Updated: Jan 2
When people speak about the psychology of investing it’s almost like they are just talking about psychology per se but not how to have the right psychology.
It is impossible to have the right psychology as a trader or investor if you don’t have a working strategy and have unwavering confidence in that strategy through and through.
The reason is quite simple if your strategy keeps losing you the money you will either quit or keeping losing money and grow bitter.
There is another aspect to psychology which I believe is critical yet I don’t hear much about and this is a mindset.
My version of getting into the right mindset is to really picture yourself as already being a good trader. Build a picture in your my of all the goals you want to achieve whether it be the money or the lifestyle it can give you. Educate yourself and keep working toward it whilst maintaining that positive attitude and immersing yourself in those thoughts every day.
Getting the right strategy is half of the equation and having the right mindset is the other half, when you pair these together you put emotions aside and are able to easily focus on the main objective which is to buy and sell at the right time.
The profit is just a way of keeping score. This is a long journey so make it enjoyable in the right way because you love what you do.
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