- Knowing why you are in the trading
You can start by asking yourself:
- Why are you in the trading ?
- What was your initial attraction to trading?
- Are you thinking about it as a business or a hobby?
- Are you passionate about your trading?
- Does trading feel like a lot of work?
- What are your trading goals?
- Are you enjoying the journey or just focusing on the end result?
- What do you want to get out of trading?
- Other things
- Imagine you got all of the things you wanted to get out of your trading
- What do they mean to you?
- How do you feel about them?
- How do you feel about yourself?
When we know why we want something, it helps us to overcome challenges that we go through.
When you think of Sachin Tendulkar , what comes to mind? For me, he is one of the most successful Cricketer. I believe he wants to be the best that he can be. This is so strong for him that he has a merciless routine. Rain and shine, he practices and tries to learn something new.
Because the reason he has is so strong for him, he is disciplined, he produces consistent results and has fun doing it.
Is the reason you are in the trading business strong enough for you to give your business your full commitment?
- Managing your energy
When we get up in the morning, we have a certain amount of energy. It is up to us to decide how we will use our energy and where we will focus it. So how do you manage your energy during the day?
- What activities energize you and what drains your energy?
- How do you sequence your activities?
- Do you try to do everything yourself, or do you focus on your strengths and delegate the rest?
- How do you deal with stress?
- How do you motivate yourself?
- Who do you surround yourself with?
- How do you manage your energy?
- How do you deal with the bad news or naysayers?
- How do you deal with emails, phone calls, IMs and other things that can distract you?
- Are you being productive or running out of time each day?
If you try to be everything to everyone, you get burned out.
You might have heard of the 80/20 rule – 20% of our efforts get 80% of our results. You can focus your energy on the efforts that get you the results, or let yourself get distracted. When you get distracted, you are very busy, however you do not produce the result that you want in the time frame that you want. The choice is yours.
- Your perception
As we all know, we face challenges and speed bumps throughout our trading business. The important question is how do you deal with them? What meaning do you give them?
- When you lose:Do you let the bumps on the road stop you?
- How do you view it?
- What meaning do you give it?
- How do you feel about yourself?
- Are you looking at the lessons?
- Do you move forward despite challenges?
The way we look at things determines how we feel about it and how we can handle it.
For instance, if you look at your losses as being the end of the world or feel that everything is going against you or that you are stupid, then guess what? It will be harder for you to be successful at your business.
However, if you consider your losses as being the cost of doing business and an overhead for your business, then it is easier to accept and you can move on.
It is important to realize that it is about your perception and how you view it. You might have heard, “There is no reality only your perception”…
It is OK to have fear as long as it does not completely stop us. Take small steps.
To be Continued in Next Article