Apropos of nothing and everything at the same time – realize that mindset is probably 75% of trading, obviously some of it (confidence) comes with experience, like with anything else – do something often enough, see something often enough and you have more conviction. But the biggest problem is this – the mindset needed to be a successful trader runs counter to the mindset we use in our everyday lives. In our everyday lives, Buy Low, Sell High – Can’t go broke taking a profit – Hope for things to get better – be fearful that things will reverse when they are going good, etc.. etc.. All those maxims that most believe are true are what absolutely kills you in the market. The market is set-up to use your everyday psychology against you. All the technical knowledge in the world can’t help you if you do not have the mindset to play the market.
November 30, 20221 min read