Stop thinking about money if you want to make money in trading
It is obvious that the majority of people come into trading to make money, live in accordance with their preferences and choices and enjoy freedom, which it provides.
The most frequent reason why people go in for trading is their wish to improve their well-being. There is nothing bad in it since this goal is quite accessible under the condition that you constantly study the market and improve your trading skills.
We wrote this article not to destroy dreams and ambitions of beginner traders, but the other way round, in order to help beginner traders to realize their dreams and ambitions. However, it is very important to understand that you can make a profit, trading in the futures market, only if have a healthy motivation. The majority of traders mistakenly focus on a potential reward from trading, especially this is true for beginner traders.
In this article:
- What is more important to you – money or the trading process itself?
- Signs of unhealthy and healthy motivation in trading.
- Closing remarks.
What is more important to you – money or the trading process itself?
Let me ask you: DO YOU REALLY LIKE THE PROCESS of studying the markets and monitoring charts and trading in general? Do you get satisfaction from it? Or do you just perceive trading as a source of fast income? The majority of beginners, if they respond honestly, would specify the last reason.
In trading, as well as in any other business, you would, most probably, fail to achieve the set goal if you do not get true satisfaction from the process. Repeat this statement aloud at least 5 times before you continue reading this article.
How can you objectively assess yourself and understand what, after all, do you like more – getting the financial reward or the trading process itself?
Signs of unhealthy and healthy motivation in trading
Here are some signs that you go in for trading guided by an unhealthy motivation:
- You put such money at risk, which you cannot afford to lose. People that put their last money at risk do it because they want to make money fast and all their thoughts are focused only on a win. Such an approach would distort interpretation of the market situation and result in making emotional and ill-considered trading decisions.
- You think only about money and insufficiently concentrate on your trading plan or strategy. Shift the focus! Money is just a score keeping system, which allows you to check your ability to stay disciplined and patient despite all temptations. Don’t worry! You will make money if you trade properly and are completely concentrated on the process.
- You cook a hare before catching him. Do you plan to spend a certain amount of money without yet making it? In this case all your thoughts are about rewards and you completely forget about risks. There are many beginner traders who are inspired by potential financial opportunities provided by the market. Don’t take this wrong – it is great to have ambitions and goals, but such an attitude to trading may absorb all your thoughts. If you plan to spend the money, which you haven’t yet made, it shows that, psychologically, you are not yet ready for trading.
- You often trade without any reason. Even late at night before going to bed you go to your computer and press several keys just to increase the level of endorphins in the blood. You have an obsession of staying in the market all the time. Such a trading addiction may reset your banking account to zero very fast.
If you like trading as a profession and the money side doesn’t blind your mind, you will show the next signs of healthy motivation:
- You trade only because you like trading. Come to like trading aside from the dream about the final goal, otherwise you would never achieve it.
- You have a systematic trading approach, plan your activity and keep necessary logs. If you do these things, you move in the right direction. Methodical organization, observation of a trading plan and trading log keeping – these are the things that the traders, who really enjoy the process, do. Such an attitude to trading makes you analyze your trading activity and develop the required skills.
- You live and breathe markets. Trading is what you do and what you are. You devote each precious moment of your free time to the market study.
- Not all people understand you. You feel yourself alone, isolated and in despair. You have a strong wish to find people that think the same way as you do.
- You get satisfaction from self-improvement. Efficient trading depends on your ability to constantly improve your trading skills and qualities as a trader. Practically any successful trader is also successful in other spheres of life activity. Discipline, awareness, passion and patience are those qualities which allow to achieve success not only in trading but in life in general.
- You are competitive and the spirit of competition drives you. The possibility to compete with millions of other traders and be among those few who managed to become successful is the main incentive and driving force for you. And big income here is NOT AS IMPORTANT as self-assertion. Your success in trading makes you one of the top traders and is a true achievement.
You admire the market and enjoy analyzing the charts. You get huge satisfaction from studying the mechanisms, which drive the world economy.
If you want to get yourself into shape and reach an optimum body structure, you should admire the process of training in a gym and get satisfaction from healthy nutrition. Otherwise you will never make yourself continue making small steps day-by-day, which would allow you to achieve the required result. The same principle is applicable to trading. In order to make good money and provide yourself with a high living standard, you need to like the process itself in all its details, otherwise you will not be able to remain committed to discipline, which you need so much. God is in the details.
To be successful in trading you need to refuse to control the result! Trust the process or, in other words, trust yourself. Come to like trading if you want to get the results you expect so much.
Do not worry if you still do not have those feelings, which we described above. Just read the articles in our blog, study trading and use the advantages of our trading platform. You will get more and more satisfaction from trading day after day and you will feel a thirst for new knowledge. In the end, the positive dynamics will gain such a momentum, which would transform your desires into habits. Namely habits make us successful!
Do not focus on making money but learn to get satisfaction from trading instead and be inspired by the process itself!