Pagaya Technologies Ltd. (NASDAQ: PGY) and ToughBuilt Industries, Inc. (NASDAQ: TBLT) were some beautiful Friday squeezers.
If you missed out on the moves and you're bummed out — it's okay. You're not alone.
And there will always be another one. That's why we trade these types of trashy penny stocks…
The patterns repeat.
So instead of wallowing in your regret, or beating yourself up for making a mistake — learn from it.
And use the lessons to get better for the next trade.
Here are some ways to help you improve your mindset and regulate your emotions to improve your trading…
Self Awareness
As traders, we try to be as mechanical as we can. It's all about having a process and refining it…
But as humans, we have emotions. You can't get rid of them. You have to learn how to manage them.
And sometimes instead of ignoring them, it's good to listen to them…
If you're feeling really good and have a good mindset … You've had some good trades and things are clicking — that's when you can be more aggressive in your trading approach.
But if you're struggling, frustrated, or you just had a fight with your spouse or kids … That's probably not the best time to take speculative trades or use big size.
You want to focus more on your bread and butter patterns, size down, and wait for afternoon setups.
PGY offered a great afternoon opportunity on Friday.
So before you trade, check in with yourself daily. Some traders like to meditate. I like to stick to my morning routine and read books during my downtime...
The book, "The Daily Trading Coach" by Brett Steenbarger is an incredible resource to help you get your mindset right every day. (As an Amazon Associate, we earn from qualifying purchases.)
It's broken down into small chunks so you can read a small piece every morning. That can help you keep your mindset and emotions aimed toward your goals.
Talk (Or Type) It Out
Another great way to regulate your emotions and mentality is to have a trading buddy — or a few…
In the SteadyTrade Team, our members are always encouraging each other.
No trader is perfect. Bad days or weeks are part of trading. And if you make a mistake, chances are another trader has made them too…
Don't underestimate the power of talking out your emotions and trading ideas.
Trading's a lonely profession. And a lot of successful traders will tell you that networking and joining a community were imperative to their success.
Get feedback and support when you need it in the SteadyTrade Team...
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