Want to develop the mindset of a profitable trader in just 30 days?
Use these 5 psychology hacks:
Practice “Inverse Thinking”
Sometimes, knowing what not to do is more important.
- List all the ways you could fail at trading
- Avoid these mistakes to improve your chances
- Learn from other traders’ big errors
Build Your “Mistake Quota”
Expect to make errors and learn from them.
- Set a number of small mistakes you’re okay with each month
- See reaching this number as a sign you’re trying new things
- Use these mistakes to make your trading rules better
Reframe Losses as Tuition
Every loss is an investment in your trading education.
- Analyze losses for insights, not regrets
- Calculate your ‘tuition costs’ as part of your trading business plan
- View consistent small losses as signs of good risk management
Cultivate Strategic Pessimism
Optimism can be dangerous in trading.
- Always plan for worst-case scenarios
- Regularly stress-test your strategies
- Find comfort in being prepared for market surprises
Use the “Outsider Test”
Look at your trades as if they weren’t yours.
- Pretend a friend made your trades and judge them
- Be as honest about your mistakes as you would with others
- Give yourself advice like you would to another trader
To learn more about How you can Start Trading for a living, sign up below for my Free Training on the “7-Steps to Financial Freedom through Trading”.
