There’s something many newbie and veteran traders have in common — they’re addicted to trading. It’s all too easy to fall into the trap.
Hosts Kim Ann Curtin and Stephen Johnson continue with part two of their four-part series on common trading errors.
This episode gets into what happens when we lose discipline and fall into overtrading. Look, trading’s fun … It’s easy to get addicted to trading. But sometimes we regret it afterward.
We can start the day with the best intentions, all the confidence in the world, and the experience to know better … But if we’re not careful, we can still wind up chasing a trade.
Tune in to this week’s episode to find out why it happens and how to take back control of your trades.
Why Do We Get Addicted to Trading?
Kim’s on a mission to help traders understand their real needs. She believes there’s something deeper we’re looking for when we get addicted to trading.
Stephen sees things a bit differently. He says traders get complacent — they get numb to money. They don’t really feel the loss of $300 on a bad trade. But if it came from a job, they’d see that it could go a long way.
Kim and Stephen agree that trading gives a dopamine rush. And Stephen compares the habit to eating junk food when you’re on a diet. Sometimes it feels good, and sometimes it doesn’t.
Tune in to find out the number-one question Kim wants traders to ask themselves after bad trades.
Is Trading the Ultimate Thrill?
Stephen says nothing compares to the feeling of nailing a trade. There’s no substitute way to get that need met.
Kim accepts that Stephen’s addicted to trading on another level. But she prompts him to think about successful trades differently.
Stephen says the unpredictability of the market lures you into making poor trades. Discipline isn’t always rewarded. Sometimes it’s up to chance and you want to try your luck.
Stephen’s a tough nut to crack but Kim doesn’t back down. She tells a powerful story of a couple of adventure-seeking clients she helped to recognize when they were overtrading.
What’s Really Going On?
Kim reminds us that quality work takes focus. To accomplish that, she shares advice from a treasured book: “Do Nothing: How to Break Away from Overworking, Overdoing, and Underliving” by Celeste Headlee.
Stephen understands the need for a dopamine detox. He literally dives into cold water to get back in the present moment. He says you forget you’re addicted to trading when your mind’s focused on how cold you are.
Kim offers up a few of her favorite activities to renew, refresh, and reboot her mind. And they’re much more relaxing than an ice bath.
Plus, Kim and Stephen close out the show with an effective way to learn from your mistakes without triggering your defensive side. You’ll want to learn this Jedi mind trick!
What Do You Think?
Are you addicted to trading? When do you make your best and worst trades? Does your intuition match your trading plan?
We love to hear what you think, so drop a comment.
Remember: if we select your question or comment as an on-air topic, you could win a SteadyTrade mystery gift box. Leave a comment below or on YouTube!
Thanks for tuning in to the SteadyTrade podcast. Stay tuned for weekly episodes featuring the hottest topics for aspiring traders.
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Meet Our SteadyTrade Hosts
Get to know Tim Bohen, Stephen Johnson, and Kim Ann Curtin.
Follow our hosts on social media…
Tim Bohen
Twitter: @tbohen
Instagram: @tbohen
Stephen Johnson
Twitter: @Jonk87
Instagram: @stephenjonk87
Kim Ann Curtin
Twitter: @kimanncurtin
Instagram: @kimanncurtin
Disclaimer
*Please note that any reported trading results are not typical. Most traders lose money. It takes years of dedication, hard work, and discipline to learn how to trade, and individual results will vary. Trading is inherently risky. Before making any trades, remember to do your due diligence and never risk more than you can afford to lose.