You are here most probably because you want to become a consistently profitable trader. This is great, but are you sure that you are on the right track and you have provided everything that reaching this goal needs?
Most people think that learning and mastering the trading techniques is all they need, to become a good trader who makes profit consistently. It is true that a trader has to master a trading system to make money through it, but there is something which is more important than mastering a trading system. It is having a proper mental and psychological situation.
Indeed, you can’t master your trading system when you don’t have a proper mindset about life and trading, and you haven’t set your goals properly. Most trading mentors just teach their students some trading techniques and then leave them alone to practice and master those techniques, whereas they need to have a proper mentality to become able to do that.
When they say 95% of the traders lose, it is mainly because of the improper mindset, not because of the trading techniques. This is true about all businesses. They say 95% of the small businesses are also doomed. When you have a proper mindset and you are enthusiastic enough about your business, and you have set your goals properly, you will succeed definitely.
How to Have a Proper Mindset?
Ask yourself why you want to become a trader. It is because you want to make money through it. So making money is your motive to start trading. The question is what if you don’t make any money after a while of working on your trading business? Then, you will lose your motive, and so, you stop trading, whereas if you kept on practising a little more, you would become able to make money finally.
When your motive goes away, you feel no energy and enthusiasm to follow what the motive has been pushing you to follow. Therefore, you stop trading, and most probably, you will never try trading anymore, nor will you try some other money making opportunities.
Therefore, your mistake was in setting an improper and defective goal which is making money. You are not supposed to make money through trading overnight, or even after a few months of learning and practising, and it takes more time to become able to do that. Therefore, when your motive and goal is making money, and you don’t make any money through trading after a while of learning and practising, you will stop working on it.
Trading and making money through it, cannot be good motives and goals. They are too cheap and small. Your goals have to be much bigger, and making money through trading or any other business, has to be just a small step of the long process of achieving your goals and dreams. If so, then you don’t stop working if you don’t make money through trading, because your goal and motive which can be becoming a billionaire or the richest man in the world, is still there and pushes you to work.
Yes! Your goal, dream and motive have to be as big as that, otherwise you don’t get anywhere. Why are you afraid of having big goals? You are not supposed to come to this world again. You only have one life. Then why don’t you want to have big dreams and goals?
If you set your goal to become a billionaire, and then choose trading as one of the ways that makes money for you and helps you to become a billionaire, then there is a higher chance that you become a consistently profitable trader, because your goal will remain there, and it motivates you to work, as long as you haven’t become a billionaire yet.
Even if you come to this conclusion that you can’t make any money through trading for some reason, you will work on the other ways and you will become able to make money finally. You will keep on working as long as you have to, until you reach your goal. Your goal doesn’t let you give up.
Do you see how choosing the right goal makes a big difference?
Have you chosen your goal properly?
May be not, most traders don’t know that they have such a problem.
Before we teach people how to analyse the charts and locate the trade setups, we have to teach them how to choose their goals properly, and stick to them, and don’t give up, as long as they haven’t reached their goals. If we teach and help them to do this properly, then becoming a consistently profitable trader becomes a piece of cake.
But, if becoming a consistently profitable trader becomes the final goal of the novice traders, then most of them will never achieve it.
Therefore, working on the goals and peoples’ mindset, is the first step, and is much more important than working on the trading techniques and systems.
Conclusion: Set your goals properly. Don’t be afraid of having big goals and dreams.