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Only way to become good at trading is by enhancing your self efficacy beliefs about trading

Friday, February 7, 2020 18:46

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There are 5 ways to do that in order of importance

mastery experience :

The first and foremost source of self-efficacy is through mastery experiences. To gain mastery experience you need to complete hard task that challenges you successfully . Finding right anticipation setups after running a scan and see them work will build mastery experience. Or going through Top 25 stocks and anticipating a b/o or b/d and entering it ahead of time will build it. Or identifying right 3lynch candidate or weak structure short will build it.

vicarious experience :

watching others do it successfully. The second source of self-efficacy comes from our observation of people around us, especially people we consider as role models or good traders. Seeing people similar to ourselves succeed by their sustained effort raises our beliefs that we too possess the capabilities to master the activities needed for success in trading . That is why seating in a cave is unlikely to make you successful but actively participating, watching , and interacting with other traders will.

verbal persuasion is third source of self efficacy beliefs.

Being told you too can be successful in trading and make tons of money, itself can change your beliefs. Being persuaded that we possess the capabilities to master certain activities means that we are more likely to put in the effort and sustain it when problems arise.

visualising yourself behaving effectively or successfully in a trading situation.

Imaginary experience is as good as real experience in building self efficacy . If you understand that and use visualisation techniques , your self efficacy will improve.

positive emotional and psychological state . positive emotions can boost our confidence in our skills. Getting yourself in right mood at start of trading day is essential for that.

If you understand and work on these things you can make millions in the stock market.

And the best part of this is that all these things are under your own control.

Source: http://stockbee.blogspot.com/2020/02/only-way-to-become-good-at-trading-is.html

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