In this blog post, I want to discuss dedication and how it’ll make you stand out as a trader.
But let me start by giving you some tough love: You will NEVER make it as a trader if you do NOT take it seriously.
Wishing and hoping, without doing the actual work, won’t get you anywhere.
Trading is a tough business where you are confronted with adversity on a continuous basis.
Things frequently won’t turn out as you expect them to. You may follow your plan to a T, but you can never be sure if your efforts will pay in the short-term.
That’s the name of the game.
To prevent trading from becoming a burden, to a person, trading has to become a game — a game that one wishes to play and get extremely good at.
The game of Trading.
We all know that trading is not just a game, but treated as such, it opens up the possibility for it to be a more fulfilling experience.
This simple shift in approach has the potential to completely transform your mindset – suddenly, you feel happy and willing to perform the tasks that are part of that game; you follow your rules, and you do whatever it takes to win it.
That’s because games usually bring us joy and pleasure.
Not only that, they also challenge us in a good way.
For these reasons, people love to play games.
But as with any game, developing skills takes time. And the thing with trading is that nobody’s a natural at it.
This stuff runs counter to human nature.
Hence, it’s a particularly challenging game and you have to work really hard to get good at it.
But once you are, you have the keys to financial freedom.
The Importance of Mindset.
So, let me come back to the point I made at the beginning: you’ll NEVER make it as a trader if you do NOT take trading seriously.
You’ll need to dedicate 24h a day to becoming good at this game.
I kid you not.
This primarily involves working on your mental game.
You must come to develop new attitudes and qualities, you much teach your nervous system to relax better when faced with adversity, and you must gain better control over your instinctual responses.
And you must strive to strengthen those new mental patterns by practicing them in everything that you do – including trading!
This can be done on both the psychological level and the physiological level.
On a psychological level, stop reacting to things blindly. A shift from a negative outlook to a positive outlook is entirely necessary.
Learn to meditate. Keep a journal. You must constantly be thinking about improving your response to things and your overall states of mind.
Hence, every circumstance you encounter in life is an opportunity to practice the very qualities of mind that are needed to thrive in trading.
- If someone yells at you, practice staying calm and composed.
- When something undesirable happens, if you’re the kind of person that’s quick to play the blame game, maybe step back, breathe, and gather some perspective.
- When you’re waiting in line at the grocery store, use this moment to practice patience.
- When you have to make a decision with an uncertain outcome, assess your probabilities; determine the risk and reward.
- If your wife is getting on your nerves, instead of mindlessly saying and doing things that you will later regret, take a deep breath, connect with the present moment, and maybe even go for a walk to defuse the situation.
- Also, strive to live frugally.
On a physiological level, get better sleep. This helps you think better. Exercise more often — this will help you burn any excess energy and help with patience. Eat healthier — stop eating shitty food, this will help you function better overall. Do a 5-10 minutes daily breathing exercise — this will improve your lung capacity and breathing. More oxygen intake brings more calm…
In due time, these little steps will make all the difference.
So you see, when I mean that you need to be dedicated 24h a day, 7 days a week, I really mean it!
It’s Not about Obsession.
I want to be very clear. This is not about making trading an unhealthy obsession; rather it’s about dedication to grow. It’s a lifestyle one chooses to live!
A trader’s greatest enemy will always be him/herself.
That’s why curbing the tendency to self-sabotage is not a one time job ―it’s an ongoing one!
The most important part of trading, I have argued many times before, is the psychological aspect of it.
- It’s your attitude when facing a loss.
- It’s your discipline to follow your plan and stick with your risk management plan.
- It’s the confidence you have in yourself and your system.
- It’s the patience to wait for your trades to unfold.
- It’s the capacity to form a clear picture of what’s happening in the market – untainted by emotions and blind perceptions.
Hence, the importance of viewing trading as a game and working on getting better at that game.
You are the operator, the man or woman behind the wheel, and your goal is to develop skills and be the best at what you do.
And you must do this round-the-clock.
If you can do that, the results will blow your mind.
Last Few Words…
If you don’t take trading, and especially the mindset component, seriously, might as well say it now: you’re dead meat. Your progress will eventually stall and you won’t survive long.
At the heart must be a deep (deep!) desire to make it as a consistently profitable trader.
A lot of people are going to overlook this; they’re going to discount this as unimportant. But control of your mind and worldview is absolutely massive to your success in this field.
And before I leave you, here’s an actionable piece of advice: Write a note to yourself.
“I am [your name].
I am undertaking the task of becoming a proficient trader.
And I will accomplish this within One year.” (Or any amount of time that’s both reasonable and workable for you.)
The aim here isn’t to say “I [your name] want XXX amount of money from trading.”
The get-rich-quick prospectors do that and it’s not an optimal way of approaching a field where uncertainty is the rule.
Instead, the better way is to really emphasize the mindset component and the skills you want to develop.
And this note must not be stored away in a box where nobody will see it. It must be placed in the most prominent place in your home. You must see this note constantly… you MUST become a better trader, that’s the goal.
Not by taking short cuts but by understanding the game and playing it well.
By being so dedicated, all day long, you’ll be sending messages to your subconscious mind that you are on a path to self-actualization, and insofar as you make progress there, your trading will improve massively.
In due time, those who do this will see their psychology change. Your life will become more coordinated, your character will change, your attitude more equanimous. And your trading performance will naturally begin to reflect that.
If you want help in developing such intensity in purpose, get a blueprint that works; develop an understanding of your mind; refine your understanding of probabilities, then check out the Trading Psychology Mastery Course.
For a small investment, this might be the exact program you need.