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Overcoming Self Destructive Trading Habits

We all have self-destructive trading habits. The idea that you don't have them just proves that you have one of the biggest ones there is...

EGO.

I learned early on that ego is a killer in trading.

And it comes in many, many forms. For example, all too often successful engineers, doctors, attorneys, etc., come into the trading world thinking that their success in their field entitles them to easy success in trading.

Really?

Would you apply that same logic if you were a doctor who wanted to fly a plane for the first time, or a pilot who wanted to conduct brain surgery for the first time? Would you actually just read a book and go for it? Sure, the stakes aren't as high in trading, it is only money. But the logic still applies. You can't just read a book and expect to succeed, I don't care how smart you are. That is just ego talking.

But it doesn't end there.

There are many forms of ego and many other self-destructive trading habits that have to be overcome. In this section of the Mission Million Trading Workshop, I will not only provide what these destructive habits are, but how to easily overcome most of them.

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"I have been through several trading psychology courses and read double that many trading psychology books. Most of them are regurgitating the same, impractical and ultimately useless theories. After going through your "Overcoming Self-Destructive Trading Habits", I have concluded that these authors and trading "psychologists" have never traded a lick, which proves their "trading psychology" methods don't work. This was a life-changing course for me, and quite possibly the most valuable of all your courses."

D. Cotton, OH

Important Risk Information

Many traders tend to gloss over risk disclaimers, as if they are mere technicalities required in the course of business in this industry. This is a dangerous habit many traders have developed. With all trading strategies, there is "profit potential" and there is "risk potential". All too often, traders interpret "profit potential" as a "promise of profits", while at the same time, if risks are realized, the term "risk potential" is interpreted "I was duped". This is trading. There are risks, and these risks are very real. Risk potential means you could experience losses. Profit potential means you could experience profits. Past performance, whether hypothetical or real, does not diminish the risk potential of any strategy. The problem with simply glossing over risk disclaimers and not taking them seriously is that it causes traders to make decisions they would not otherwise make. Specifically, glossing over a risk disclaimer may lead to deciding to trade a strategy that you would otherwise decide against trading had you taken the risks associated with that strategy seriously. It also causes traders to stop trading strategies long before they should stop trading them because they did not take the risk disclaimer seriously.

Understanding risk is more important to the overall success of trading than you might think. In fact, your understanding of risk (or lack of understanding), affects virtually every trading decision you make from markets to trade, account size to start with, beginning trade size, levels at which you increase or decrease your trade size, and of course, how long to stay committed to a strategy. It is to your detriment to ignore this, and any other risk disclaimer associated with trading. Every strategy associated with the Mission Million Trading Workshop carries risk. In all cases, you decide whether the "profit potential" is worth the "risk potential".