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Trade To Make Money, Not For You Ego

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It might sound complicated. But brilliant people are often poor traders & investors. They inclined towards choosing the Right path while using their minds. They often lose sight of the complex changes involved in the stock market, which does not function on the same base.

In trading, return in capital only matters the most. All else is secondary. Thus you should stop worrying how the economy will shape up & what effects the new policies will lead to and so on.

If you want to make money, then you should focus on the trading techniques which are based on the actual price movements. Instead of resting on the technical indicators.

Many market players struggle lot in determining this.Since the key source of their business knowledge is the business media. You cannot lose sight of the fact that in trading or investing, you cannot always buy or Sell at the exact highs & lows.

No matter how hard you try, losses are unavoidable. Human psychology us molds in a way that we are ashamed in sharing our experiences of setbacks & failures with others. Being self-conscious about how we cannot match up to our peers who might brag about their success stories.

In today’s times, social media time market pundits often fool us to believe that they seldom suffer losses. If they do, then losses are slight. However, the truth of the matter is, some of the best investors in the world have a low winning percentage, but when they win, it’s big.

If we prioritize being right and not making money. Then we will end up doing the things are not in our best interest. Like picking up the loss, making trade and hoping for the profits. Don’t let your ego come in the way of your study power.

The more logical approach is to discard the belief. Because you are smarter than others, you have better insight into what will come next. Once you come to terms with the idea that we don’t “know” the future, you can better prepare yourself to cope with the uncertainties as they cross your path.

There should be no baggage of your ego so that your approach can be flexible as per the situation. Being right or wrong is the most crucial factor that has a significant impact on our ego. Hence, to earn profits one should first rule out it.

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About the Author

Divesh Jotwani is a Full-time trader in the Indian stock market. He has spent over 20+ years researching and discovering WD Gann's methods and applying them day in and out markets.