Mind over Matter
What a great question!
Improving my trading mindset over time requires consistent monitoring of the market changes AND observing moves from the more knowledgable traders.
Everyone has their own style and I am creating my own.
One key point is to maintain my emotions. Afterall, there is risk and the trick is not to overextend and gamble my livelihood.
I do not treat this as gambeling but there are some similaries of luck when it is impossible to predict every move of the market in advance.
My investment approach and mindset is as follows:
- Understand the tax implications when selling positions. Is this account an IRA or a regular investment account?
- Stay within myself and make sure I am focused on my objective. By this I mean there are three approaches I see for different investment types.
I must Identify and remind myself of my investment strategy…. each have a different focus and my mindset varies.
1) short term day or swing trading….. just make money on market changes.
2) longer term investments that focus on long term growth and dividends.
3) speculation on new products or long shots. This is gambling at its best. Could be from crypto to new technology or new drug development or new ipo’s of other speculation.
Anyway, just some thoughts this AM.
Improving my trading mindset over time requires consistent monitoring of the market changes AND observing moves from the more knowledgable traders.
Everyone has their own style and I am creating my own.
One key point is to maintain my emotions. Afterall, there is risk and the trick is not to overextend and gamble my livelihood.
I do not treat this as gambeling but there are some similaries of luck when it is impossible to predict every move of the market in advance.
My investment approach and mindset is as follows:
- Understand the tax implications when selling positions. Is this account an IRA or a regular investment account?
- Stay within myself and make sure I am focused on my objective. By this I mean there are three approaches I see for different investment types.
I must Identify and remind myself of my investment strategy…. each have a different focus and my mindset varies.
1) short term day or swing trading….. just make money on market changes.
2) longer term investments that focus on long term growth and dividends.
3) speculation on new products or long shots. This is gambling at its best. Could be from crypto to new technology or new drug development or new ipo’s of other speculation.
Anyway, just some thoughts this AM.
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