How to Concur Your Quirks
We are all interested in a trouble free road to success, yet what we often fail to pay attention to is our psychological tendencies, habits and personal quirks that can sometimes interfere with our trading. The good news is that not all is lost and you can easily overcome these obstacles. The first step towards financial bliss is awareness. Being aware is half way to success.
The Bias Dilemma
Although we all like to think we receive and analyze data in a calculated neutral way, the human nature is a bit different than that. We often base our opinion on the media outlets we read, watch or listen to. The problem is that while we may think the final opinion is ours, it's the other way around. It is based on the bias opinion that we read. What we have to remember is that each story has two sides and you shouldn't rely on one source to shape your opinion.
The “Dream” Mode
Traders often hold on to losses while selling their wins too soon. This comes as a result of fear to lose even more. The tendency here is to look for further risks in order to try and gain back the money that was lost.
Another problem is not having enough courage to step out of the “dream” mode. In order to succeed in trading and start working towards your goal, you have to stop settling for dreaming about money and start making money.
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