Sometimes traders say "confidence" is important. I didn& #39;t get it, but starting to now. When you believe in your own abilities, you don& #39;t latch onto one stock/strategy/style. Cutting a loss or taking a profit is easy if you know there& #39;s always another good trade around the corner.
As opposed to when a trade is "the opportunity of a lifetime" or if it& #39;s "make or break." If everything comes down to this, you& #39;re emotionally invested and can& #39;t think clearly. Experience brings the perspective that new opportunities will appear and you& #39;ll be able to find them.
Confidence in you, the trader, instead of the trade. In fact, there are so many opportunities that you& #39;ll miss 99% of them, but you& #39;ll still do pretty well with the 1% you do manage to find. There& #39;s a fine line between learning from missed opportunities and agonizing over them.
You can& #39;t teach confidence. It can only be acquired by proving yourself over time, and you can easily lose it again. So there& #39;s a feedback loop between performance and confidence. Smarter to avoid going into a vicious cycle instead of having to extricate yourself from one.
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