"Vices That Are Hindering Your Success As a Trader"

Every successful trader blames his luck for his failure. But have you ever self analyzed your vices?No, for every loss making trade you blame your fortunes, that's it. But today give yourself a chance to know about the vices that have changed your success. As you read, try to question yourself "Do I have any of these vices?" Once you identify your hindrances, you can work upon them to separate them from you.

EGOISTIC ATTITUDE

Each and every trader wants to earn money from the market. It is very much natural, if you have done your homework well, you definitely expect some reward from the markets.

But when you involve your ego in trading , it is the maximum level of risk any person can take. In such a scenario you are not only invested financially but emotional investments are also incidental. This egoistic nature will compel you to take positions much larger than your risks allow. That is the time you ride on a Emotional Roller Coaster. With every increase in your portfolio: you feel good and every fall gives you a setback. This roller coaster completely shakes off your inner soul. Hence all decisions related to entry and exit are affected. It prevents you from cutting losses.

This ego justifies your need to trade: just to earn back some lost dollars. You never accept that a trade has gone against you. Instead you pile up more positions to cover the loss and then more and more. And when the drama ends you realize that you have severely damaged your trading capital.

TIP:- Do not try to find happiness in the market. Instead do your homework well, and follow a disciplined way of trading. This discipline will not guarantee 100% success but this will guarantee a much more secured and effective experience of trading.

TRYING TO BE A PERFECTIONIST

Many people try to emerge as perfectionists. They are well aware of  the fact that "No Man is Perfect". But still they want to be perfectionists. Such people have their emotional setup based upon a certain event. It is just like if that trade goes right I'm OK else it is not OK for me. This is the worst attitude that one can have, especially regarding the markets.

Such people get severe blows to their self esteem. The consequences which turn out to be self blaming, pessimistic thoughts, feeling of being unworthy and lots and

 lots of frustration. With every wrong trade your frustration increases which eventually turns into depression.

mind 

TIP:- If you think you are or can be a perfectionist , change your mind set. Though " Practice Makes a Man Perfect" but "No Man is Perfect". Try to accept that there will be wining trades, there will be losing trades once, but if you earn on balance it's fine. Do not let the pain of losing trades exceed the pleasure of wining one's.

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