PSYCHOLOGY OF TRADING
Trading stocks is a captivating industry to be in – the learning curve that you go through from when you first start your journey is huge and, as with anything where you can make significant money, there are no end of ‘armchair experts’ willing to give you advice.
While it’s vital for a trader to be able to read balance sheets and charts, there is a psychological component to trading that shouldn’t be overlooked. Being aware of how greed/fear can impact trading, being able to exercise discipline, developing trade rules, and periodically self-reviewing are crucial to a trader’s day to day success.
The other real key to being successful as a trader is to adopt a mentality of ‘growth through networking’ as opposed to trusting unsubstantiated online articles and the opinions of anyone who wants to give you an ‘insider tip’ (Spoiler Alert: Your Uber driver probably doesn’t have enough knowledge to be able to pick the next big growth stock!)
The type of bad advice referred to above can have a hugely detrimental effect on a traders returns, as well as negatively impacting their mindset too. Not being able to shake a negative mindset can lead to heavy losses and an inability for a trader to dig themselves out of a hole.
Trader’s Index are dedicated to providing an engaging, collaborative community for all our members to be able to grow with the input, assistance and support of their other fellow community members. In turn, this type of environment generally helps contribute to better mindset of our members, as well as more favourable trading outcomes due to reducing the volume of impulsive and ill-informed trades.
Regardless of your experience level, the importance of keeping a positive headspace cannot be underestimated. If you could benefit from becoming involved in a community of like minded individuals that share common goals with you and can help keep you focused, then our Mastermind Groups are definitely something that you will benefit from. Head to our Mastermind Groups page now to find out more about how our community can benefit you.