So how much can other people affect your trading? \
There is one characteristic that seems to separate the great traders from the average ones. The great ones realize what kind of problems that a lack of confidence can present, so they don’t even risk a shattered ego.
They keep their trading activities to themselves. While the amateur trader will often tell friends,Social Media followers about trades he may have entered, it’s all too often a setup for disaster.
Call it Murphy’s Law
Murphy’s law is a popular adage that states that “things will go wrong in any given situation, if you give them a chance,” or more commonly, “whatever can go wrong, will go wrong.”
Trades you just entered and boasted about them on Social Media about will turn against you soon. And like clockwork, the People on Social Media will ask how it panned out.
You have one of two options at that point: tell the truth, or lie.
You could lie to your followers and say the trade went fine. However, even though the followers may not know any better, the damage to our own ego is still a reality. How?
Being forced to deceive also forces us to acknowledge that we may have inferior skills. Instead of just accepting a losing position, we’re forced to conceal the trade to protect other’s perception of us.
The irony is that the lie can cause even more damage to our confidence than just accepting the loss. Speaking psychologically, our subconscious minds can rationalize some incredible stuff that doesn’t necessarily have to be true, so don’t give it an opportunity to rationalize your decision to stop trading. You’re better off not saying anything than saying something you know to be untrue.
On the other hand, you could tell the truth to your follower and own up to a losing trade, but that would also negatively impact your confidence. They will question us, call us a failure as many may be new of trading and for them losing trade is equivalent to not knowing trading, Who will trade to Lose ? You will be inundated with lot of questions
- How much did you lose?
- Why didn’t you use tighter stops?
- Your Strategy is not correct
- You should have bought not Sold
- You trading system is total failure
It will have a deep impact on your sub conscious level and requires hard skin to take these kind of comments in positive manner. It might even force the trader to change his or her trading patterns in an effort to regain some confidence. And all because he opened the door to his ego!
The only real defense against such an attack is to simply not share the details of your trading with others. There’s nothing wrong with telling others you trade, but in no way will detailing your trading activity enhance your return. In fact, it may potentially do the opposite. If you profess a trade position to someone else, you have made a subconscious commitment to it – maybe one you shouldn’t have. If you know someone may ask you about that position later, you’re more apt to hold it, even if it’s a loser you’d normally get rid of.
By not sharing your trades with friends and colleagues,
- You allow yourself to make mistakes free of criticism.
- You allow yourself to fail. F.A.I.L >> First Attempt in Learning
- You allow yourself to focus on finding better trades rather than proving someone else wrong.
When you don’t have to worry about protecting your psyche, you can shift the focus from defense to offense – a necessary trait for all traders.