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Co-Wise: How do you improve your trading mindset over time?
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joined discussion01/06/2022 23:35

Positive Mindset for Trading

It is crucial to maintain positive mindset while trading. Although the ultimate goal of trading is getting profit, however the process itself should not be stressful or even painful. If the process is too painful, then trading is not for you.
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Try to broaden your horizon in trading. Explore other areas that seamingly not related to your trading. For example, read up on macro economic views may put different perspectives on your investment or trading plan. How Fed's decisions could impact the indices $SPDR S&P 500 ETF(SPY.US)$ , $NASDAQ 100 Index(.NDX.US)$, $Dow Jones Industrial Average(.DJI.US)$ $iShares Russell 2000 ETF(IWM.US)$ and subsequently liquidity in individual stocks.

Learn from other experts that suit your trading style. If you're a long term investor, check out related strategies and why the successful investors (e.g. Warren Buffet) made those decisions. Understanding their psychology of investing/trading could help you make better decisions. Some traders are actually quite active on social media too! Consider following them.
Prepared and Risk Management
Remember to form trading plan and manage risks. I've shared before on this topic, check out:
Letting go of bad trades is absolutely crucial. It is hard to be profitable in all trades, there would be likely losses. Apart from managing the risks, do be mentally prepared to let go. Do not hold grudges, it is bad for your health and could affect your subsequent trading journey. Make it a point to move to next trades.

My 2 cents on keeping a positively healthy mindset while trading and I'm still constantly reminding myself to follow the above.

Trade safely, my friends!

Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only. Read more
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