Tips on psychology when trading is the sole income
Lamont addresses the psychological challenges faced by new or full-time traders who depend on trading as their primary income source. Drawing from personal experience, especially during the pandemic when other income streams disappeared He emphasizes the importance of relying on established systems and routines to manage emotions like impatience and frustration. Instead of reacting impulsively, traders should prepare by practicing scenarios outside of market hours, using visualization and mindfulness techniques to build emotional resilience. Lamont advocates for acknowledging and contextualizing emotions rather than suppressing them, and consistently applying standardized trading systems. By doing so, day traders can avoid impulsive decisions and maintain steady progress, much like the slow but effective processes found in nature.