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In this episode of the Market Mamas podcast, host Becky Gaskell welcomes Erika Wasserman, a Certified Financial Therapist (CFT) and expert in financial psychology. The conversation explores the emotional and psychological hurdles that day traders face with money. Erika shares her unique upbringing, which normalized financial discussions, her journey to becoming a CFT, and practical strategies for managing the high-octane emotions of trading the market.
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Key Takeaways
A Harvard study suggests 90% of financial decisions are emotional and only 10% are logical, which is why managing your mindset is crucial for trading success.
Traders often feel losses much more intensely than wins, leading to shame and secrecy that negatively impact mental health and trading performance.
Successful trading requires setting clear, pre-determined boundaries or "guardrails" for wins and losses to prevent emotional decisions like greed or chasing losses.
Flip the "What Ifs": When facing a drawdown, combat negative "what if" fears by consciously pivoting to positive self-talk
Episode Breakdown with Timestamps
[00:01:34] - Introduction of host Becky, the focus on psychological hurdles, and welcoming guest Erika Wasserman, Certified Financial Therapist.
[00:02:44] - Erika's background: How growing up with open financial conversations shaped her career path.
[00:08:24] - The hard truth: 90% of financial decisions are emotional, which is amplified in day trading.
[00:17:23] - Why traders "monkey with" their daily loss limits on trading platforms, and how this sabotages their long-term system.
[00:22:20] - The power of physical breaks (walking away) as a technique to tap back into your logical brain and avoid revenge trading.
[00:24:44] - Advice for handling a drawdown: Changing your mindset by converting negative "what ifs" into positive ones.
[00:54:24] - Erika's book: Conversations with Your Financial Therapist: Stories and Scripts to Grow Your Mindset.
🔗 Follow Guest Erika Wasserman:
👉 Amazon: https://www.amazon.com/stores/YourFinancialTherapist/page/FD6F8578-62D0-4668-B29A-0B3E1729B961?
👉 Website: https://yourfinancialtherapist.com/
👉 Instagram: https://www.instagram.com/yourfinancialtherapist/
🔗 More from Market Mamas:
👉 Website: www.market-mamas.com
👉 LinkedIn: https://www.linkedin.com/in/becky-gaskell-market-mamas/
👉 Instagram: @mm_marketmamas
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👉 Email: contactus@market-mamas.com
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