A discussion about trading and your ego can go in so many different directions. In this video I wanted to share this important discussion on how a trader could manage their ego to lead them to long-term success.
Click here or in the video below to gain some understanding of your ego.
Your ego wants to be right, it wants to win this trade, and it wants to win that argument.
There is nothing keeping you in a trade that has gone bad except for your ego.
This concept is similar to having an argument with your partner.
Will your relationship be better if your ego takes over and you keep fighting until to win the argument? Or would the state of your relationship be better if your conscious mind pushed your ego into the back seat to work on a compromise and create a solution where both partners can claim a win?
Another important concept is working towards your long-term goals by taking one step or trade at a time.
We have a friend who recently climbed Mount Kilimanjaro. He shared with us how he had to adapt many times during the trip to be able to continue climbing through the many different weather conditions, terrain changes, and altitude shifts. Ultimately, he made it to the top by limiting his focus to only the very next step…
This works with trading too. Focus on the trade in front of you and follow your winning trade plan. This will help you keep your ego in check, have the proper mindset, and consistently make good trading decisions. This doesn’t mean you’ll win every trade, but it will set you up to win in the long-term!