Mind Games That Propagate Financial Havoc

It is easy for traders to get hooked into subjective interpretations of what the market is doing, because their minds are playing tricks on them. Different people react in different ways to stress. Day trading takes an enormous amount of mental exertion, which requires physical energy. Successful trading is the by-product of a ruthless mentality that allows you to make quick decisions when there is a lot at stake. The best traders can make decisions objectively under stressful circumstances, without looking back.

Many traders fall into a middle ground wavering between subjective and objective interpretations. This happens because they are more attached to the outcome and what it represents than they should be. A trader who falls into a losing rut, for example, is more likely to perform poorly because of a negative state of mind. You tend to attract what you focus on. If you are in a losing streak, chances are that you are focusing on loss, thus attracting more loss.

Detrimental mind games start to kick in when you refuse to accept the fact that you were not able to achieve your desired outcome. When you accept loss gracefully and refrain from beating yourself up, your mind-set will improve and you will be able to focus on where you want to go. This will improve your chances for success.

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