You know, out of 100 traders, 95% lose money, and only 5% are the only ones who make profit. That means 5% of the traders who make money are taking all the money away from all the 95% of people who are losing money. Somesh is here to tell you that if you want to be one of the 5% of traders that make money, if you want to get ahead of the 95% of losing traders, then you need to fix your ego — It's your ego that often leads you to make costly mistakes and makes you lose in trades.

In this episode, Somesh discusses:

• Only 5% of traders are profitable while 95% lose money
• How your ego often lead you to make mistakes that cause you to lose money
• Ego driven behaviors that make you loose in trading — overconfidence, chasing trends, failing to admit errors, peer pressure
• Tips that will help you to overcome ego-driven mistakes

Memorable Quotes:

"Even the highest probability trade can fail, be prepared for it. I'd rather be wrong and make $100,000 than being right and lose all the money that I have."

"Your ability to put your ego aside and accept what the market does will prevent you from larger potential drawdowns."

"Respect yourself, respect the money that is in your trading account. But above all, respect the market movement that the stock market is doing. Even more than you respecting yourself because the market is never wrong."

Resources:

Somesh S (@kay_capitals) on Instagram

Kay Capitals on YouTube

Somesh (@KayCapitals) on X

Join The Day Trading Lords Discord 

Join The Daily Trading Newsletter 

Hosted on Acast. See acast.com/privacy for more information.