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The decisions we make in our trading, the behaviours which play out on a daily basis over time, and the states we are in all manifests themselves in our bottom-line trading results over time. We cannot escape who we are as traders, and who we are owes far more than we realise to our past relationships. Our relationships and experiences from a young age come to play a key role in the formation of our character and personality as we grow and mature. Some of these can be the foundation for healthy behaviours later in life, some of them can be the root of more toxic aspects which can manifest in our attitudes and actions at key junctures. This is particularly true of trading, where our actions thrust a bright light onto aspects of our personality and character.
We often think of personal relationships in terms of how we interact with people. However, one of the most important relationship which shapes us is our historical relationship with money.
In a recent episode of the AlphaMind podcast we explored this with professional money coach and former trader Dennis Harhalakis. Dennis spent more than two decades in bank trading rooms as a trader and salesperson. That sort of experience provides a well-rounded perspective on the issues people face in their trading which result from their relationship with money.
In this fascinating episode we delved into how people’s trading and investing activities are impacted, positively and negatively, by their relationship with money and how that influences their decisions, behaviours and emotional reactions to events in the moment.
Dennis goes on to provides some practical advice for how people can start to improve their relationship with money and raises some interesting points about how our early-years’ experience around money impacts our current relationship with money.
AlphaMind do not offer trading or investment advice and do not take responsibility for any investment or trading actions or decisions taken by clients or any observers of our material in any form of media, either now or in future.
Editors’ Picks
EUR/USD turns negative near 1.0760
The sudden bout of strength in the Greenback sponsored the resurgence of the selling pressure in the risk complex, dragging EUR/USD to the area of daily lows near 1.0760.
GBP/USD comes under pressure and challenges 1.2500
GBP/USD now rapidly loses momentum and gives away initial gains, returning to the 1.2500 region on the back of the strong comeback of the US Dollar.
Gold retreats from highs on stronger Dollar, yields
XAU/USD trims part of its initial advance in response to the jump in the Dollar's buying interest and the re-emergence of the upside pressure in US yields.
XRP tests support at $0.50 as Ripple joins alliance to work on blockchain recovery
XRP trades around $0.5174 early on Friday, wiping out gains from earlier in the week, as Ripple announced it has joined an alliance to support digital asset recovery alongside Hedera and the Algorand Foundation.
Week ahead – US inflation numbers to shake Fed rate cut bets
Fed rate-cut speculators rest hopes on US inflation data. After dovish BoE, pound traders turn to UK job numbers. Will a strong labor market convince the RBA to hike? More Chinese data on tap amid signs of slow Q2 start.
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