Trading is like stepping into a thrilling adventure where identity plays a crucial role. Unlike other professions with clear role models, traders often find themselves hesitating when asked “What do you do?”
They struggle to grasp their true identity as traders. But fear not! Let’s embark on a journey to explore the exhilarating significance of identity in the trading world and discover how you can transform into a Badass Trader.
Trading is not just about technical skills like analysing fundamentals or predicting stock trends. The trader’s mindset takes centre stage in the realm of trading psychology.
It’s about containing emotions, making snap decisions, and exercising discipline. Fear and greed are two powerful emotions that traders must understand and keep under control. In the face of bad news, fear can push traders to overreact, leading to missed opportunities. Hope, on the other hand, tempts traders to hold onto winning positions for too long, often resulting in a reversal of fortune.
These emotions, plus the role of risk management, can make or break a trade. But how does identity fit into this thrilling trading landscape? Your identity shapes the way you perceive yourself, how others view you, and the characteristics that define you.
In trading, the market acts as a testing ground, pushing traders to their limits. Understanding your own identity is crucial for navigating the market effectively.
Discover your trading identity, and finally understand the power of fear and hope on your trading results. With this newfound knowledge, you’ll be well on your way to becoming a Badass Trader, navigating the markets with confidence, discipline, and a strong sense of self.
Questions We Discuss
- Just what is a ‘Badass Trader’?
- I love reading your ‘Principles of Trading’ on LinkedIn. What would be a couple of your top principles that you feel people miss as traders?
- I’ve heard you say that fear is the most significant emotion for traders. Scared money never wins. What fears do traders face and how does hope factor into whether a trader is likely to be effective?
- A lot of people treat the market as an adversary, rather than a partner. How can this foul up your trading results?
- What are the key success habits you feel every trader should develop?
- What are some of the most significant biases traders need to overcome to establish objectivity?
- Tell us more about your brand-new book. What inspired you to write it?
About Robert van Eyden
Robert van Eyden is the CEO of IG Markets South Africa and the author of Investing Happiness and The Money Fountain.
Plus, his new book – The Badass Trader – How to Trade Your Way to Riches has just been released.
Robert was fascinated by the workings of the financial markets from an early age and ultimately became a specialist in managing behavioural biases and investments. With 3 decades of industry experience and an extensive background running stockbroking firms, Robert approaches the markets with a unique perspective as I’m sure you’ll agree.
Robert’s book The Badass Trader – How to Trade Your Way to Riches is now available.
About Louise Bedford
Louise Bedford is a highly accomplished and experienced trader, educator, and author, with over 30 years of experience in the financial markets.
She is the co-founder of The Trading Game and is known for her unique approach to teaching trading psychology and market analysis.
Louise has authored several successful trading books, including Trading Secrets, Charting Secrets, and The Secret of Candlestick Charting. She is also a regular contributor to Ausbiz, the Your Trading Edge magazine, and is the host of the Master Your Trading Mind Hub at IG Markets Australia.
She and her business partner, Chris Tate, and have been running their repeat-for-free Mentor Program for the past 23 years. They provide simple techniques that you can implement straight away, and valuable resources to enhance your trading so you can maximise your profit potential.
To get in touch with Louise