Something I cannot quite understand
Why people take losing trades personally
The markets don't know you. They have no idea who you are. They could care less what your hopes, fears and aspirations are. The markets are totally cold. Unfeeling
So why take a losing trade personally
Probably because you have misplaced assumptions and expectations. You assume the market cares about you enough to offer a profit. Your expectations are falsely placed
When I enter a trade I expect it to be a loser. I assume it will be a loser. This way I take risk management seriously
I know my trading stats. Over 200 trades I can come within a 10% on my estimate of ROR, win rate, PF, etc
But on any given trade or series of trades I do not have a clue. I may think I know where a market is going, but in reality I have no idea
So why would I take a loss personally. A trade is nothing more than a datum point in a series of data points subject to random probability theory. A loss is not a personal indictment
"Two-thirds of America is stuck in the middle class. And the middle class is a system, not a choice."
Grant Cardone joins New Era Finance to break down the trap most people don't even realize they're in.
From losing his father at age 10 and overdosing three times by 25, to managing over $4 billion in real estate today, Grant spent 30 years studying how wealth actually moves.
The lines that stuck with us:
"Most people die way before they die. They're dying in their 40s. It's official when they're 74."
"You gotta either decide I want the fucking recliner. Or I want wealth. Well and, and in between all that is just kind of like a shit show."
"Very few people are actually going for the gate. They're not going for the wind. They're not playing for the wind."
"The middle class trap feels like success but isn't. You think you're doing good, but you're not really good."
One uncomfortable truth about American wealth. Four pieces of reality most people won't face.
Thanks to Grant for coming on @new_era_finance.
This 8 minute video by Nassim Taleb will show you how a 70-year-old formula used by quants separates top traders from bankrupt ones
Bookmark & watch it. It will change the way you trade forever. Then read the post below
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