I wanted to take the time to show you some of the lessons I’ve experienced as a trader that most people really need to learn. There is a lot of little things in this business that need to be learned and the lessons I received have given me the foresight to fully understand that.
Confident, Unconfident, Overconfident
There are three states that your mind can be in and only one is good. As you should be able to tell, confidence is the good one. It allows you to be sure of your decisions and trust yourself. You know that it takes a reasonable amount of time for trades to perform, but you’re always grounded in reality.
An unconfident person doesn’t trust them self. They really don’t like being the one that makes the final decision, so they hesitate and triple check their work. Do to an overwhelming anxious feeling, this type of trader will never let a trade full mature.
The overconfident trader can be the worst kind of mental state. It is usually cloaked by the good of confidence, but it is irrational. This trader doesn’t have to really do a full analysis, they just do a quick look and figure out if a trade is good. They always determine the market to always work out in their favor.
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