“Trading and Investment Psychology” with Louise Bedford
“All traders and all investors are looking to improve themselves financially, to level up in their mindset, so that we can bring on more money and make it stick because that's the overall aim.” — Louise Bedford
In today’s episode, we welcome Louise Bedford. She is the founder of tradinggame.com, a trading company in Australia. She is a best-selling author with five books to her name, all topics on the stock market and behavioral finance. She is also a behavioral finance expert with degrees in both psychology and business.
Louise talks with me about approaching investment and trading not only from the money perspective but also from a behavioral side as well.
- I started trading back in 1990 because I always had an interest in money.
- I had a physical affliction, which meant that I had trouble moving my arms and due to this condition, I had to leave my employment work.
- All traders and all investors are looking to improve themselves financially, to level up in their mindset, so that we can bring on more money and make it stick because that's the overall aim.
- Too many people are not happy with market volatility, where the market keeps going crazy up and crazy down and makes for a very unpleasant situation.
- I like the idea of how investors borrow from traders; this is the concept of a stop loss.
- You need to work out in advance what your level of pain is, determine what your exit strategy may be, and stick to your plan.
- Do your math and consider what you wish for your future, have a plan in mind from the start to the exit, and have the three main tenants for the system that people should see in trading.
- Whether we want to believe it or not, our behavioral and psychological well-being affects how we see investment and trading.
- In trading, it’s always good to consider specific risks versus individual risks.