In today's episode of let's talk stocks, we're going to take a look at the 7 reasons smart people fail at trading.
We'll talk about topics, such as, starting at the bottom, the learning trap, playing it safe, the importance of experience, ego, and more.
If you believe you are a smart person, but you're still struggling with trading and investing, then this video is for you.
Posted at: https://tradersfly.com/2018/08/7-reasons-people-fail-ep-195/
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Hi Sasha! Interesting video! I've been actively paper trading for the past three years and I definitely recognize some of these mistakes! I think most of them are very human things to do though, and not so much just smart people being smart.
Every now and then I watch a video of you here and there, love the calm vibe you give and the interesting topics you discuss. This september I will use a part of our savings to start actively trading, since I feel I have gained enough knowledge and experience to start with the real deal. I'm very excited and maybe even a bit scared, but definitely looking forward to it!
Thanks for the videos and keep up the good work!
That's wonderful to hear! Typically when you're a little bit afraid that is a good sign because it also means you're getting pushed beyond your comfort zone which creates growth. as always thank you so much for watching and for the nice comment. I'm pulling for you and your successes.
Sasha, those characteristics you mentioned about is not entirely of smart people, it is more of people with "fixed" mindset. Those just started on trading should read a book with title: Mindset by Carol S. Dweck. Lifelong learning and growth.
One I would add: overwhelming yourself by sampling too many things in the beginning. That was my weak spot. I was trading a whole slew of stocks with tons of different strategies and setups and I just went from one small loss to the next. I settled down and decided that I was going to focus on a small basket of like a half dozen ETF's. I learned those ETF's in and out, I got comfortable with trend trading them, then I got comfortable with swing trading them, and along the way I even got a little experience day trading and shorting them. Over time I slowly added more setups to my arsenal. I had much more success this way. I kind of overwhelmed myself at first. I think focusing on ETF's also helped in that it eliminated having to worry about those dreaded huge gap downs. It was when I stopped trying to hit home runs and started focusing on just getting a couple runners on base consistently that I started to make some profits.
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