2024-09-23 18:25
IndustryAvoiding the Pitfalls of Groupthink in Trading
There's no such thing as "free candy" — that seemingly friendly stranger with the white, unmarked van offering you something sweet will only bring trouble.
Simply put, nobody wakes up thinking, "I'm going to make someone else rich today!"
While online forums are useful for sharing ideas and collaborating, don’t fall into the trap of letting others do your thinking for you.
This ties into the tricks our minds play on us. We’re wired to think in groups, feeling safer when we follow the crowd. But as our parents used to ask, "If everyone was jumping off a bridge, would you do it too?"
Think for yourself. If you're tempted to copy someone’s trade just because they posted a flashy EUR/USD chart in their journal or online, stop following them.
Instead, take advice from those who teach you 'how' to trade, not 'what' or 'when.' Many traders teach to improve their own skills, but it's rare for them to just hand out trade signals without some catch.
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Avoiding the Pitfalls of Groupthink in Trading
| 2024-09-23 18:25
There's no such thing as "free candy" — that seemingly friendly stranger with the white, unmarked van offering you something sweet will only bring trouble.
Simply put, nobody wakes up thinking, "I'm going to make someone else rich today!"
While online forums are useful for sharing ideas and collaborating, don’t fall into the trap of letting others do your thinking for you.
This ties into the tricks our minds play on us. We’re wired to think in groups, feeling safer when we follow the crowd. But as our parents used to ask, "If everyone was jumping off a bridge, would you do it too?"
Think for yourself. If you're tempted to copy someone’s trade just because they posted a flashy EUR/USD chart in their journal or online, stop following them.
Instead, take advice from those who teach you 'how' to trade, not 'what' or 'when.' Many traders teach to improve their own skills, but it's rare for them to just hand out trade signals without some catch.
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