Becoming A Better Trader Can Make You A Better Person

In the world of trading, it's natural for a trader to have a healthy amount of confidence, in some cases, an over inflated ego, we are only human. It's understood by most people that an ego can become out of control to where it hinders our decision-making ability while simultaneous preventing us from reaching our full potential.

Susan Krauss Whitbourne Ph.D. wrote
an interesting post titled It’s a Fine Line Between Narcissism and Egocentrism that was posted on website Psychology Today

She listed five pointers of knowing the dangers and corrective actions.

1. Make an honest assessment of your egocentric behaviors.

2. Check out how other people feel.

3. Build up your inner sense of self.

4. Squelch your imaginary audience.

5. Practice counter-egocentrism.

You can read the full article here.

 "Deficiency motivation doesn't work. It will lead to a life-long pursuit of try to fix me. Learn to appreciate what you have and where and who you are"
- Wayne Dyer

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Bad Habits Die Hard!

I am my worst trading enemy. If I stare at a chart long enough, I will be able to find something to trade. If I am speeding up my charts from 15min to 10min, to 5min, to 1min, I am probably in a bad trade or looking for an excuse to get into a bad trade.

Tunnel vision leads to being down  -338 to -1,276 Now I am in recovery mode, hoping to break even and to swear that my over trading days are done... or quit trading altogether.

Traded like a pure amateur today, I ignored the overall trend and exposed myself to massive losses. Now the only thing to do is wait for when I find where I say uncle and cut my losses. That walking away [mentioned earlier today]from the computer never happened, my 1st CL short today was a decent entry, however, I was selling into a very bullish day [duh], still deep in a choppy trade that's going sideways dragging me out to sea.

Losing money is not the issue for me obviously, it's not wanting to miss the big trade. Apparently, I was not content or satisfied with yesterday's win after I watched how far the market sold off without me in it, and it has come back to haunt me in today's trading.

Some changes in my mental approach to trading will have to happen.

I'm ending the day with a loss, and I honestly feel better that I did not dig my way out of today's choppy trade. Going forward, having a memory of making a profit while not trading well will invite the temptation to do it again some day, one bad trade is all it takes to ruin your trading capital. My mentor told me a long time ago that the worst trades are the bad trades that make a profit.

"Better Trading Ahead"

Total # of trades: 13
Percent Profitable: 53.85%
# of winning trades: 7
# of losing trades: 6
# of even trades: 0
Total: -$1,146


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