By Mark D Wolfinger
Rules that enhance your decision-making procedure whilst buying and selling. increase a mind-set that ends up in more-profitable trades and steer clear of frequent mindsets utilized by much less winning investors.
Some look visible. despite the fact that, others could appear to be opposed to good judgment. imagine via those rules and they'll make experience. They paintings for me and that i belief they're going to be just right for you.
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Extra resources for The Option Trader's Mindset: Think Like a Winner
Sample text
No matter how conservative you may want to be in your trade selection, there are going to be times when immediate risk has reached an uncomfortable level. Clear thinking is the best pathway out of trouble. QUESTIONS TO ASK YOURSELF Do you have the mindset that allows sloppiness in your daily life? Can you overcome it and become more disciplined when trading? Do you think of trading as playing with Monopoly money? Is trading a game to you? Or do you have the mindset of a gambler? A serious trader, understanding that taking big risk, and losing, can be ruinous – avoids placing too much money a risk at any one time.
RELATED COMMENTS These comments to my original blog post speak for themselves. I highlighted a few of the key words. “A lot of people who’d like to trade never even make it to this stage of self-examination. Hoping to find the holy-grail of indicators or strategies that never lose money is a lot easier than taking the time to decide which strategy fits the individual AND trying to improve personal risk management. ” “Important to know yourself before slinging precious account money. ” The Winning Mindset Learning to trade takes as much effort as learning other skills.
That we tend to think they’re other people’s problems and not our own—the bias blind spot—is the icing on the cake. As I have tried to point out repeatedly, risk is risky. Because of our behavioral biases and our tendency to think they don’t apply to us, the odds are overwhelming that we are going to miss or ignore many of the risks that plague us. “The greatest risk of all is staring us in the face when we look into the mirror. ” That is an excellent piece of writing and goes a long way in explaining a difficult-to-understand concept.
The Option Trader's Mindset: Think Like a Winner by Mark D Wolfinger
by Robert
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