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We all know how social media provides an endless series of opinions, confident recommendations and even straightforward misinformation. Long before coming to social media, we got even more familiar with the source, our own mind. It comes in the form of conversation itself. If you are trading day, it can be dangerous.
In this article it will show how dangerous it is and what you can do about it.
In every waking minutes, we bathe ourselves. As long as we can remember, this has been the case. These communication are particularly strong because it is not coming from “bad boys” that we are trained to avoid children. Since it is born in our own minds, the conversation itself seems as if it has the best interests in our mind.
If the conversation itself is limited to low results, it would be one thing. But when we hear this internal play byplay observer during the day’s trade, it can be really expensive.
Let’s look at the type of day trade self -conversation that can tie the boat anchor around your success. Interestingly is that this trend is not limited The trader of the early days. If you continue this profession, the talk never goes away, as you see in a moment.
Related: Before you start trading day, know these steps
Let’s first think about what is the initial experience of self -conversation:
“I have my homework disconnecting for me! I need to get the real feeling for stocking company financials, watching MSNBC, and trading.”
This is wrong at several levels. First of all, this is a way to say: “Ready, purpose, purpose, …” where you never come to the “fire” section. You can analyze for a long time and never feel ready. Nos, how do you choose stock to analyze? You can do all this, and the stock you have chosen ends with sleeplessness. In the upper part, MSNBC Talking Heads do not provide useful guidance on what you should trade in the next five minutes.
Day trading is about to go and go to your trade today, not any day. I find The stock that has sometimes sheds light in the light from somewhere. It may have reported new drug approval, declaration of integration or unexpectedly strong income report. I want to trade the stock that is at the top of each of the trading screens Now It has nothing to do with their balance sheet or income statement.
“I should trade the Misty stock that I am listening to on social media – if I’m fine, I’m cool. If I am wrong, at least I can point to everyone in the same boat.”
At this point, I have already built, notice that I said “stock that is at the top of everyone’s trading screens” and no “stock is being mentioned on Takk.” The point is that traders are focused on the right moment, not talking about the influence of social media.
We say that you are not a trader of the early day, but when you are purely positive in five or six weeks, you reach this point. Congratulations! This is really a success that you may be proud of. How is the sound of self -conversation at this stage?
“Well, it’s really a bad trade, but I’m very close! I can make it from the next trade.”
On your journey to reach this point, you learned that you have to be guaranteed prematurely – when guaranteeing a trade and also guaranteed for the day. In this moment’s heat, it is very attractive to keep these principles aside and just trade. It is true that it can be profitable, but-it doesn’t matter how this trade works-what you just lost is a hink of your self-discipline. Believe me, it’s not worth it. Pack it for the day.
You may finally come to the special club traders who have made it their profession, like me. I have more than 20,000 trades in my career. Certainly I have created immunity from negative self -conversation, okay?
Related: 5 things you need to be a successful day trader
I wish When you are early and you trade dumb, hey, you’re an early! But when you are a supporter and you make a dropping error which costs you at the price of lexus? The answer to your self -conversation is ready:
“Maybe I’m losing my contact.”
To do the right thing is to ignore this internal hecker, but this is the place where you can increase the problem and work what you do. “Revenge trade“To prove that you are still there. You meh the buy button and probably. I am sorry. Once again, the right move is to fight the temptation to take the emotional trade.
But what if you have been sitting on your computer for several consecutive days and now lost equal to Bentley? Your self -conversation looks like this famous “silent scream” painting.
The only thing to do is to do: you need to test yourself what I call a “trader restoration”. I have done this many times. This is the place where you are calm, return to small trade, low daily limits and basic principles, and slowly rebuild your confidence.
The market is agnostic. If you make millions of dollars in profit or if you lose your shirt, it doesn’t care. The thing that decides is that this is a combination of your knowledge, discipline and functions.
You will always talk to yourself. Sometimes it can also be positive, as “we are really showing these ni -sires that we can make it in this business!” But if you want to play a long game as a day’s trader, you will always be vigilant about your self -conversation defects. You will be willing to remove these quick emotions rational, pre -defaulting measures that allow you to withdraw, get some point of view and continue.
We all know how social media provides an endless series of opinions, confident recommendations and even straightforward misinformation. Long before coming to social media, we got even more familiar with the source, our own mind. It comes in the form of conversation itself. If you are trading day, it can be dangerous.
In this article it will show how dangerous it is and what you can do about it.
In every waking minutes, we bathe ourselves. As long as we can remember, this has been the case. These communication are particularly strong because it is not coming from “bad boys” that we are trained to avoid children. Since it is born in our own minds, the conversation itself seems as if it has the best interests in our mind.
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