Always maintain a good trading mentality:
Trading mentality refers to the psychological state of investors in financial transactions, which has a significant impact on trading decisions and results. The characteristics of a good trading mentality are as follows:
- Calm and rational: not swayed by emotions, objectively analyzing ups and downs, like Buffett still making decisions based on the concept of value investment when the market is turbulent.
- Calm and patient: not rushing for success, waiting for the right time, such as Soros waiting for obvious opportunities in currency exchange rates before taking action.
- Decisive and resolute: do not hesitate when opportunities arise, such as Livermore decisively building a position after discovering that the trend is established.
The opposite of a bad trading mentality, common ones include blindly following the trend, greed, fear, luck, etc., which will cause investors to make wrong decisions and bring losses.
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