance dwindle to almost nothing AGAIN because the strategy didn’t work as I had anticipated.
You see, in trading, there is such thing as “too many opportunities” and it’s not always a great thing.
I’ve had too many “opportunities” and sometimes ended up losing every.single.trade taken by playing those “opportunities”.
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You can also watch a full interview with Nathan Bear discussing the Profit Surge Trader system here.
*******************************************
Investing Wizard Who Turned $37K Into $2.7M in Just 4 Years Makes His Next Big Move
| |
He started from nothing and became a multimillionaire…
He’s now one of the most sought-after trading experts…
Yet he operates 858 miles from Wall Street.
And now, he’s revealing his #1 favorite strategy that targets MASSIVE weekly profits with just one stock ticker.
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Consequently, what happens is that I’m right back to square one but now, to make matters worse, I have a PDT Flag that prevents me from trading for several days and several days missed could mean numerous forgone opportunities.
Therefore, not only do I have to request the account to be changed to cash which takes a couple of days but the very next day the most incredible squeezes take place in which I “would’ve, could’ve, should’ve” made back all my losses plus some additional profits–or so you tell yourself.
🔫Put Your Hands Up And Step Away From That Computer🔫
At this point all your reasoning is off and you’re operating on anger, hate, despair, and probably sleep deprivation as you try overdo it.
Your mind and psyche continue to take a horrible beating but you still can’t recognize that it was solely your blunder.
Instead, you rationalize it as the “timing having been off” and tell yourself you’ll be ready the next time; however, the problem is that the timing was not off and was in fact your mindset that was off and you paid dearly for it.
So your mindset was off; your reasoning was off; your plan was non-existent and your discipline was never there.
There will be no one to blame but yourself.
Not the internet connectivity that “was slow today”, not the “lagging platform”, and not the distractions around you or scammy promoters.
It was your faulty reasoning and inner desire for immediate satisfaction that ruined your chances at becoming a profitable trader in the near future.
Therefore, it’s imperative that you find emotional consistency in general and not just aim to be “consistently profitable” which will come with practice and experience.
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Every Monday at the market open, Jeff sends you his weekly Bullseye Trade.
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(+50% to 300% per week in my experience)
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You must be consistent with your discipline and overall trading behavior and THAT will help you grow not only in overall experience but financially as you become able to strictly trade you plan and plan your trade in a consistent manner.
“Well, I’m just one of those people that cannot control myself in these situations”
Well, you are not the only one in that predicament. At that point, it would not be out of the question to consider finding another passion besides trading.
Something that doesn’t require so much mental capital in the form of emotional stability and consistency.
However, if you are truly passionate about trading and you simply cannot stop trying to improve your trading skills and still find yourself with enough disposable income to give it another shot, do it differently this time.
Take away your ability to deviate from your predetermined trade plan
Set A Broker Max Loss Stop
One way to do that is to plan and force yourself to stick to a maximum loss by finding a broker that can do that for you.
A broker that can flip a switch to lock your trading ability by locking the access to that account once you’ve reached your maximum loss for the day.
In other words, the only thing worse than not having self-control and emotional stability is not recognizing it.
Once you recognize it you can objectively take appropriate actions to remove yourself from the dangerous situation by restricting your access to the broker and forcefully allowing yourself to live another day to trade.
In the end, it’s the journey and not the end state what really matters; it’s being able to focus on the experience and process and not in a set amount of money what is going to help you succeed and remain profitable in the long run.
In fact, it can be detrimental to have daily profit goals.
‘I Know It’s Easy To Imagine, But It’s Easier To Just Do’…- K.C.
Practice having mental stop losses on individual positions and truly executing them once that trade reaches the stop.
Irrespective of whether the stock decides to take off without you.
DO NOT CHASE. EVER.
Bullseye Trades: Best Alerts Service
Every Monday at the market open, Jeff sends you his weekly Bullseye Trade.
2022 has been AMAZING for these Bullseye Trades!
(+50% to 300% per week in my experience)
LEARN HOW TO WIN 90% OF YOU TRADES IN 90 SECONDS!
>> CLICK HERE TO LEARN MORE! <<
If you do, you’ll develop nasty habits that will endanger your longevity as a trader.
DON’T set an upward DAILY goal as the market will give you (or take from you if you let it) what the market wants and if you’re having preset goals you could be setting yourself up for failure and risking blowing up your account.
Conversely, do set daily MAX LOSS limits and stick to them. If you can’t stick to them because you’re emotionally compromised, let the broker do it for you as you request a max loss automatic restriction in which the broker will NOT ALLOW YOU to trade as much as you may want to.
You may remove it later on but it’s imperative that you follow your OWN rules. There is no one against you but yourself. It’s you against yourself.
Try to think in terms of weeks or months profitability instead of days. It’s not uncommon to go through bad periods when you can’t seem to win any trades.
Step away from the computer once that max loss is triggered and go for a walk. Study some more and if you study at the computer make sure you don’t open your broker at all while you study. Or study after regular trading hours.
Don’t get stuck on “should’ve, could’ve, would’ve”. As hard as it may be–LET it GO! No ONE KNOWS THE FUTURE and beating yourself over that forgone 200% gainer will do NOTHING to help you and EVERYTHING to demoralize you.
Limited Time Deal to Purchase Nate Bear’s Profit Surge Trader ASAP HERE
You can also watch a full interview with Nathan Bear discussing the Profit Surge Trader system here.
*******************************************
Investing Wizard Who Turned $37K Into $2.7M in Just 4 Years Makes His Next Big Move
| |
He started from nothing and became a multimillionaire…
He’s now one of the most sought-after trading experts…
Yet he operates 858 miles from Wall Street.
And now, he’s revealing his #1 favorite strategy that targets MASSIVE weekly profits with just one stock ticker.
*****************************************
Always remember these things and truly stick to whatever rules you set for yourself. Read this “Trading Psychology” section numerous times so you don’t forget.
Set yourself a reminder or alarm to revisit this section (or any real-life “lessons learned” that can keep you grounded instead of focusing on the same old “lambo picture, you’ll be the next millionaire” crap that’s all around) as you will likely get distracted and forget some of these things.
This is no different than any other exercise but it’s exponentially harder than doing bicep curls. Nevertheless, just like with any exercise, the more you put in your “reps” the easier you’ll be able to adjust and adapt.
Lastly, PLEASE, PLEASE, DON’T FORGET SELF-CARE and take trading psychology with the utmost seriousness as it will be the ONE thing that can make or break not only your trading goals but your life if you don’t keep yourself in check.
There is Only One Culprit For Continuous Trading Losses: EMOTION, so keep them in check.
Hope this helps!
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