A whole lot of whether or not you will find success as a trader depends on your attitudes and perspective before you begin. If you approach the world of trading from the wrong angle, you are not guaranteed to fail; however, you are putting yourself at a distinct disadvantage. We all value our time and in order to maximize your time efficiency as a trader, you want to enter a situation with the realistic mindset. I had an interaction with someone recently and it really made it glaringly obvious that their mind was in the wrong place. Again, I don’t want to overexaggerate and be dramatic. Minds in the wrong place don’t mean you will for sure fail, but minds in the wrong place need to be corrected… so here we are! Let’s make sure you are not in this place within your trading which sets you up for false expectations and causes you to look in the wrong places.

Defeated Before You Begin

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Given my unique position of having a sizable following on YouTube and social media, I am a prime target for certain side hustles. Because I am a target, I believe I can offer a valuable point of view towards those who are doing these side hustles. It takes money to make money, so anything that is geared towards creating streams of income, I feel it is worthwhile to weigh in on. If you are someone looking to make some extra money, please avoid doing what I am going to show you here in this episode. It’s very basic, but I’ve had it happen to me over and over again and all but ensures you’ll have very little success in your efforts. Let’s get to it!

A Good Side Hustle, If Done Right

I try my best to avoid this subject. The problem is, the argument is totally true and my conflict of interest does not make it any less true. If you are a beginner day trader and just getting started, I hope this case study can open your mind to at least considering a more than common and valid logic you are using. For those of you who continue to struggle in your trading, I hope this case study will, again, get you to open your mind to considering a different approach. Let’s talk about how you will be paying either way you go. This all boils down to “how much” will you pay? Let’s dig in a bit deeper and consider both the pros and cons.

You’ll Pay Either Way

Someone accused me of being shady by only doing analysis of “obvious” charts. This interesting comment got me thinking a bit and, well… here we are! I’ve been told to ignore the negative people who leave comments; however, in this person’s case, they offer up an important distinction that needs to be made within the world of trading. In particular, what kind of trading approach are you going to take? I personally feel better with one over the other (as I believe it contains less risk), but that’s not to say I am absolutely right. Good thing we’re all allowed to have our own thoughts and opinions! Whichever you feel is best for you is all that matters, but let’s make sure we all understand the two kinds of trading approaches!

2 Kinds of Trading Approaches

Have you heard of the logical mistake people get tripped up known as the sunk cost fallacy? Odds are, you allow this thinking error to influence your life more than you think. The games our mind can play with us are abundant to begin with in the world of trading and investing. Sprinkle on the day to day mind games such as the sunk cost fallacy and I don’t blame you if smoke begins to pour out of your ears! It’s annoying no doubt, but the biggest problem I would argue is the lack of knowledge of its existence. Once you are aware of these thinking errors, you can be much better prepared to handle them. In my hears of coaching traders I’ve lost count of the number of times I’ve seen the sunk cost fallacy create unneeded issues for people. Let’s talk a bit more in-depth about it so you are aware and prepared to fight off this logical fallacy when it comes knocking on your door.

Sunk Cost Fallacy and You

My goal is to keep the world of money, trading and investing as clear as possible. With clarity comes a sense of actual reality. Actual reality brings with it the ability to make the best choice for your personal goals and circumstances. I had an interaction with a person who offered up some criticisms about day trading that are totally valid. I think he took these criticisms a bit too far and baked in some faulty assumptions; however, setting that aside, this person in correct. His criticisms leads to a conclusion to: don’t trade. I disagree. Let’s dig a bit deeper and explore this criticism with a fair and honest approach.

Defeated Before You Begin

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