Guide on Comparing Yourself to Others—— STOP IT
As a trader it is very easy to find yourself comparing your trading journey and profits to those of others. I am guilty of it, you’re probably guilty of it and some of the best traders I’ve encountered are guilty of it. Let me tell you that this is a LOSING strategy. Your journey will never be the same as someone else. You don’t know the effort someone else is putting in or where they are in their trading journey. In addition to that what are you really accomplishing by this comparison? My guess is that it’s a nice negative blow to your self-esteem in addition to adding unnecessary pressure to your psyche as a trader. The truth of the matter is it’s YOU vs. YOU. Instead of scrolling through someone else’s TWTR to see how their P&L looks, why not take that time and focus on honing on your own process. Think about this if you could just be `1% better as trader everyday in regards to cutting losses faster, scaling in when your right, getting up earlier to be prepared, making sure your scans are done each night and then evaluating the prior days progress. That is an efficient use of time. Example of of inefficient use of time would be scrolling through social media and looking at how amazing other people are doing and their new watches and cars and vacations they are on. If these are the things you are utilizing for inspiration that will help your work ethic, by all means that is a winning mentality. But think about if you spent that time becoming 1% better as a trader everyday, compound that x 365 and its a pretty ridiculous improvement in your process. Tunnel vision on yourself and process will lead to much more gratification. One of my pet peeves as a person is when someone talks about how some other guys is killing it in the market or had a crazy month or whatever. In my mind my first and only question is “what does that have to do with you”. This a rhetorical question that answer to myself “Absolutely NOTHING”. FOCUS ON YOURSELF
Thanks Josh. Great content!