Understand yourself to achieve better results
Every trader has its own individual edge. The way we read markets and analyse information can differ from one trader to another. There is not one formula for being a good trader. It is all about using your own resources and qualities to develop a strategy to be able to trade successfully. Despite this diversity in trading strategies there are ‘ seven trading sins’ that can cause downfall to every trader. And they can creep in when you least expect them.
Fear can be responsible for not entering trades when you have all the right information. Fear is very unhealthy emotion when it comes to trading. It narrows your vision and shuts down the logical mind that you need when trading.
Greed can be blinding and makes it very difficult for you to know when is the right time to take profits. Greed also breeds overtrading. The more you get the more you want. The more you loose the more you want to win.
Anger has no place it trading. If you are experiencing outbursts of anger during your trading or in your personal life you should do something about it right now; as anger can make you put on revenge trades, ignore stop losses and trade too big positions that you account can handle.
Impatience might make you enter trade at a wrong time, take profits too soon and divert you from initial strategy. You need to wait for the right moment to enter and exit trade. Sometimes no trade is a good trade.
Pride might prevent you from cutting losses when it is necessary because being right is at that moment more important than your account. Pride can make you loose big.
Recklessness can have you enter random trades and trade too big of a position size. It can bring chaos into your trading. If you are guilty of this you should add some order into your trading strategy.
Perfectionism is the enemy of personal growth and growth as a trader. It will always hold you back and make your trading and life experience stressful and unhappy. Perfectionism might take the enjoyment out of trading.
Eliminating seven trading sins
What makes us different from other trading coaches is an extensive experience of working with clients with variety of issues including self-esteem, anxieties, and stress. We can spot patterns in human behaviour and identify connections between your beliefs and your trading. We can work with you on deeper level because your trading life in not completely severed from your personal one. By identifying the seven trading sins in your personal life we can translate the information into your trading and work on adjusting your full experience with the ‘sin’. We will help you to understand yourself better, improve your psychology of trading, and teach you how to identify your weaknesses to be able to work with them.
Get in touch
If improving your way of trading and your understanding of yourself as a trader is what you are after, give us a call or send us an email. We can schedule a free phone consultation where we can discuss what we can do for you and what coaching plan would suit your needs.