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Ep 191: Kim Coaches Stephen Again: The Psychology of Losing Trades

SteadyTrade

SteadyTrade.com

Business, Education, Investing

4.6589 Ratings

🗓️ 16 March 2021

⏱️ 40 minutes

🧾️ Download transcript

Summary

Today host Kim Ann Curtin takes another look at the motivations behind Stephen Johnson’s losing trades. After a big winning streak, another side of him took over.Everyone places losing trades at some point. It’s an inevitable part of the game. But is there something in us that seeks to make them worse? Today’s episode takes a deeper look at the psychology behind losing trades. Why do we get in our own way when things are going well? Find out on this week’s SteadyTrade podcast.

Transcript

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0:00.0

It's just the, look, this happens over and over and over.

0:03.5

Every time the market's quiet, day one, I'm disciplined.

0:07.2

Look at how disciplined I am.

0:08.5

I've learned I've not taken a trade.

0:10.0

Day two, I'm going to compromise me set up a bit like this is a bit silly.

0:14.6

Day three, boom, terrible mistake.

0:17.3

So instead, how about day one?

0:19.9

You say, okay, looks like the market is not.

0:23.0

And I know that I'm going to need connection still.

0:25.9

I know I'm going to need adventure still.

0:28.6

And get other things started up.

0:32.0

Start cooking.

0:33.3

Start cooking other pots.

0:35.4

I've seen this to me dad.

0:37.7

Do you know what it is?

0:38.4

My mom and dad know this, and I don't even know.

0:40.3

My mom and dad are like, you need things to do.

0:42.5

Because when the market's go quiet, making mistakes and you're losing money and buying

0:46.7

a surfboard and a wetsuit, there's good surfing where I live, buying a surfboard and a

0:50.8

wet suit is a lot cheaper than the market mistakes.

0:56.0

You're listening to the Steady Trade podcast.

1:00.5

A podcast that inspires traders to make meaningful strides and pursue their passions.

...

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