Talking about your trading is good for you sometimes. For these talks to bring any results and relief you from you trading doubts and fears these talks need to meet several criteria. They have to be done with a pro, they have to be very limited and they do not have to take up too much free time.
But, for us humans, it is pretty natural to want to talk about things that worry and excite us with anyone. That is why we start sharing out trading stories with our friends and family. But this kind of sharing is not necessarily a good thing. Sometimes it can even be bad for you.
Here are some of the reasons of why you shouldn’t talk about your trading with people other than your trading agent.
1. You are going to get bombarded with questions.
2. You are going to get all the envy.
3. You are going to be perceived as know-it-all.
4. You are going to take on the responsibility.
1. You are going to get bombarded with questions.
This is especially true if you wanted to share with your kids or your parent or some other person who barely understands trading as it is. You are going to get a lot of questions on the subject. And they are going to be about everything – theory and practice, charts and trading signals, all of your trading accounts and all of your brokers. Everything.
You the threat here is as follows: at some point some question is going to make you doubt your decisions. Why this trade? This asset? These brokers? Are you SURE? All of these questions are going to rise other questions in your head and you are going to start doubting your decisions. And that is the last thing a trader needs.
Plus, answering a bunch of questions is annoying enough as it is.
2. You are going to get all the envy.
It is especially true if you are telling a story of your winning and if the numbers are involved.
We have already talked about why you shouldn’t talk about money. But if you have a lot of it, that goes double for you then. When people understand that someone makes far more than they are, the envy starts rolling in, even if they say otherwise.
In reality people do not want to hear about your successes and your wins. They want to see others fail. And you do not really need all that negativity in your life, do you? It is better to talk to someone who understands and who is going to cheer for you and not someone who is going to bring such negative emotions in your life.
3. You are going to be perceived as know-it-all.
Yes, yes. Most of the people know nothing or very basic stuff about trading. And those who know more are usually not perceived as good company. Usually, those who talk about trading and financial markets are starting to look pretty bad in the eyes of their friends and family.
And if I learned anything from school, it is the fact that know-it-alls do not mix well with other people and tend to be pretty alone most of the time. That is just sad. So, when in society, it is better to stick to a minimal quantity of information and only talk about trading is you are asked about it.
4. You are going to take on the responsibility.
Talking about trading a lot, eventually you are going to find yourself giving advice to other people. And if these people’s trades take the fall, they do not like the broker you recommended or they failed to use a trading signal, you are going to be the one to blame.
This means that the responsibility for their actions are going to be all tied to you are you are going to be the one explaining the reasons for their losses in the end.
I am guessing that you have enough troubles as it is and that you do need another reason for worrying and feeling bad about yourself.
I have come to understand that it is better to leave trading talk to yourself and your trading agent. Everyone else is going to bring unnecessary trouble and problems into your life.
