TRADING MINDSET - MOTIVATION STRUGGLES OF A TRADER
GOOD MORNING STEEMIT,
We all need a reason to do what we do. A reason to get up in the morning and give our everything to the path that we’ve chosen.
Some lifestyles and professions are easier to motivate yourself to invest your time and effort into. Things for example, that you know have a real material impact on people’s lives or the community that you live in. Things that let you see instant, tangible social change, right in front of your eyes.
But trading is different. Trading doesn’t offer any sort of positive to change to anyone or anything... other than your own bank balance. And you know that as trading is a zero sum game, when you’re making money, someone else is losing it.
Now especially as an outsider, you might find it ridiculous that money can be a negative when it comes to motivation. But finding motivation and purpose purely in personal financial gain truly is a double edged sword.
What Motivates a Trader
There are two main motivations for a trader. These being chasing a rush and getting paid. The thing here is that while you might be motivated by both, you can’t ever be successful at achieving both.
Think about it. If you want to feel the excitement of winning, then you’re going to end up pushing the boundaries of risk and you’re going to lose money. It’s not a question of if, but a question of when.
On the other hand, if you want to make money, then you are going to have to trade with a clear plan, within a clear risk management profile. Risk is clearly defined and every decision scenario has been pre-planned. There is no rush here.
If you want to feel a rush, go to the casino and put all your money on red until you lose. Losing will always be the outcome, but at least this way you won’t have wasted much of your precious time.
You’re trading to make money consistently over the long term. There is no room for a rush.
Nobody to Blame but Yourself
In this type of game where you’re your own boss and have nobody looking over your shoulder telling you what to, you need to be motivated to succeed on your own. You just can’t do it without personal motivation.
While not having anybody over your shoulder telling you what to do is a huge drawcard for people stuck in the 9 to 5 rat race, it takes massive personal discipline to be able to consistently do the little things you need to succeed without external pressure.
Another aspect that is often overlooked when it comes to finding motivation in trading is the fact that you are in charge of your own destiny via the decisions that you make. There is no safety net of a manager or company money being lost. There is truly nobody else to blame but yourself when things don’t go as planned.
It might sound good on the surface, but human beings don’t like being told they’re wrong and if you don’t instantly accept that you’re wrong when trading, you will be ignoring your risk management plan and end up losing big. You just can’t do it.
Are you a trader or budding trader who is struggling with finding your own motivation balance? Leave a comment and lets talk it out.
Best of probabilities to you.
Peace ✌🏻.
Instagram: @forexbrokr
Website: www.forexbrokr.com
That's right mate! Trading is like nothing else. Many people that over trade are looking for a rush and your results come down to you, no one else to blame. I actually love that, being the sole catalyst of my success or failure.
Being the sole catalyst of your own success or failure is what attracts so many to trading, but they don’t understand just how tough it really is. If you slack off, you don’t get told off or have someone else to pick up the slack. You just lose money...
Still after all these years, it’s still something that I struggle with from time to time.
People say: if you can trade for a year actively, and still manage your portfolio well - then you are a trader.
I agree with the point about the rush, and being own boss, these two are very important in the reasons why people choose to trade.
That's right! Have to be able to hold oneself accountable. Many struggle with that.
Great article! I am very very familiar with the theme about trading. Two things I can say:
Trading is equally as draining on the mind, as it is on the body. This is another point that is often overlooked when looking for motivation!
steemit rocks
In terms of trading mindset around motivation struggles, what is it about Steemit that you’re enjoying?
If you’re going to self upvote your comment to the top of my blog, you’ve gotta give me more than that...
In a growth mindset, we need to believe that our most basic abilities can be enhance through dedication and hard work brains and talent are just the starting point. This view creates a love of learning and a resilience that is essential for great accomplishment. All successful people have had these qualities.
It takes dedication to succeed in whatever industry you’re in. It’s just that in trading, that dedication has to come solely from yourself. Nobody else can tell you that you should be doing something.
The most successful traders are also the most dedicated. This is no coincidence.
Sir please i would appreciate it if you could write more enlightning posts on trading. Im a novice
Give me a follow and you’ll see that I write new trading related blogs daily.
Do you have any suggestions on specific topics you’d like me to cover?
I have followed up. How do i know where to invest in. Simply put how do i know a wise investment
Each person has how to write their story! we all have the freedom to take the path and the direction we think is right! good post
You’re right that we do all have the ability to follow our own path in business, but it’s not for everyone. It takes a certain type of personality to be able to do it successfully out on our own.
Rush has no place if you’re trading to make money consistently over the long term. This article is spot on. Thanks for posting @forexbrokr!
Yep. Trading should actually be boring because no matter the scenario, you should already know what will happen and what to do.
This is one thing that is often overlooked by 9 to 5ers. You need a lot of personal discipline to succeed in what you are doing. Trading or business.
Are you a coder who works independently yourself? You’d be able to empathise here, right?
Yes, I'm a coder who works independently. I realize the similarity with traders in that sense.
Being in charge of your own destiny via the decisions that you make is not something most people are familiar with. The company usually pays them the same amount and they dont personally experience the wins and losses. Traders on the other hand face this reality every day. Great post!
When you’re working for a company, it often doesn’t matter if you put in a ton of effort or none at all. You’re still getting paid the same salary.
People think that this is still the case when they go out on their own, but it’s so far from true.
It's hard to believe, but it's true mate! Exchanging resembles nothing else. Numerous individuals that over exchange are searching for a surge and your outcomes come down to you, nobody else to fault. I really cherish that, being the sole impetus of my prosperity or disappointment.
Can I ask if you used Google translate for this comment?
no