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RE: TRADING MINDSET - 3 LESSONS YOU MUST LEARN TO BECOME A SUCCESSFUL TRADER
Lots of good advice here. #2 is the one I personally struggle with the most. Sometimes I will bank a profit just to lock it in and then I watch it go on to greater highs. Other times I let a loss run because I think the market is wrong and will come back.
I've been getting away with it, but I am aware that it is a lack of discipline and I'm letting my ego dictate the exits too much.
If you know what you’re doing wrong and you’re losing money doing it, then it should be easy to make the change.
Feeling pain sucks... Why hurt yourself? 😎
It's the rational mind vs the ego. It's a lot easier to identify the issue than it is to correct it. One of my yet-to-be-written pieces is about staking ego and how - for the sake of ego - it is often more important to be right than it is to make money. The financial stake can actually be kind of irrelevant.
Anyway, I won't rant. Just suffice to say that being aware of ones weakness is half way to addressing it, and I am trying to address it :)