Every single trader in the world, from the most seasoned professional to the beginner, has wondered what could have been if they had done something different. Everybody has their own story of how much money they would have made “if only.” For example, if only I had held onto my shares of Google or if only I had the foresight to sell before the crash hit. You can’t be human and not think these things, but if you want to be a successful trader, you must put these thoughts aside.
REE-spect
I got caught up in this kind of thinking just last week. I was trading this little-known stock called Rare Element Resources (REE) which is an extremely volatile stock that actually doesn’t have any revenues yet. But it has become a favorite of the momentum crowd so I picked my spot and jumped aboard. It was all over the place so I exited it with a small profit. Of course the next day it soared 17% which was quite painful to witness. However, it wasn’t done. The next day it rose double-digits again, followed by another gap higher the following morning. Each tick higher was like a dagger in my heart as I counted my missed gains.
How did looking at REE’s action after I sold it help me? To put it simply, it didn’t. But I am a human being and was curious. I don’t regret that part at all. The part that I regret is letting it bother me to the point of taking my concentration away from making money in other stocks. The lesson is that what is done is done and cannot be changed. After you sell a stock, tell yourself it can go to infinity or to zero and it doesn’t matter, because it doesn’t. The stock has no memory of you owning it and will do what it has to do. It is in your control not to let it bother you though.
Know Thyself
This brings me to another point of knowing your personality traits while trading. Your whole spectrum of emotions will come out while you are trading and it can be an eye-opening experience. There is no book in the world that can truly prepare you for this, it is just something that has to be learned through experience. Being aware of your thoughts and feelings while trading is a huge step in the right direction to becoming a better trader.
If you find yourself overwhelmed by negative feelings, it is best to take some time off and refresh yourself. The market will always be there and there are always multiple opportunities everyday to make money. The question is, will you be in the right frame of mind to do so? Don’t worry about what could have been, but keep your eyes open for what could be.
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