Why do struggling traders mock the success and strategies of others in bull markets?
Rather than focus on themselves and what they can do better to learn for the next time!
Mike Bellafiore the the founder & President at SMB Capital Wall Street trading firm said it best recently;
“You all are in for an incredible next 4 years as traders. There will be opportunities from tweets, from headlines, from policy changes, and more.” Already the price action this month has been wild and today is going to be fireworks! Stay safe, work hard, and remember that there are always more opportunities around the corner. Learn from your mistakes then move on and get ready for the next pitch! There are some big pitches coming!”
Why do struggling traders mock the success and strategies of others in bull markets rather than focus on themselves and what they can do better to learn for the next time
There are several psychological factors that contribute to why struggling traders might mock the success and strategies of others in bull markets:
Jealousy and Envy: Seeing others succeed can trigger feelings of jealousy and envy, especially when a trader is struggling themselves. Instead of acknowledging the other trader's skill or hard work, they may resort to mockery as a defense mechanism.
Ego Protection: Mocking others can be a way to protect one's ego. By putting down successful traders, struggling traders may feel better about their own situation, even if it's only temporary.
Lack of Self-Awareness: Some struggling traders may lack the self-awareness to recognize their own shortcomings. Instead of focusing on their own mistakes and areas for improvement, they may blame external factors or criticize others.
Fear of Failure: Fear of failure can lead traders to avoid taking responsibility for their own actions. By mocking successful traders, they may subconsciously be trying to avoid facing their own fears and insecurities.
Misunderstanding of Success: Some traders may have a misconception about what it takes to be successful in trading. They may believe that success is solely based on luck or insider information, rather than skill, discipline, and hard work.
Instead of focusing on the success of others, struggling traders should focus on their own trading journey and what they can do to improve. This includes:
Self-Reflection: Take time to reflect on your own trading performance and identify areas where you can improve.
Continuous Learning: Stay up-to-date on market trends and trading strategies.
Practice: Practice your trading skills on a demo account or with paper trading.
Emotional Control: Develop emotional discipline to avoid making impulsive decisions.
Risk Management: Implement a solid risk management plan to protect your capital.
Seek Guidance: Consider seeking advice from experienced traders or mentors.
By focusing on personal growth and improvement, struggling traders can increase their chances of long-term success.
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