Hi Traders. Have you ever wondered why majority of traders fail in the long-term? If you're still listening to the textbook stuff, you'd probably say that emotion is the devil that fails you as a retail trader. Yes indeed, it is true, but emotion is only part of it that makes you inconsistent in the long-run, there's way more than just the emotion.
1. Perspective: It count be that your current viewpoint is wrong. I believe majority of us will definitely visit the discount section while we're buying the groceries, even if it's only $1 cheaper. But when it comes to stocks investing or trading in general, we all seem to be a bit reckless ain't it? Ask yourself how many times have you entered a position only to realize you're buying at the top OR selling at the bottom due to the lack of emotional control which leads to impulsive trading? Always take a step back and re-assess everything before you click that buy & sell button, successful traders spend 90% of the time thinking and 10% of the time clicking, stay informed and wise. Spend a bit of time to analyze it even if it seems easy to you, believe or not, the simpler a setup appears to be, the easier you'd lose money on that transaction.
2. Accountability: When you buy a stock, you're must take ownership of it, even if you're only buying a share. Let's imagine a company like a puzzle, even if you're only taking a piece out, it'd be incomplete. The moment you decide to buy shares of a company, you are an entrepreneur, act like one of the owners.
3. Experience & knowledge: Trading or investing takes time, be a little bit patient. Have you ever heard of the 90/90/90 rule? "90% of traders blow up 90% of their accounts within 90 days." How can you succeed in trading? Simply stay in the game long enough and do not give up! Risk small, control your emotion, and gain knowledge. The market is your teacher, act like a student. Be confident that someday you will be profitable.
It's never about eliminating your emotions, we're all human we have emotions. The important fact is how you deal with it. Understand yourself, so you could always make adjustment accordingly.
Trade safe.
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Traders fail because trading is inherently ridiculous, it is the "profession" of predicting the future, which is never going to be a concrete way to make money, because its impossible to do accurately and consistently, as you are just guessing. Technical analysis is similar to palm reading and astrology, basically total bulllshit. If you want to make money, create value or invest long term and quit trading. Look at all the bitcoin bears trying to short this parabolic rally, thinking their technical analysis will pay off, in reality they get rekt and lose all their money and miss out on life changing wealth, because of their arrogance thinking they can predict the future through pattern recognition, which they cannot.
ReposedDruid
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@HomoSapien, Astrology is total bullshit? Have you ever taken the time and due diligence to research the topic and experiment first hand that it is, as you say, "Total bullshit." Or did you just scoff at the thought of it being possible and inherently ridiculous just to dismiss it and never give it a second thought?
jacobvonharringa
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@NoFriends_JustAudis, I thought about it deeply awhile ago, when I was being exposed to it frequently by people I know. It seems clear that astrology simply gives people something to identify with. People don't really understand themselves so instead of looking inwardly to find out more, they accept the dogma created by an authority or guru, they look for answers outside themselves. They say I'm a "Libra" or a "Scorpio" and I identify with these traits that lift me up and make me feel a part of something, make me feel important, help me understand how I relate to others,. Then when you look at where the information telling you who you are came from, it was written by human beings, putting you in a category with a bunch of other people, telling you who you are, saying that the information they provide comes from the formations of the stars when you were born. It sound like something that probably isn't true and factual. I'm not anti astrology or anything like that but if one suspends the idea in the air while neither accepting or rejecting it, one can see clearly its falsehood.
xydva
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@NoFriends_JustAudis, Looks like homosapien has lost big & is salty at the game