Today I was thinking about writing another book, ‘Confident Trading’ based on the results of a recent survey I carried out which highlighted lack of confidence in trading analysis as another big problem traders face besides fear. It instantly occurred to me however that lack of confidence is really just another way of saying FEAR. Fear of being WRONG in our own perception. So I am going to add another section to the Overcome Your Fear in Trading ebook which will cover this problem.
Isn’t it interesting how we call fear by different names, in my survey results of only 6 traders I had
fear of losing money 1
lack of confidence in trading analysis 2
fear of taking a trade 2
There were also issues such as not keeping records of trades, one trader said that he didn’t want to see how badly he traded (FEAR of FAILURE)
Maybe it’s really fear that is behind most of the issues we face as traders and we just give it other names that hide the true emotion.
It is a truism that fear and greed are a traders worst problem, the problem with truisms is that they are generalisations and actually stand in the way of trading improvement.
Is Greed really a problem? I don’t think so, what is sometimes a problem is that traders let their trades run too long, and bet too much of their account on the next trade. These are problems that can be easily overcome using the techniques that I outline in my books. So in my opinion Greed is not an issue in trading , in fact if we didn’t feel greed we wouldn’t achieve in life because it is the desire for more that has allowed man to improve his lot throughout the ages. It’s now called Capitalism!!
Beware of generalisations they stop you thinking and progressing as a trader, it is the specifics we need to know in order to improve our trading…