We all live in a society that shapes us and tells us how to think. People influence our attitudes, characters, and ideologies. Sometimes these influences are marked and very distinct. Sometimes they are subtle and not noticeable.
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As a trader, it does not leave you out of the equation. What would you say if I said society has told you what to think and how to trade? How has society programs persuaded your actions and mindset? Exactly what have you picked up from society and the personal and professional company that you keep?
Is Losing Bad?
There is a popular misconception that losing is bad. Certainly, it doesn’t feel good when you lose a game, a trade, a job, a partner, etc. When we’re young, a loss is heartbreaking and sometimes soothed with a trip to the ice cream stand. We get over it. But there has been growing sentiment that no one should lose. The problem with that is it’s unrealistic. By nature, we have strong and weak; winners and losers; heads or tails.
Then you have people who accept the loss. They learn from whatever mistakes might have cost the loss, and they move on to, well, the next mistake or find a bit of success. Honestly, this cycle of winning and losing never ends. How is this bad?
Don’t get me wrong. Losing sucks and depending on the severity of the screw up, could be a little push back or huge damage. We cannot appreciate the wins without the losses. We do not sprint beyond the status quo without jumping over hurdles. It’s what we do after the loss that defines us; not the loss itself.
Don’t let societal norms hold you back from being an entrepreneur and hot shot trader. Believe it or not, in order to be a successful trader, you have to factor in some of the losses that will eventually come your way.
There are tips to keep yourself from total trading annihilation. We cover that in many of our other articles.
Why So Emotional?
Humans are messy creatures with all these emotions and feelings. Society likes approachable, nice people for public events; strong, assertive people for business negotiations, and reliable, trustworthy people if your handling money or children. We all have different faces that we show to different people, and that’s all well and good – except it doesn’t belong in trading.
If you’re using emotion to guide your trades, you’re probably a bad trader with a couple of lucky breaks here and there. You have to be clear, concise, and analytical in how your approach the markets. Notice I didn’t say rigid? Good traders take an objective look at the markets, the analyses and their portfolio to make sound decisions with the capacity to pivot with a fluid market.
Emotional outbursts versus objective action. There’s a big difference. Which one defines your trading style?
Unhealthy Attachments
Another human trait that does no good in your trading world is unhealthy attachments. This could be an attachment to a cryptocurrency or stock that you’ve been chasing up and down the market range because you fell in love with it; it could be the “revenge trading” you’ve been practicing because you got mad about another bad trade and it’s snowballed out of control, it could even be the influence of a well-meaning friend who was so enthusiastic about a project that you jumped in without doing the research, and now you’re holding the bag.
The cryptocurrency trade market is not your friend. You cannot cuddle or coddle it. It is a beast that will eat you alive if you let it. And never, ever feed it more of your money than you are willing or able to lose.
Under Pressure
As a trader, part of your strategy is setting goals. I’m not talking about the vague, pie in the sky, lambo dreams kind of goals. I’m talking about the realistic milestones that you set.
People tend to look more favorably upon a successful person, but we often invite extra pressure to succeed for them. This undue stress will eventually form cracks in your foundation and cause you to make mistakes. Are you projecting how you want them to see you? If you are, then one, it’s exhausting, and two, it’s unsustainable.
As a trader, your energy should be used to build a solid investment portfolio and making money. Take care of business and you will eventually see the fruits of your labor. As you succeed, your confidence and wealth grows, and people migrate to that because they crave success too.
I’d like to finish up with this one thing. Society doesn’t make you a bad trader, but your emotions, unhealthy attachments and self-imposed pressure might definitely be the contributing factors.
Disclaimer
Content provided by CryptoTraderNews is for informational purposes only, and should not be construed as legal, tax, investment, financial, or other advice. All information is of a general nature. As always, there is risk with any investment. In exchange for using our products and services, you agree not to hold CryptoTraderNews Pro, its affiliates, or any third party service provider liable for any possible claim for damages arising from decisions you make based on information made available to you through our services.
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