“Doubt?” - The Patron Part Four

Originally published by Chamber of Merchants

"The Patron" is a new series by Chamber of Merchants that follows a beginner investor trying to turn $10,000 in to $20,000 in less than a year. Click here to read The Patron's first post.

Confidence is key to being successful in life and without it you have doubt.

When I entered into this world of trading and investing, I had a clear goal ahead of me which was to invest $9,999 and show a 7% return within 3 months.I have recently posted my new goal of doubling my investment within 6-12 months…based on the movement I have seen, I believe this is very possible. Currently I sit with no profit in my account as you can see from the attached picture (note the loss of $502 from when I sold EXG is not shown in the attachment)

Chart

I have been open about my experience and I’ve enjoyed reading the feedback from other Patrons who are on the same journey. There is one thing we all experience, regardless of how experienced you might be and that is doubt! It comes in many ways and at different times, and no one I’ve met is immune to doubt. Having said this, I don’t believe we have to suffer from doubt when it comes to trading and investing.

“overcome the inner challenges that doubt feasts upon”

There are ways for us to overcome the inner challenges that doubt feasts upon and here are a few I’ve learnt over the past few weeks which have helped me suppress the dreaded doubt:

1) Conversation & Discussion – Have a conversation and discussion with one another and with people who are like minded. This will help to vocalise and register the doubt in your mind, which in turn allows others to comment from their point of view and often helps us to identify the root of the problem.

2) Research – Go through research, numbers and graphs on the shares or industry you’re interested in. Once you’ve digested some facts and reaffirmed your stance, go back to point 1 and find someone to give a different point of view.

3) Revisit Goals & Objectives – If ever you’ve lost sight of your goals and objectives, then it is highly beneficial to take a moment to ground yourself by reminding yourself of what you are trying to achieve.

Having done this I’ve managed to churn out some confidence and self reflect on the decisions I’ve made which were originally based on fact and evidence rather than emotion and doubt.

I’m far from being an experienced trader or investor and consider myself no different to anyone else, however I have had to deal with doubt many times before and I am applying techniques I’ve learnt to a new part of my life.

Don’t allow a loss or a bad day of trading be the thief that robs you of your peace of mind. Throw off the garment of Doubt and let the Confidence be restored.

Yours Faithfully - the Patron