Money and Investing with Andrew Baxter
Business:Investing
Immerse yourself in the captivating realm of investor psychology in this episode of the Money and Investing Show, hosted by Andrew Baxter and co-host Mitch Olarenshaw. Discover how mastering your emotions and thought patterns can influence the outcome of your trades. Learn from real-life examples and gain access to valuable tips that will steer your trading decisions away from emotional reactions and towards a more systematic and rational strategy.
Engage in an enlightening conversation on psychological biases' role in clouding our investing judgment. Understand the importance of an objective, data-driven approach to trading and investment. Recognise the power of a sound plan and discipline in neutralising biases and emotional responses. Overcome obstacles like overconfidence and the fear of missing out, known as FOMO.
Participate in a deep dive into the significance of setting detailed plans, maintaining honest journals, and handling your trading approach, especially when outcomes spin out of control. Realise the danger of making decisions based solely on feelings and learn how to identify such roadblocks. Frame a sound trading routine with dedicated review times, avoiding the pitfall of unnecessary checks and keeping track of critical trading ratios.
Comprehend the psychological aspects of trading that directly affect your success. Understand the importance of setting realistic goals, performing thorough reviews, and knowing when to back off, especially in the face of setbacks. Learn from industry veterans about creating and sticking to healthy trading habits and behaviours and how these can contribute to a stable foundation for your trading success.
Hear heart-warming stories of resilience and learning from challenging corners of the trading world. Facing failures, emerging victorious, and picking up invaluable lessons on the journey, this episode leaves you with a plethora of wisdom and guidance. Remember that while challenges are part and parcel of the trade, the importance of a solid trading process should never be underestimated over fleeting emotions.
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The Wealth Playbook: Your Ultimate Guide to Financial Security: https://www.wealthplaybook.com.au/
The Wealth Playbook on Audible: https://www.audible.com.au/pd/The-Wealth-Playbook-Audiobook/B0CXYYWZTB?qid=1711282387
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