A lesson on trader skepticism from.... Captain Disillusion! B)

Beginner Questions Trading Psychology
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You’ll never guess it but beyond debunking faked viral videos, the good captain has a golden nugget for us traders and investors too! :sunglasses:
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During my little spare time to chill and unwind, I have become fond of his channel and I have come to admire his skill in his craft and his dedication to the cause of truth and integrity. :heart_eyes_cat:

He has quickly become MY FAVORITE HOOMAN, to follow on Youtube.com! :heart_eyes_cat:

For us traders and investors, we could use a healthy dose of skepticism with everything we see or hear in the markets. Everyday, we are bombarded by (1) News, (2) Analyses and (3) Criticism from various sources - Not all of them are real and deserve our precious time and attention:

  • Learn to KEEP AN OPEN MIND to what is possible and attainable BUT STAY GROUNDED to what is real AND DO NOT LET YOUR PERSONAL FEELINGS CLOUD YOUR JUDGEMENT. Yes the markets are amazing and rewarding but don’t let the prospect of astronomical return blind you from risk. It’s exhilarating to hear of target prices and buy / sell zones but don’t forget to check it out and verify yourself!

  • Listen to experts and analysis by veterans but TAKE EVERYTHING WITH A GRAIN OF SALT, because MANY of those writing and sharing ideas (many but not all) HAVE BIASES AND PREJUDICES, AND THERE ARE A LOT OF PEOPLE PAID TO CRAFT A NARRATIVE OR SELL YOU AN IDEA

  • No matter how “right” you feel an idea may be, keep your mind open: WHAT IF YOU WERE WRONG? (Manage risk)
    What if, despite YOUR CONVICTION the market disagrees with you and your sources MAY HAVE BEEN DECEIVED OR MISLEAD BY PEOPLE WITH AN ULTERIOR MOTIVE. If someone is paid to write a bearish thesis on something… despite a hundred signals, ratios, and valuation models being bullish, he will write a… drumroll a bearish thesis!

  • The scary part of the Information Age is that DECEPTION AND LIES often loudly SCREAM because they are on the defensive TO HIDE THEIR AGENDA. WHILE TRUTH IS OFTEN SUBTLE OR SILENT AND REQUIRES MORE EFFORT TO DIG UP. As always, IT IS EASIER TO COPY-PASTE SOMEONE ELSE’S MISINFORMED OPINION rather THAN TO COMB THROUGH DATA and have your own genuine conclusion FINDING THE TRUTH.

Case in point: Publicly calling crypto a fraud while having secret meetings with a crypto exchange while finalizing partnership agreements. :wink:

  • Whether it be trading the markets or real life, always look at the fine print and the devil is in the details. BEFORE committing to a trade idea and potentially LOSING, a good trader or ANYONE for that matter, you should ASK YOURSELF: WHAT IF YOU WERE DECEIVED, MISINFORMED, or possibly BRAINWASHED / CONDITIONED?

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As the good Captain always says: Love with your heart, use your head for everything else! :sunglasses:

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Well, it’s no secret that the market is a big risk and a lot of fraudsters.
And it shows that you always have to be careful here. But it’s good that people warn about it publicly and show how to deal with it in real life.

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Yess. U’ll be surprised by the sheer number of people being paid for: (1) copy pasted learning materials [some of em copy from the Babypips course (2) signals with a reliability of 10% (3) super special indicators [that either ‘repaint’ or are just rehashes of old indicators] (4) copy trade accounts that blow up [that’s why they use troll accounts to sell on facebook so they can use a new identity and rinse repeat] (5) robots that don’t work. , etc. Itch a weally saddenin’ experience to hear newbies fall for these tricks… :sob:
It falls on us to tell the newcomers they are in for the hardwork and consistency, not the shortcuts that don’t work! :smirk_cat:

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In fact, trading psychology is an endless topic that deserves special attention. And it’s cool that you can find a lot of useful information on this topic today, which helps you find the strength to realize all your goals and all your dreams.

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5

I’ve seen it before, too.
And I liked it.
Because it’s hard to find the truth in the marketplace.
And that’s just part of it that’s familiar to someone, and for someone it’s a real discovery.

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Many people have already formed an opinion about trading as a kind of gambling. And it’s great that there are people who explain that this is not really like that. In fact, trading is a very complicated business, where not so many people are successful. And the sooner the others understand it, the easier it will be for traders to open up about their activity. Because I personally know a few traders who don’t tell anyone that they are engaged in trading. And all this is because a lot don’t consider trading to be a serious business. So it’s cool that such channels exist on YouTube.

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I liked your post a lot. The best part was to learn to keep an open mind to what is possible and attainable but stay grounded.

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