Desperation to earn profits from stock market is nothing but a BAD OMEN for the trader.
Desperation is the next biggest enemy of a trader after Greed and Fear.
It has a remarkable and absolutely perfect track record of clouding judgement, which boils down to bad trades and obviously losses. This leads to further aggravation of the same emotion which had caused these losses, setting up a vicious self reinforcing cycle of events.
HOW TO BREAK THIS CYCLE
Desperation is the next biggest enemy of a trader after Greed and Fear.
It has a remarkable and absolutely perfect track record of clouding judgement, which boils down to bad trades and obviously losses. This leads to further aggravation of the same emotion which had caused these losses, setting up a vicious self reinforcing cycle of events.
HOW TO BREAK THIS CYCLE
- When feeling desperate, do not open your trading terminal and the charts. Take an off on that day. Spend time instead doing something else to take off your mind away from the market. Go out, read a book (not the one related to stock market), listen to music....just anything to keep you busy else you will be back at your screen.
- Do not worry about missed opportunities and missed profits.......they will be back. Missed profits are healthier for your purse than suffered losses.
- Count your blessings.....all that life has given you. It will ease the desperate feeling.
- Realize the limitations of stock market....IT IS NOT A GET RICH QUICK LOTTERY GAME.
BELIEVE US, IT WORKS. WE HAVE BEEN THERE.
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