Why do you want to become a trader & setting your trading goals.
The secret’s out.
Profitable trading is the perfect business. It is capitalism’s best-kept secret.
Office politics, difficult bosses and tricky employees play no part in trading. The market makes no distinction about your wealth, education level, ethnic background or any other aspect of your identity. You can trade from anywhere in the world.
Follow a few simple rules, set clear trading goals and you can run your business virtually wherever you like.
Trading is the perfect home-based business. That said, if trading successfully were easy, everyone would be raking in the profits. The fact is, 80% of people who trade will lose money when they first start.
There are many reasons why they won’t be successful but, in my experience, the most common reason is that they fail to plan. A well-planned strategy is one that covers all the bases and will be adhered to unflinchingly. This takes guts and determination, but it is the same for finding real success in any other endeavor in life.
Unfortunately, attending countless seminars and reading even more books, without taking any real, calculated action doesn’t count as planning.Now don’t get me wrong, there is nothing bad about reading books, (you’ll notice I recommend a few as we go through these chapters) but there’s a lot more to it than that.
Trading successfully is difficult if you don’t know what you’re doing. I can show you how to achieve trading success and shortcut your learning curve dramatically, but I can only help you if you have a strong desire to succeed. You see, trading requires you to work a little.
To be able to push through, you must start by not only asking yourself why you want to become a successful trader, but actually answering it as well!
Answering the ‘why’
This all-important question sounds very obvious, yet most traders never properly consider it. Life coach and world-famous personality Anthony Robbins teaches that, ‘If the why is big enough, the facts don’t count’.
Think about the following scenario:
‘You arrive home from work one evening and spot a large crowd forming outside your house. You see plumes of black smoke billowing from the roof. Your heart starts to pound… what is going on? A neighbour races up to you, explaining that your house has been on fire for thirty minutes. You scan the area but there is no sign of your spouse or two-year-old daughter. Your heart sinks. You realise they must still be trapped in the burning house.’
So what do you do?
There’s no question you would move heaven and earth to get your loved ones out of the house before it burns down, even if it means risking your own life. In other words, you have a strong enough ‘why’ to take such a risk for those you care about even more than you care for yourself.
Continuing with the above scenario, if – on the other hand – you arrived to find your loved ones safely out of the house and the only other valuable things inside your house were, perhaps, a laptop or some photographs, then it is unlikely that you would risk your life to try to recover those items.
In other words, your ‘why’ is nowhere nearly as strong as in the first scenario.
The scenario above is an extreme example showing that you must have a strong enough ‘why’ to act. Trading is the same. You must have a strong enough motivation to succeed, otherwise you will simply give up half way or you will only apply yourself in a half-hearted way.
Let us now come back to the original question: ‘Why do you want to become a trader?’
The answer must include enough emotional attachment to make sure that you follow through on your promise to yourself. This ultimately depends on you, but some examples of answers might include:
- I want to ensure I have enough money so my children and family are well looked after.
- I want to pay off my mortgage so I can own my home outright.
- I want to be able to help those less fortunate than myself.
You need a clear vision of where you want to be, otherwise how will you know how to get there? Set your trading goals now.
Success in your sights
What’s wrong with a vision that says, ‘I will achieve financial freedom’?
To me, it’s only half-baked.The sentiment is right, but it’s not quite strong enough.
Compare ‘I will achieve financial freedom’ to ‘I will achieve financial freedom by 1 January 2020 with $500,000 in assets, creating $100,000 a year in residual income through trading’. More powerful, isn’t it? It’s amazing how simply giving goals a timeline and other details suddenly gives them a life.
They become real, more attainable. And it’s just because they’re now measurable.
The book and film The Secret discuss a fundamental concept known as the law of attraction. It says, in a nutshell, if you can visualise something to the intensity of actually feeling that you already possess it, you eventually will, no matter how hard it may seem.
This law can be applied to all elements of your life – personal, financial, social and spiritual. It is assumed that one of the reasons you have entered the area of trading is that you want to be financially free and as such, you must approach it with the mindset of somebody who is already financially free.
This is easier said than done and, of course, achieving your vision requires more than just imagining you already have.For starters, as I’ve said, you’re going to have to do some work. Luckily, there are several courses that offer you the opportunity to learn about yourself and help you become the person you want to be.
Anthony Robbins, whom I mentioned earlier, offers several courses where delegates are taught processes to really create massive change.
I’ve personally done both Unleash the Power Within and Date with Destiny. You should also check out the classic book by Napoleon Hill Think and Grow Rich. It changed my whole outlook about not only the way I approach trading, but the way I live my life.
1. Watch (or read) The Secret
2. Read Think and Grow Rich by Napoleon Hill
3. Most importantly, answer why you want to be a trader (your trading goals) and write it down. The more specific you can be, the more powerful it will be.