Self Efficacy: The True Key to the Mint

WalletInvestor

Active member
120 32
My experience has been that those people who believe in making money overnight in shares are the ones who regard it as a gamble. Making money in shares is a science. There are steps one needs to follow - be it a trader or investor.
The key to making money is discipline, sticking to rules, monitoring the portfolio, learning from mistakes, and getting trained to get better!
People who are not willing to put in the time and effort to get better at this art generally refer to investments in shares as gambling!

Self-efficacy beliefs that the thread is about and the overconfidence that you mention are two very different things. Your list of steps is right, these are the key things you need to be successful but if your mind is not in the right place you will either never reach your full potential or suffer during the whole process.
We need to develop a healthy level of self-confidence where we can realistically judge our own abilities. Constant self-doubt can be just as damaging as believing you are invincible.
 

WalletInvestor

Active member
120 32
By the way, I love this thread. I think it is important to learn about trading psychology, and this is an angle I'm less familiar with.
 

brfrexloid

Junior member
12 2
All right! that's very detailed. Thanks though.
 
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