6 Biggest Reasons Why Most Traders Fail, And How You Can Avoid It
Anything of value in life requires mental and physical efforts and involves time, energy, and resources.
Just like becoming a highly-paid doctor earning a six-figure income requires years of hard work, becoming a highly successful trader needs a decent capital, emotional strength and years of toiling.
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Trading of stocks and bonds has many variables and the uncertainty can lead to fear and anxiety. Fear is the biggest hurdle to overcome in this otherwise lucrative way to earn money.
The most common fear is the fear of the unknown, where uncertainty and lack of knowledge of the forces at play can lead to a feeling of gambling away one’s money.
This fear can be overcome by expanding one’s knowledge about trading by taking a course or reading relevant books.
We are hardwired to be right and are awarded throughout our life pursuing what is right while being punished if we are wrong. From an early age, we learn to avoid the embarrassment of being wrong.
Trading success does not rely on one being right all the time or even on the IQ of the person. The outcome is equality reliant on the emotional makeup of the person.