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This is the No. 1 mistake that traders make
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We've all seen or heard of them — the traders who can't take their eyes off the market, who wake up in the middle of the night to check stock prices in Asia, who obsess over every basis point move.
And that obsession, for many, is their downfall.
"Whenever I see a prospective manager who says, 'I eat sleep, and drink the markets — it means everything to me,' I know I have a vulnerable person on my hands. I know I am going to be very busy," Dr. Brett Steenbarger, an associate professor of psychiatry and behavioral science at SUNY Upstate Medical University, said in a clip for Real Vision TV.
"By definition, their energy level and mood is going to rise and fall with their [profit and loss statements]," he said.
Real Vision TV has put together a new video series about what it calls investment hacks, focusing on things like how to optimize productivity and the patterns of losing trades.
The series features the likes of authors Don Yaeger, Tim Ferriss, and Jack Schwager, the author of the "Market Wizards" series and cofounder of Fund Seeder.
Schwager said it's all about investing in what you're comfortable with. If you have a trade size beyond your comfort level, you are going to be vulnerable to making irrational decisions, he said.
You can see a sneak peak of the series below:
NOW WATCH: Everyday phrases that even smart people say incorrectly
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