Trading Psychology: Confidence
In this video, Stuart McPhee talks about how to get trading confidence. How do you get confidence? You can go to all trading experts, and to all book-shops and everything else and you cannot see a box with confidence in it for $99. There is no way you can go and purchase confidence. Yet, we know that is vital. So, how can you get confidence, do you think how can you develop it? He says that confidence comes from one thing - you. Think about something you are very good at doing, playing golf, play at the piano, running your business. Then think about how confident you are doing it. But then think about something you are not very good at doing and think about how confident you are when you do it.
You will find a complete contrast. You cannot be confident on something unless you are not competent to do it. So confidence is vital but the only way you are going to get that is by developing your competence. So the fact that you are at the conference is that you are hoping to develop your competence. And that is going to drive you to more confidence on the trading plan you are developing. Now lets see what a lack of confidence can do for you. So Stuart McPhee says: "If you don't have confidence in yourself, how do you expect your soldiers to have?" He is sure that if you dont have confidence in yourself you are not going to have confidence in the plan you are developing.
Stuart McPhee quotes from this video:
- If you dont have confidence in yourself, how do you expect your soldiers to have?