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Co-Wise: How do you improve your trading mindset over time?
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Meta Moo joined discussion · Jan 13, 2022 20:19

Mooers' Strategies: The Secrets to Trading Mindset Improvement

Hi, mooers!
Co-Wise Part 9 "How do you improve your trading mindset over time?" has been closed up perfectly. Thanks for your participation!

First, we would like to announce the Mentor Moo of the last Co-Wise event: @Panda2102 ! Congratulations on winning the badge! We truly appreciate your hard work in the Co-Wise contest!
Mooers' Strategies: The Secrets to Trading Mindset Improvement
Second, let's enjoy the highlight moments together!

Among the heartfelt sharings of mooers on attaining a proper psychological mindset for winning trading, we gained a rare insight into their philosophies of life and their intelligent mind. Some mooers joined the discussion enthusiastically, while others wrote a detailed analysis of how they became the person they are today. We are so glad that many have successfully developed a long-term mindset and adopted various investing strategies such as Dollar Cost Average in trades.

Letting bad decisions and emotions get the better of you is dangerous. It could lead to a snowball effect of investment losses. However, if you celebrate the small wins, the combination of them could eventually lead to larger and greater achievements.

Consistent winners are rare. There will be times when the unforeseen happens. If we are to get rid of FOMO, we must practice and learn the lessons of why we lost.

@AlfonsoDex has presented a logical structure in his writing by starting with fundamentals. We can easily connect his case studies and experiences of trades by reading the post. He proposed that we should think about: Are we our worst enemy? How to conquer ourselves? If we don't know ourselves, we can't manage our expectations well. With a reasonable goal in mind, we should be cautious in entering the market, review our trades periodically, hold on to our stocks amid a market dip. (The mooer did a good job when he bought $NIO Inc (NIO.US)$ at $42 and believed that the EV industry has a great potential to grow.)
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Have you ever heard someone saying that "Today, I made the right call and made $100. Last month, I bought xxx stock, and it ran up 20%"? That's what short-term players have in mind when they invest. @Ampsteve pointed out that "nowadays, people are taking stocks as a quick way to get rich instead of finding a good company they like and taking a long term view". To build a better mindset, you should do your research and stick to your beliefs. "If you see full of EV in the next 10 years, buy EV; if you know no EV in the next 10 years, don't touch." Don't become a speculator or see investing as gambling. Investing should be healthy and profitable.
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@jjupiter held that "setting targets at the beginning with foresight is an essential factor that will determine your investment in the long term". Instead of jumping into the open sea, beginners should try paper trading first and gradually build up their trading mindsets. After that, they can use their spare cash to invest wisely and try to understand the stock market dynamics.
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Can you differentiate between trading and investing? Do you want to become a good trader or an advanced investor? @12moon said that "it's tougher to be a good trader than an investor". The mindsets of the two are different. Traders need to stay alert and be "self-disciplined enough not to add leverage on losing trades". Meanwhile, they need to adopt the right mindset to learn from mistakes and not to repeat them in the future.
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The Mentor Moo of the last episode, @Panda2102 , also joined the discussion of the trading mindset. He proposed that we should dig into Behavioral Finance before building a mindset. Besides, we should know whether we are feeling good at the moment. If not, we should close the trading app and relax. @Chris Cheung Invest found that trade logs are quite helpful in tracking trades, which allows him to calm down and judge. @Mars Mooo recommended a book called "The Mental Edge in Trading: Adapt Your Personality Traits and Control Your Emotions to Make Smarter Investments".  @sgdidache is good at spelling: with a habit, get rid of "h" and you still have "a bit"; get rid of "a" and there's still that "bit"; get rid of "b" and you still have "it". The rewards may be late, but they will come!

Now, let's announce the winning list of this topic. Congratulations on getting the  $Ford Motor (F.US)$ stocks!
Mooers' Strategies: The Secrets to Trading Mindset Improvement
*The rewards will be distributed to winners within 15 working days. (The ranking is in alphabetical order.)

For more valuable tips, please click Co-Wise: How do you improve your trading mindset over time?. Don't forget to leave your comments below to tell mooers what you've learned!

Stop refreshing the price charts every second and leave some time to be with your loved ones or research your target companies. The former gives you anxiety, while the latter provides you the peace of mind. As the saying goes, "It sounds trivial, but thinking of market volatility as a fee rather than a fine is an important part of developing the kind of mindset that lets you stick around long enough for investment gains to work in your favor." Let's cheer up and be brave enough to face the challenges in the stock market.

Finally, let's vote to find out who is the "Mentor Moo" on this topic. Your vote means a lot to them!
Bonus:
Please leave your comments below and @ the candidate for Mentor Moo whose opinions impress you the most, and explain why they are impressive. Or you can share your experience of building a trading mindset. We've prepared 188 points for each of the 10 TOP COMMENTS regarding quality and user engagement.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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Meta Moo
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Master trading and boost your traffic with me. Chat or inquire? DM me anytime. I'm real, not a robot!
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