Day Trading Tip 1 – Focus on your being not on your doing
Many measure their trading success by the state of their trading bank. Their confidence and self-worth is correlated to the $$$ profits they make.
The thing is, this is how we have been conditioned by society. You get judged by the results that your environment can see, such as good grades at school, finishing top in your university, driving a nice car, living in a nice house, being dressed for success, all those are being considered as a measure of success.
Although profits are a typical measure of success in the trading industry (just look at the amount of traders showing off their $profits on LinkedIn), and undeniably important if you have to pay the rent from trading, it can ultimately destroy your trading career.
With that outcome focused mindset, as you lose money, you lose confidence, your self-worth becomes threatened, you start making irrational trades based on impulse and desperation, you lose more money in the attempt to recover your self-worth, and so the vicious cycle of self-sabotage has been set in motion.
Have you ever asked yourself why it is that even though we live in a world with great resources at our fingertips, traders continue to struggle? There is so much information freely available on the internet, anything a trader needs to know in order to succeed, and yet the statistics still show that over 90% of traders have no trading results to show for. When profits do appear, it is exhilarating, but never long lasting.
I tell you why: Because you can want trading success until you are blue in the face, you can attend all the seminars, read all the trading books, refine your trading strategies, write the most sophisticated trading plans, follow the best traders in the world, you can accumulate so much knowledge about trading that you deserve an honorary PHD, but until you get to the core of your BEING, that emotional experience, the real root cause of why you are not doing what you planned to do, until you are clear about your unconscious sabotaging behavioural patterns, until you acknowledge that this is running your trading and learn how to transform them, your dreams of being a successful trader are going to stay fairy tales.
Let’s be real here, anytime you want to get to a place that is better than where you currently are, there are blocks inside of you, otherwise you would already be there.
So, the real question here is how do you uncover and remove the hidden blocks to achieving better trading results?
If you stand any hope to succeed in the markets, you will need to change how you think about your trading.
In the euphoria of winning most traders quickly lose their discipline and overtrade, which results in a significant drawdown.
It is devastating experience to win big only to give it all back to the market.
Most traders know that there is something wrong, but they don’t know how to fix it.