The flood of information (information overload) is one of the three main problems that traders complain about.
The best traders have their solutions: they limit the amount of news to the necessary minimum. Too much and not – selected news gives not only a waste of time but also may suggest something that will have a negative impact on the position.
Change comes more easily if it is carried out daily over a long period. And it’s best if the new activity (such as analyzing or watching for a new type of exit) becomes part of your daily routine.
If you find something worth introducing or changing, the best way is to try it every day for a while to form a new habit.
The best of the best traders are constantly constructively satisfied and at the same time dissatisfied with their achievements.
The best traders I’ve met pointed to survival on the market as their main achievement. By studying their biographies, you can benefit in one particular way: you will strengthen your ability to adapt. Markets are changing and will continue to change, sometimes dramatically. Alternative data, big data and AI are coming into widespread use.
We are not able to stick to the plan, because under stress, our brain starts to work differently. We inherited stress from our ancestors – in an emergency situation they had few choices, very simple choices and none of them included complex intellectual processes. They were the fight, flight or freeze and pretending that they are not there.
It happens that traders are stuck in the face of some event in the market. I had this, which led to the loss of the first deposit. After many years, I remember like it was today: I set the trend line on the GBP/JPY and set order of what I thought was right over it. It was a Sunday evening – in a moment the market was about to open. It happened in a moment. For an hour I was watching as it is slowly but steadily moving towards my trend line, then touches it….
One day I came up with the idea of finding the best traders in the world and then asking them about everything that is relevant for achieving success on the market. I wanted to know their full story — from the beginning, up until now. In the result, I interviewed almost 100 traders from all over the world. One of the questions was “What are the cardinal rules of trading according to you?” Check it out, what some of them told me…
