Or
How I turned a $200 loss into a $1,000 loss.
Lucra® by Mindie Kniss and Sean Stephenson
Success coaching for entrepreneurs and traders, plus online courses on coach training and professional speaker training.
Lucra® by Mindie Kniss and Sean Stephenson
Success coaching for entrepreneurs and traders, plus online courses on coach training and professional speaker training.
I’m sorry to hear about what you went through today, Ms. Kniss.
I have been in that nasty spot, too, more times than I care to admit. This day trading is also kind of like a competitive sport, in that athletes lose the game mentally before they lose the game physically. Mentality seems to be 80 to 90 percent of successful day trading. It’s so hard to pull ourselves away from the trading table, especially when we are not trading well.
It is so hard to master the mental part of this day-trading game. John Carter always likens a day spent day trading to a day being spent in front of his psychologist.
We have to self-check ourselves almost every few minutes to see what our state of mind is at any given moment: Are we feeling greedy? Are we feeling fearful? Are in a state of “trader’s revenge”? Are we thinking only of the reward, the money? Or, more importantly, are we thinking of and sticking to our day-trading plan?
Scary thing is, when emotions are dominating us, rarely do we even realize it is happening to us again and again and again…until it’s too late, and we have to put yet another notch in the “Loss” column.
Mindie, tomorrow’s another day to trade (unless you are starting your weekend early, of course). As always, thanks for sharing. So humble of you to admit your mistakes and talking about them will resonate with us and yourself, too.
I really appreciate your honesty.
Hey Mike, thanks so much for the feedback.