If you could go back in time and talk to your younger self, what would you tell that person?
I can see some of you give stock picks, or lottery numbers.
Fair enough 😁
For me, none of that. Because I now understand that it’s possible to have all the wealth in the world and still be left miserable and unhappy.
This week I wanted to share an article that I came across and it’s about the backfire effect, a cognitive bias that has caught a lot of attention recently.
So I guess I’m making it a ritual to share a passage from a book or a quote every week…
I like it! And I hope you do too.
I’m always amazed by how much I’ve learned about trading from books that are not trading-related. They’ve provided me with the deepest insights into my own behavior.
This month, we saw a series of rallies and marches known as The March for Science [#marchforscience on twitter] across more than 600 cities worldwide. And so, it’s a good time to remind you all what the scientific method is all about and how you can (and should) apply it to trading.
A wise millionaire trader once told me this:
“Anyone who can do something else (text or surf the internet for example) while trading is simply not giving the trade the attention it deserves.”
Alan Watts was a British philosopher, writer, and speaker, best known for translating and popularizing Eastern philosophies for a Western audience.
Below is an insightful quote from him…
At the end of the day, the fact that trading is a process (a journey composed of successes and failures) is one of the most important elements of this endeavor you need to recognize and grasp. Whatever you do, as you keep on growing as a trader, expect process, not outcome.
When you can quiet your mind, and be quiet in your mind, you will eventually come to realize that you are not quite your mind….
