Founder’s Note: Self-awareness and understanding human beings are critical to what we do here.
Senior Analyst Jason Perz is great at going deep and finding meaning for traders like us.
Here’s Jason with a rewarding read at the end of another good week.
By Jason Perz
When Jean-Paul Sartre wrote the now-infamous line “hell is other people,” he wasn’t talking about torture chambers or brimstone.
He was talking about perception – more specifically, how we come to see ourselves through the gaze of others.
In his 1944 existentialist play “No Exit,” three characters are trapped in a room together for eternity.
There’s no fire, no devil, no physical torment. Just a room – and the unrelenting pressure of being seen, judged, and defined by others.
That’s what makes it hell.
For traders, this idea isn’t abstract philosophy – it’s reality.
Three souls. One room. No escape.
This scene from “No Exit” shows hell without flames – just the unbearable weight of being seen. No chains. No devil. Just judgment.
For traders, that gaze?
It’s all too real.
Trading Is a Battle With Yourself
Most people think trading is about predicting prices, analyzing charts, and managing risk. And it is.
Underneath that, though, it’s something much more personal: a mirror.
A mirror that forces you to confront who you are when things go wrong.
But it’s not just your own reflection staring back. It’s everyone else’s gaze too.
What will they think of me if I get stopped out again?
What if I post my trade idea and it flops?
Am I even cut out for this?
Every trader has heard these thoughts.
They’re not about the market. They’re about identity.
The Sartre Trap: ‘The Look’ and the Gaze of Judgment
Sartre called it “the look.”
The moment you realize someone else sees you – and that their perception now influences how you see yourself.
In “No Exit,” Garcin, the male protagonist, is tormented by the idea that the others in the room might think he’s a coward.
He insists he fled war for noble reasons, but deep down, he doubts it.
And because he can’t convince the others otherwise, he’s stuck – forever seeking validation, never finding peace.
Sound familiar?
In trading, we do this all the time. We try to rationalize bad trades to ourselves, and even worse, to others.
We craft narratives: “It was a good setup.” “The Fed messed it up.” “It was a fakeout.”
What we’re really doing is protecting an image – of ourselves, for others.
This is the Sartre trap: When your identity depends on how others see you, you’re no longer free. You’re a prisoner in your own mind.
Social Media: A Modern Trading Hell
Social media amplifies this problem tenfold. It’s a 24/7 feedback loop of other people’s trades, opinions, P&Ls, and projections.
It’s a digital “No Exit” room – where you’re never really alone, never really unwatched.
And it’s corrosive.
You start measuring your worth by someone else’s gains. You abandon your edge to copy a popular setup.
You hold a losing position longer than you should because you posted it publicly and don’t want to look “wrong.”
You trade for them, not for yourself.
That’s when hell begins. Not because the trade failed – but because you let someone else’s gaze dictate your decisions.
Bad Faith: When We Lie to Ourselves
Sartre called this “bad faith”: the act of deceiving yourself to avoid the weight of your freedom and responsibility.
Garcin does this. He tells himself – and others – he’s principled. A man of courage. Deep down, he knows he ran from war.
Rather than accept that truth, he demands others validate his lie. He can’t walk through the open door. He can’t leave the room.
Because the real prison isn’t the space – it’s his refusal to face himself.
Traders do this too.
They tell themselves they have a process, yet they size too big.
They say they’re disciplined, yet they move stops or revenge-trade.
They claim they’re in control, but every action is tied to someone else’s approval.
They’re trading in bad faith. And the result is the same: torment, frustration, self-doubt.
The Way Out: Trading in Good Faith
There is a way out. Sartre called it “authenticity.”
In trading terms, it means owning your process, your decisions, and your outcomes – without needing others to approve.
You don’t trade to prove something.
You don’t trade to look smart.
You trade because it aligns with your philosophy, your edge, and your vision of success.
You win? Good.
You lose? That’s part of the game.
You stay consistent? That’s everything.
That’s trading in good faith.
And it’s the only way to escape the room.
Hell Can Become Heaven – If You Take Responsibility
Late in “No Exit,” Garcin says something profound: “I think I could stay 2,000 years with only my thoughts for company.”
It’s a lie. He’s trying to convince himself – and the others – that he doesn’t need them. That their judgments don’t matter.
But he’s wrong. He can’t leave. He’s tethered to their perception of him.
That’s most traders. They say they’re independent. They say they don’t care what others think.
But they do. They’re still trading for attention, for recognition, for someone else’s scoreboard.
Freedom begins when you stop doing that.
When you take full responsibility for your decisions. When you stop outsourcing your self-worth to other people’s opinions.
When you stop needing to be right… and start needing to be real.
Then – and only then – hell becomes something else.
Not easy. Not painless. But yours.
And that’s the point.
As Sartre reminds us, you are your life – and nothing else.
Save the bees,
Jason Perz
Senior Analyst, TrendLabs