PERSONALITIES/CULTURES TO ELIMINATE FOR SUCCESSFUL TRADING:
1. UNPLANNED GREED:
- We often become overly greedy without having a specific plan for profit expectations. Knowing how much is enough and when to stop is crucial. Unchecked greed can lead to costly mistakes, resulting in a series of uncontrollable losses after successful trades.
2. JEALOUSY CULTURE:
- Criticism, attacks, and refusal to learn are factors that prevent you from broadening your mindset and receiving valuable insights from the community and successful traders.
3. **EXCESSIVE EMOTION:**
- In financial trading, there is no room for emotions. An overly emotional person will never have a stable trading approach, making the trading journey more challenging and prone to impulsive actions during trades.
4. LACK OF HONESTY WITH ONESELF:
- Being honest and sincere with the market is crucial for recognizing issues and correcting mistakes, rather than resorting to superficiality, exaggeration, and delusion.
5. Herd MENTALITY:
- FOMO and herd mentality are psychological tendencies that lead to chasing peaks and participating in losing games, often stemming from emotions and greed.
6. RELUCTANCE TO WORK HARD:
- Many people rely too much on copy trading or the calls and analyses of others. Those who do this will never succeed or make money in the market; free meals only exist in mouse traps.
7. LACK OF PATIENCE:
- Many individuals cannot wait patiently, always wanting to enter trades just for the thrill. We need to wait for good entries and clear signals to be ready for a trade.