Impostor syndrome in trading

Have you ever doubted yourself, your skills, and your knowledge at least once in your life? No matter how advanced or experienced a trader you are, we assume you came through these feelings. People who may be called professionals often consider themselves insufficiently competent and trade insecurely, significantly reducing the effectiveness of their work. The key thing is not to sink to the bottom of the suffering and not to join the list of those who are overcome by impostor syndrome. In this article, you will get the answer to how this syndrome can be related to crypto trading.

What is Impostor syndrome?

Impostor syndrome is a psychological pattern when a person cannot appreciate his achievements or success because of his qualities, talents, and actions. In impostor syndrome, the person constantly feels that he is not qualified enough, is not suitable for the position he occupies, and his success depends on external factors such as chance and fortune. Psychologists have identified the impostor phenomenon as a type of intellectual self-doubt. Despite its medical name, the syndrome does not refer to the list of psychological diseases and is not considered a serious disorder. According to statistics, about 9%-82% of people experienced imposter syndrome.

Can traders suffer from impostor syndrome?

Trading is a high-stakes game with overblown expectations. In general, this deviation can occur in specialists from any industry requiring high qualifications, specialized knowledge, and skills. Thus, traders may be quite susceptible to imposter syndrome. As a result, total trading activity, transaction volume, and profitability all fall. This phenomenon has a distinct expression in the crypto industry and can be seen in:

● A perception of the market as a game of chance. (i.e., success and profit is just a result of fortune);

● Theorizing on an ongoing basis. (i.e., when theory becomes more important than practice);

● Excessive passivity. (i.e., traders hesitate to enter the crypto market because of doubts and risks even if the deal is considered profitable).

Moreover, no matter how comprehensive the market analysis, there is always the possibility of a deal failing to close. Most traders attribute failures to their incompetence rather than the volatility of the market. Indeed, the inability to distinguish between the influence of circumstances and the influence of skills leads to the emergence of impostor syndrome. In addition, the lack of aim at fixing progress is a related risk factor that is common not only in trading but also in other spheres of human activity.

However, the impostor phenomenon can be beneficial, forcing you to improve your talents and master skills. It does not reduce a trader’s productivity and psychological well-being. Some traders could perceive this phenomenon as a driving force for further growth and progress. Thus, do not let your emotions take control of you. You can follow the link to master your knowledge in crypto and get rid of doubts with the help of bit4you Academy.

Bit4you is a European exchange platform that facilitates its customers with crypto-currency and gives them an understanding of the crypto-currency market. Taking advantage of the bit4you service, you can buy, sell and exchange with over 20 crypto-currencies with no limits. Practice with our demo mode and discover how to operate on the crypto-currency market risk-free. Determine when to buy or sell your crypto coins with the help of charts, indicators, and diagrams. Bit4you exchange platform is the best option if a fast transaction confirmation and a high payment speed are your priority. If you have any difficulties with the operation of the website, our short video help guides will answer all your questions.

Valentina BEREZA, Team bit4you