We all know that we have a cultural habit of measuring success in terms of status quo bias. Take the case of the well-known traders in the stock market industry now, sure, they make huge chunks of money most of the time but don’t forget the fact that they also lose over the course sometimes in a single day of trading, hoping that their gains will offset some of their losses over time. This is how they think. They are intentional and purposeful. As they have been in the industry for many years now, they have a clear direction where they would move in alignment accompanies with a vision.
But when you are a newbie or just an average trader and still has a long way to go, only to find that you only have a hammer in your toolbox, every problem looks like a nail. Can we nuance this situation a little better, or at least manage expectations to be a successful trader one day?
Of course we can.
And the best way to be successful – to be REALLY successful – is to PLAN for your success.
Here are five things to consider when setting and achieving goals that will significantly elevate your trading success as compared to the average ones:
1. Articulate WHY it is important and the reason why you’re doing it
Whatever aspect you do in trading, make sure that you define WHY you are setting that goal in the first place. Why is it important? What’s the reason behind it? For example: sure, gaining thousands or millions of pesos sounds great but make sure you define why you are setting that goal – perhaps because it is the love of being in a challenge or wanting to be better for yourself. Tap into your WHY, think about it a hundred times as this will certainly help you to improve your WHAT.
2. Building a routine of intentional living
They say success is never an accident. However, I do believe that it can be meticulously planned. No matter how you or I define every success, we will be vastly and be more likely to achieve it if we are intentional.
We must be open to this idea because the outcome of success is refined in the journey itself, this is why successful traders keep working on the things that they love to do no matter how it takes for them to reach it.
You see, behind every good trader is sleepless nights and morning grinds and routines to sharpen their skills and their value in the process of keeping at pace on what they love, where their passion lies, and what their purpose is.
There’s that hard work, perseverance, studying, dedication, sacrifice and most of all, the LOVE of what successful traders are doing to keep them alive. It’s all part of the game, and we should all consider these as part of our process to transcend to higher levels.
3. Sacrifice is the way to go
Most of us traders, consciously or unconsciously, at some point may realize that being a successful one requires us to say “no” to something. It is all about filtering out the non-essentials so that we have more time and energy to focus on learning to be a better trader and excel on what we are doing. But we have to remember that this is not going to be a one time deal. As you may have heard it a thousand times, success isn’t a destination you have to reach; it is a journey that you must travel. And, you will never get “there” because when you get “there” you realize there is another “there.” Acceptance of sacrifices goes along the way of being a successful trader.
4. Give up your toxic habits
Take a look in the mirror, not in the next seat.
If you are in the habit of comparing yourself to others, you will never be successful. This will likely turn you to be unproductive and be self-destructive. It increases depression and decreases your well-being. Remind yourself that other people’s victory can’t be compared to your own accomplishments. And when you look into that mirror, use that comparison with your old self as your motivation to improve what actually matters to strengthen a new you.
“Comparison is the thief of joy.” — Theodore Roosevelt
5. Taking the Kaizen Way: the inchworm takes the prize
Did anyone hear about the Kaizen steps? Kaizen is designed in a potent way to effect change, where one can be great through small, steady steps. Being a trader is no easy – we don’t do giant leaps to the moon hoping that it will take us to significant gains and green portfolios overnight. Whether we are at the right or wrong moment in our lives, we can’t make that big steps ahead of us as this might lead to bigger falls and it causes the fear of falling. That fear that comes along the way activates the amygdala – a part of our brain that controls our fight-or-flight response – where it might start working against our will to avoid the fear. It’s about tiny steps, especially when we have a massive goal to achieve. Whatever it is that you want to accomplish, think of your success happening through “Inchworm, Kaizen Style.”
Live and be successful by design – be proactive in how you live your life.
Success is an internal goal, determined differently by every individual and it should be an outline of what you want your life to be, as a trader or as a person for you and your loved ones.
Define it and strive to create it.
Always have the attitude of finding the solution to improve yourself and make this year a success. ?
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