When you are in a winning streak, you will easily want to share your results with people you care about, if you are the kind of persons who likes to communicate to others how do you feel about a certain thing. If you are in losing streak though, probably, you will not be willing to share that with other people. That’s why we usually hear traders, talking only about their winning trades.
Sharing the results may harm them
Sharing the trading results may harm them for two reasons:
1) If you are having success and still didn’t tell anybody about it, it will work as a motivation for you, because you will want to become more successful and share that with others. So you will know that for having success you will have to work hard. But by sharing too early, probably you will not have this working for you.
2) If after telling somebody that you made 20% on your account, you have a loser, you will be afraid that the person, whom you have told about your results, will ask you how it’s going, because you will want to say him that you are still doing well, so you will try keep the profits near 20% by not taking all the setups but by not following the trading plan you will make the things worse.
If you want to share, don’t do it every day.
If you want to share your good mood because of the trading success you are having, decide to do it after a certain number of trades. For example if you know that you can have a losing week, but not a losing month, don’t share your results more often than monthly. If you know that you can have a losing month, than you can decide to communicate your results quarterly or once a year. But if you know that you are losing money and you had a winning streak, wait to share your results, unless you are talking to a trader’s coach, who can give you an advice on what to do next. Wait until you see that you became consistent, before sharing your results with your friends.
If you ever decide to share the information about a single trade you shouldn’t do it until it’s closed, because if you tell somebody that you are making $1,000 on a specific trade, then you may not see that the market is reversing, because you will be concentrated on telling your friend how much you made on that specific trade, and should the market go against you will be afraid to close it, because you would have to explain your friend that you let a winning trade turn into a losing trade. This can have dramatic consequences for your trading account.
Sometimes, when we are trading it’s better to keep for ourselves the good emotions about the winning trades we make, because sharing can have bad consequences for our trades, especially if we share with people that doesn’t understand that losing is part of trading, because their comments may make us to take wrong decisions.