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Get ahead of 90% of traders by conquering this

Get ahead of 90% of traders by conquering this

Ever spent hundreds of hours grinding in a game that’s no longer fun but you keep playing because you don’t want to

Ever spent hundreds of hours grinding in a game that’s no longer fun but you keep playing because you don’t want to ‘waste’ all the time you’ve invested? Meanwhile there are 10 better games you know you could be enjoying instead? 

Keeping on playing, just because you’ve already invested hours, is like holding onto a losing trade just because you’ve already lost money.

In both cases, the time, or money already spent, is a sunk cost that can’t be recovered. 

This irrational way of thinking is a cognitive bias known as the sunk cost fallacy.

And understanding how your brain tricks you into making bad decisions is crucial for becoming a successful trader.

The key is making your decision based on what’s happening RIGHT NOW and where things are actually headed – not because you’ve already sunk hours or cash into it.

Sunk cost fallacy also unleashes other emotions that wreck your decision-making:

  • fear of missing out on a turnaround
  • regret over trades gone wrong
  • the ego hit of admitting you were wrong
  • and the urge to chase your losses.

Bottom line: recognize these mental traps, make decisions based on facts not feelings, and make decisions based on the current situation, and you’ll already be ahead of 90% of traders out there.

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