Some of you reading this will say that you always place your stop and are willing to lose the money. While you may say this, you really don’t want to lose the money. You’ll place your stop out there, which could be pretty far off from your entry price. Over the next couple of hours or days depending on your timeframe, you will slowly move the stop up because the stock is not “acting” properly. Sure enough, at some point, your new stop order is triggered right before the market takes off. If this has happened to you, it is one of the most frustrating events that can occur in the market. Your analysis was right, the market, in the end, gave you what you expected; however, you were not willing to accept the randomness of the market and the fact you could lose money.
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rssThe super-low profile Chinese clothing company that generated revenue of $10 bn by selling online and keeping quiet about its origins
These 4 companies are collectively worth more than $8 trillion. Here’s where they got their start:
#ItalyEngland
This is What Happens in An Internet Minute
Trading appears easy & effortless on paper. But it’s far from it. There’s a reason why mastery takes time. What seems effortless now has been years of pain, tears, hardwork, setbacks & persistence.
same concept with the plateau of latent potential, your hardwork being stored.
Remember the times you were successful
Experiencing a loss can no doubt discourage a trader and make them feel like they’re not good enough to trade successfully and get payouts. Thinking that all their efforts are in vain can be the greatest enemy to a person’s motivation, especially if they’re looking at other traders who are consistently successful on the market.
But as we pointed out earlier, it is not about comparing with others and rating your success against other traders’ successes. It is your progression that is important to track and sure, you may be experiencing the low time of your trading career right now but it is important to remember that you’ve also had good times.
Remembering the previous successes and payouts you’ve earned from past trades is a good answer on how to motivate yourself in financial trading. It can show you that while you may currently think otherwise, you are good enough to keep on trading. You have the potential to succeed and the past successes are nothing more than reminders of that.
Refrain from comparing yourself with other traders
One key characteristic of success, whether it’s in financial trading or any other field of activity, is that it is purely subjective. Everyone has their own definition of success: some want to achieve the highest career goals in life, some are focused on having an ideal family life, and still, others want to travel as much as possible and see success through that lens.
The point is, there is no point in chasing one universal value of success, not in trading and not anywhere else. Comparing with others can often have a toxic effect on a person’s psychology and motivation to continue what they’re doing.
It is easy to look at a successful trader and think that your current level of success is nowhere near that. But it’s not about how you are doing compared to others; it’s about how you are progressing through time and becoming better than you previously were. Your only reference point in trading is yourself and by focusing on that, you’ll soon realize that compared to what you were yesterday, you’re pretty good today and will keep yourself motivated in financial trading.
Rich people stay rich by acting poor. Poor people stay poor by acting rich.
