Ep 152: Top 6 Inner Game Mistakes Stock Traders Make!
★ SUMMARY ★
In this video I’m going to share with you the Top 6 inner game mistakes stock traders make.
There are some things that you need to be aware of when it comes to being a successful trader. There is inner game, and outer game. They are both important when it comes to becoming a great trader.
However, today we are going to focus more on the inner game, because these are the things you can directly control. Some of the mistakes traders usually make are:
Having a short term perspective.
Many traders have a short term perspective. They want to go in and out of positions in a couple of days and get rich quick. The problem with this approach is that when you look at things in the short term, you are not seeing the bigger picture. In order to be successful, you need to focus on the long term. Focus on growing your business over time.
The most successful investors and traders are not the ones that go in and out of positions every single day. They are usually the ones that are more patient, sitting on those trades, allowing them to run and go on their favor.
Usually our environment affects our thinking and our actions. And when it comes to trading and investing, often times this influence is negative. So you need to be very careful and not let other people, the news, or society in general influence your trading. Instead, focus on learning, developing a critical thinking and making your own decisions.
Wearing rose colored glasses.
Many traders wear rose colored glasses. This means that they believe everything they hear on the news, social media or TV, and they think everything is perfect, that believe that the market is always going to go up forever, and that they are always going to make money.
Thinking this way can be very problematic when it comes to your investments, because it is not realistic, and more than likely, you’re going to have a very hard time when things don’t go the way you expect them to. So If you are wearing rose colored glasses, and you are seeing everything as being perfect, you need to be very careful.
In this video I’m going to cover these points more in depth as well as share with you three more mistakes that stock traders usually make.
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