According to Dr. Brett Steenbarger, one of the most well-known trading psychologists, traders are too negative when it comes to journaling. Only focusing on the negative aspects of trading and using a journal to talk mainly about losing trades can create a negative environment for your trading. In a different article, he highlighted that traders […]
We have followed thousands of traders over the years and noticed that they almost all go through the exact same 5 stages. In psychology, it’s often referred to as the “conscious competence ladder” and it applies to trading as well.
Understanding at which stage you are right now can help you make the next step more easily and help you avoid the most common mistakes
Stage 1: Unconscious incompetence
This is the initial phase of a novice trader when he is just getting his feet wet in the markets. At that stage, a trader doesn’t know how much he doesn’t know, which can often be a liberating, but dangerous place to be in because the dangers are not obvious to him.
Besides the emotional and mindset related features that Edgewonk offers, there are also plenty of order optimization and trade specific features that can help traders improve the way they approach the markets. In this article, we introduce 5 order specific Edgewonk metrics and show you how to use them to gain new insights into your […]
Many traders constantly ask themselves if they could make more money by making changes to their trading strategy, taking profits in a different way or managing trades differently. Usually, traders then just change their whole approach, hoping that it works out or they have to cumbersomely set up a new account and then trade their new approach simultaneously […]