Tag Archives: Motivation

Trader Motivation Hacks – Number Two

 

Maintain a list of milestones... and aggressively seek to achieve these new goals as often as possible.

In a recent article we discussed an email I received from a trader, Nathan, excited by the fact that he just got his first 50 tick winner… a goal he'd had set for quite a while.

See here if you missed it – http://yourtradingcoach.com/trading-process-and-strategy/reviewing-a-50-tick-winner/

50 tick winner

This was perfect timing for me, as it's a great example of "Trader Motivation Hack – Number 2", which was planned for release today.

This hack is simple… maintain a list of milestones… and aggressively seek to achieve these new goals as often as possible.

The secret:

  • Make them small.
  • Make them achievable.
  • But always make them stretch your levels of skill and knowledge, just beyond what you've achieved before.
  • And reward yourself when you get them.

Oh… and:

  • Keep them visible! Maybe put them on your wall. Those you've achieved remind you of the great progress you've made so far. And those you're yet to achieve will motivate you to push for the next reward.

So you've achieved a 50 tick winner? Nice work. Mark that one achieved. Reward yourself. And amend it to now seek a 60 tick winner.

Example milestone list

Of course, you'll need to customise your list of milestones to suit your own circumstances.

Make them all outcome focused if you prefer. Or process focused. Or a mix of the two. Whatever you find more motivating.

Pre-enter the rewards if you feel that will help you stretch yourself to make the target.

Customise it however you want.

But be sure to try it. It's simple. And it works surprisingly well as a motivation tool.

ACTION TASK:

  • This weekend… Set up your milestones list. Make the first entries simple and achievable, but just beyond what you've managed before. And think of some rewards that might help push you to achieve these milestones.

Happy trading,

Lance Beggs

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Trader Motivation Hacks – Number One

 

Look back... be amazed at how far you've come.

It's normal from time to time (often even) to get frustrated at the overwhelming task that lies ahead.

At these times, I find it incredibly helpful to pause and reflect on exactly where I've come from and how far I've progressed.

Yes… way back in the early days… I bought into Croesus Mining near a top and held it way below my stop loss… because I knew I was right!

Look back... be amazed at how far you've come.

I've certainly come a long way!

And like we all do, I served more than my fair share of time in the indicator and systems hell.

Look back... be amazed at how far you've come.

There are shelves full of folders documenting my progress.

Looking through these folders, I can clearly see just how far I've come.

I used to try to put together indicator based systems, without any appreciation or consideration as to what makes price move and why it should move at that time in that direction. Now every decision I make in the markets is taken with consideration of "other traders" and how their decisions and actions may influence orderflow.

I used to fear loss. Now I see it as a part of the business and work to manage and minimise it.

I used to be obsessed with finding the perfect way to trigger into a trade. I now recognise that there is no one perfect entry trigger and instead we should focus on ensuring we trade in the right area with respect to higher timeframe context and bias and then just enter as best we can within that area.

I used to wait for price confirmation through movement in my trade direction. Now I recognise confirmation as risk and aim to enter as close to the start of the move as possible, ensuring a much greater potential reward.

I used to be frustrated with suboptimal exits. I now recognise that such precision is impossible. I manage my exits as best I can given the information I have at the time and forgive myself any imperfection.

I have come so far!

All those roadblocks, which seemed at the time to mark the potential end of my journey, were in fact just temporary obstacles which forced me to become a better trader, improving in knowledge, skill and attitude.

And perhaps my current challenges are also temporary, prompting me to achieve new levels of understanding and to take the next steps along my path of trader evolution.

Perhaps in coming months I will look back at my current challenges, smile at my naivety and grow further in confidence when considering again just how far I have come.

I've come a long way. I look forward to seeing what comes next!

ACTION TASK:

  • This weekend… schedule some time to pause… look back… and see how far YOU have come. You might just be amazed at how far it is.

 

Happy trading,

Lance Beggs