3 Dangers of Trading DOUBTDoubt.
It’s that little idiot in your head that whispers,
“What if you’re wrong?” or “Maybe this isn’t for you.”
It’s what stops you from achieving greatness.
It’s what keeps you in uncomfortable “comfort zones”
It’s what keeps you with the herd mentality of not doing anything.
And with trading, it’s the most dangerous trait to derail your hard earned work and progress.
Let’s stop the doubt and conquer those demons.
#1: DOUBT leads to Missed Opportunities
Have you ever hesitated on taking a trade?
Have you ever doubted your trading system?
Have you ever doubted your process?
Yep, that’s doubt working its dark magic.
Doubt makes you second-guess your analysis. It causes you to miss golden opportunities.
I am a big believer of risking money per trade in a way that it feels like pennies.
So whether it be 2%, 1% or even 0.5%.
Just think about this…
What do you have to lose? Very little right?
And whether you’re trading the JSE, Dow Futures or gold – you can manage your risk.
So, you might as well go ahead and risk little to make a little bit more.
The doubt might be there, but when you find that you’re taking the trades and winning and growing your portfolio more often than not – Doubt will disappear.
#2: DOUBT makes you Lose Confidence
Doubt and confidence are mortal enemies in life and with trading.
When doubt sets in, it gnaws away at your self-belief.
All of a sudden, you’re not just doubting your trades; you’re doubting yourself. And this destroys your integrity as a person.
And in trading, confidence is key.
Confidence is what will take you into battle with a plan and knowing how to protect yourself.
It allows you to execute trades with precision, even when there is a touch of uncertainty.
Doubt is like instead of grabbing a sword, you grab a feather duster.
So you need to learn how to build and maintain confidence in your trading.
How do you do that? Celebrate your performance, winning streaks, manage your losses and keep at it.
Doubt might try to shake your confidence, but resilience will keep you standing tall.
#3: DOUBT will lead you to change your System
Doubt doesn’t just mess with your mind; it messes with your system.
You start adding and removing elements.
You start changing and acting more on a discretionary manner.
When you start doubting your strategy, you’re tempted to tweak, tinker, and completely overhaul your approach.
These changes will make you feel like you’re back to the start of your journey.
And the inconsistency, doubt and confusion will manifest into another losing strategy.
Your trading system is your blueprint for success.
It’s built on research, experience, and fine-tuning.
But when doubt infiltrates, it can cause you to question the very foundation of your strategy.
Before you know it, you won’t even have a strategy anymore.
You’ll just act on impulsive trades. And this is one of the MAIN reasons traders blow their accounts.
Patience, Passion and Persistence are the keys to SUCCESS.
FINAL WORDS:
You now have the power to overcome doubt.
Save this article, print it and let’s stop doubting.
Missed Opportunities:
Doubt makes you hesitate and miss out on profitable trades.
Loss in Confidence:
Doubt erodes your self-belief, making you hesitant and indecisive.
Alter in Your Current Trading System:
Doubt leads to impulsive changes, disrupting your trading strategy.
Remember, every trader faces doubt.
It’s how you handle it that sets you apart.
Embrace confidence, trust your system, and watch your trading soar.
