For a pro trader, a loss is just:
- A single data point
- A small protective win
- A step closer to the probabilities
For the newer trader, it's:
- It's painful
- A hit to their ego
- The end of the world
Successful traders practiced 3-5 years gaining 0$.
Pain.
Losses.
Mistakes.
Failures.
More pain.
After 3-5 years they just need few hours to gain thousands of $.
It's not about luck.
Why is it that traders are often too scared to enter the "best trades" but jump into the worst possible trades with full confidence?
It is because they feel they don't have to take responsibility for a trade that they haven't thoughtfully planned. So when a trade like that goes against them, they “ditch” the responsibility for such a trade and say something like, “Whatever I didn't really care lol.”
But when they do the hard work of analyzing and taking time to find a good trade, suddenly they're afraid to enter. Not because of the volatility, risks and other dynamics of the trade, but because they know that they have to take responsibility for such a trade when it goes against them and admit that they were wrong and made a mistake.
And the idea of admitting they were wrong is often scarier for traders than losing money.
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Emotionally Healthy People:
1. Accept & learn from mistakes
2. Let go of grudges & past failures
3. Say "no" when necessary/stand up for themselves
4. Don't allow themselves to get sucked into other people's bullshit & drama
5. Are genuinely happy about the success of others
There's a shocking lack of healthy and useful advice for young men out there these days, so I decided to take a stab at some of the most important points I think young guys should understand:
(Thread) 🧵👇