Most new traders are attracted to the markets because they believe that it is an easy way to make fast money for very little effort.
It’s the “Show me the Money” mentality.
The marketing in this industry focuses almost exclusively on instant financial success so I don’t blame people for getting caught up in the false euphoria.
The realty is that 99% of these new traders who are in the “show me the money” category quit after 3 months with bruised egos, lighter bank balances and bemused as to how or why it all went wrong.
It is this “show me the money” mindset that contaminates those traders behaviour .
- System hoping and endlessly chasing magic trading formulas
- Trying to squeeze money out of the markets at the wrong times and on the wrong instruments
- Doubling down bet sizes after winning or losing a trade
The reality is that you can’t control the financial outcome in trading!
For new traders or active struggling traders, obsessing about the money is just wishing, hoping and wanting. It won’t get you any closer to your goal or help you improve as a trader.
Focus on what you can control… Your actions, behaviour and mindset! If you can’t your short lived trading career will be over.
Trading takes time to master so give yourself the best chance by putting your focus and energy into creating a solid trading plan and learning how the markets tick.
If you don’t have a trade plan, you don’t have any mechanism to control your actions or behaviour or any reference point to review your trades and you will be skinned alive.
It’s not until the character Rod Tidwell in the film Jerry Maguire stops focusing on the money and starts focusing on his game that he gets his big contract and with it a new improved attitude.
True of life, true of trading!
If your offended by crude language don’t play this video!