Change. Lazy. Excuses.
The hard truth is that people are prone to mediocrity. They are prone to talk and not much else. At times, I have to actually make an effort to take action and though not 100% perfect at it, I am aware of my downfall. That gives me a chance to fix it.
You probably know people who say “I am going to…..” but in the end, they never do what they said they were going to do.
The next time you are stuck in traffic, take a look at the car next to you. Ask yourself if they are living the life they planned or ever really moved forward to achieve it. After looking at them, check your mirror and ask yourself that same question.
Good Intentions + Consistency
With good intentions, people pick up trading books and crack open charts with the main intention of being a professional trader. They are ready for trade plans and understand that emotions can either make or break their chances of success. Money management is understood, they know their risk tolerance and are ready to enter the game.
The reality that trading is actually “work” sets in and suddenly juggling a full time job and a trading career is becoming a challenge.
The images of instant success or at least something to build on, takes a backseat to the reality of string of losing trades. This causes trading rules to become trading suggestions and to make back losses, they increase their risk profile.
“What’s the point” sets in and their trading schedule is reduced to whims and what started out like a laser beam, becomes the dull flicker of a dying light bulb. With a shrug, they let their natural state of mediocrity set in and return to being a dreamer without a road map to any place.
This reality is pretty harsh and according to a friend of mine who is a “success coach”, this is how it plays out.
Be Aware Of Your Company
What speeds up this process is the energy of those they surround themselves with. Misery loves company, right? Chris Segrin, a professor of psychology and communications at the University of Arizona at Tucson stated:
“Happy people seek out happy people, and those who are down and out seek the same”
In my late teens and into my twenties, I had a few friends who could always find the cloud in the sunny sky. They were, for a lack of a better term, crap magnets. You could feel your energy being sucked out of you when they would bemoan their lot and potential in life.
I know if I would have remained in their company, I would not have succeeded in many things I have tried. I would have had “support” in giving up and I would have been in great company.
If you want to achieve success, all you need to do is find a way to model those who have already succeeded. – Tony Robbins
Those that succeed in anything, including trading, share certain characteristics. Three really stand out for me and I want to share them with you.
- They surround themselves with people of excellence. Success breeds success so it makes sense that the people you associate with have the same fortitude that you think you have. When striving for better than mediocre, you need energy that supports that. Trading can be lonely…just you and your computer…so many head to forums for their daily dose of connection. Since most people on forums are too busy on forums to actually make money, I don’t know how great this is. Perhaps you would be better served in a trading room or training seminars with those looking to improve…like you are. As well, a reputable trading education business will have successful moderators who can help you on your journey.
- They are decisive in making decisions and waste no time in moving forward with their plans. When it comes to their trading, once the setup is in place, the trade is executed with bias nor remorse. Taking action is THE KEY to finding success in anything and even more so in trading. No action = no trade. Your trade plan is designed to keep you on track and to act when required without asking yourself if it is the right choice. With some trades, hesitation increases your risk, reduces your profit and allows the hesitation habit to grow.
- They are conscientious in their chosen task. Disciplined to execute the trade plan, self control and being consistent in all aspects of trading can keep you on the road that may lead to success. Like a well-oiled machine, they stick to the routine and reap the rewards of doing so. Too many potential traders have a problem sticking to one trading method with a track record. If they can’t do that, how can they expect to stick to proper risk profiles? They can’t and the number of decimated accounts proves that.
You don’t have to reinvent the wheel to find some level of success in anything. Those who have gone before you have left you a trail that you can follow.
The question for you is….how hard is change and will you be able to look back years from now and be happy with your failure to move forward when you had the impulse?
For more updates from Mark and the team at NetPicks, be sure to visit their trading tips blog at NetPicks.com.