Irrespective of personal opinions, it is true that the rich and successful individuals, including business people, professional athletes, and movie stars, have earned their wealth and success. They work diligently and strategically, taking risks, investing time, effort, and money, and continuously perfecting their skills. The key differentiator between successful and unsuccessful individuals is their conscientiousness, dedication to learning, and problem-solving skills. The rich and successful are passionate and committed to their pursuits, willing to take necessary risks to achieve their goals.
The attainment of freedom and a desired lifestyle, whether through trading, business, sports, executive positions or other avenues, comes at a price. The majority of those who achieve such success do so because of their tireless work and not because of inheritance. It begs the question – where do you stand in terms of conscientiousness and awareness in your life? If you are overweight, do you eat well and exercise regularly, or do you lack knowledge in health and nutrition? If you aspire to be a successful trader, do you consistently study the markets, take courses, seek mentors, and analyze charts daily?
After hearing about the mindset and actions of the rich and successful, it is essential to assess if you are doing what it takes to achieve your trading goals and desired lifestyle. The answer to this question is crucial, as it determines your path towards success.
Regardless of your current financial status, whether you are not yet rich or successful, and even if you have only $1,000 in your trading account, it is crucial to adopt the mindset of a millionaire. Acting as if you have already made it can instill the self-belief necessary to master trading, investing, or any endeavor you choose to pursue. Below are some ideas to help you get into the right mindset, which can bring you closer to your goals.
Why are you Trading?
It’s essential to ask yourself why you are trading and what you hope to achieve from it. Unfortunately, many traders are unable to answer this question beyond a vague desire to make money, which is problematic.
Without clear objectives and a mission statement for your trading activities, it’s impossible to make a plan to achieve them effectively. Approaching trading haphazardly and relying on chance is equivalent to gambling, and it can result in significant losses.
It’s essential to take trading seriously as it involves real money and affects your real-life financial situation. Trading is a business that takes place on the world’s largest financial market, and it requires proper preparation to succeed. Knowing precisely why you are trading and what your ultimate goal is critical to conducting your trading activities appropriately.
Setting specific goals is crucial, such as supplementing your monthly income with trading profits, rather than aiming to make a vast sum of money overnight. Setting lofty and unrealistic goals, such as making a thousand dollars a day and quitting your job immediately, is not helpful and can lead to disappointment and financial loss…
Your hunger for knowledge must be insatiable…
Warren Buffet remains committed to reading and studying his craft even at almost 90 years old and despite being one of the wealthiest individuals in the world. Tiger Woods also continues to practice golf regularly, maintaining his inner drive, competitiveness, and passion. This level of dedication is essential to achieving success in any field. Do you have a genuine desire to increase your trading knowledge and skills? If not, you may want to consider redirecting your time and effort to a different pursuit.
Are you here to gamble or to make money in the long run?
If your goal is to make money over the long run, it’s important to determine whether you’re trading with a plan or simply gambling. Your approach to trading and your level of confidence in your decisions will provide valuable insights.
Without a well-defined trading plan, you’re setting yourself up for failure. Constantly second-guessing yourself and lacking confidence in your trades can be indicative of a poor strategy or lack of planning.
Day-trading can often lead to gambling due to the constant screen time, frequent price changes, and the temptation to make impulsive trades that don’t align with a trading system. Position trading, on the other hand, involves holding trades for several days to weeks, allowing for a more methodical approach to achieving long-term gains.
Trading with an addiction mindset is not the hallmark of a professional trader. Pro traders have clearly defined goals and a plan to achieve them. While some may be successful at day-trading, it requires a level of self-control that is difficult for most people to maintain. Professional traders enjoy the process, but their approach is calculated, calm, and deliberate.
Do you approach your trading like a business and trade with a strategy?
It cannot be emphasized enough how crucial it is to trade with a well-defined plan. If you haven’t developed a trading plan, it’s imperative that you do so without delay. To facilitate the process, our professional trading course includes a comprehensive trading plan template that can accelerate your progress.
Just like any other business, trading requires a clear objective and a well-crafted plan to attain that objective. Unfortunately, the majority of traders neglect this fundamental aspect and instead dive into the market without adequate preparation. This reckless approach is why they end up losing money and why they are not deserving of success in trading.
Do you think like a “baller”?
It is crucial to have the belief that you deserve trading success before achieving it. This mindset is necessary to perform the actions required to become successful. To become a successful trader, it is essential to emulate the behavior of seasoned hedge-fund managers by focusing on position trading and avoiding short-term charts. A calculated and composed approach is necessary to remove emotions and mental fluctuations from trading. These are the qualities that one must cultivate to earn trading success.
Are you a terrifyingly disciplined and ninja-focused?
In order to be deserving of trading success, it’s crucial to invest significant time and effort. Achieving this level of success requires an intense level of discipline and focus, as demonstrated by legendary martial artist Bruce Lee’s dedication to his craft. Merely wanting success isn’t enough, as everyone desires financial stability through trading. Instead, one must approach the endeavor with a commitment to practicing and honing their skills with a “quality over quantity” mentality. As the saying goes, “Fear the opponent who has practiced 1 kick 10,000 times, not the one who has practiced 10,000 kicks 1 time.”
Upon reviewing today’s post, I encourage you to honestly ask yourself the following questions:
- What steps will you take to continue developing your trading awareness and conscientiousness?
- Are you utilizing your full potential or is there room for improvement?
- Do you truly deserve success in trading, business, or personal life? What are you doing to earn it?
- Are you among the 1% who consistently meet the criteria we discussed above?
If you believe that you have more work to do, that’s perfectly fine. As your instructor, I am here to support you in any way possible. However, it’s ultimately up to you to put in the effort and hard work necessary to achieve your goals. While we can provide guidance through our professional trading courses and online members’ area, we cannot force you to take the necessary steps to deserve trading success. If your trading account doesn’t reflect the success you desire, then it’s a sign that you have more work to do. Take the time to re-evaluate and plan what actions you can take to earn the success you desire.