Because of the position we’ve put ourselves in, we feel a great responsibility to share everything we know about trading. We want to bring value by offering up everything we have in the way of content and insight.
And because of that, we have to consciously step outside the hustle every so often and really think about what brought us here.
We Talk a Lot About Strategy
It’s no secret that we focus a lot on trading strategy here at Magnetic Trading. Strategy is one of the most important words around here, and you’ll see a lot written up on this right here in the blog. In fact, if you want to make it in trading, you’ll need to develop not just one but several strategies before you hit the right mix and start seeing real gains.
I’ve explored this notion again and again here and in my own life as well. I know there’s no way to thrive in trading if you lack a well-developed set of techniques.
Today I want to move away from strategy and techniques to something that’s just as crucial in this business: mindset.
A Game Plan is Nothing Without Some Smarts Behind It
We’ve had a lot of success here at Magnetic Trading, both as traders and as educators. And yes, there’s a little bit of ego around that success—it’s not too difficult to see that ego coming out in the way we write, the way we communicate with our community.
But there’s also humility behind that ego: we’ve had to learn certain business mentalities and work hard to cultivate them in ourselves in order to make the actual techniques and strategies that I use translate into success.
So, all along I’ve been awarding too much of the credit to strategy when I should have been writing about the mindset that drives those strategies.
I’m here to fix that today, with five ways to turn your trading around… none of which involve actual trading strategy. Here are five lessons I’ve learned—indeed, we’ve all had to learn—in order to arrive at the place where you see us today: top educators with winning strategies for becoming a successful trader.
Lesson #1: It All Falls Solely on You
A while back I was taking one of those long moments to reflect on my life and all the things I have to be grateful for. I was working hard, putting valuable experience to work for me, doing everything I’d set out to do. But I wasn’t making time in my week for being healthy. It just wasn’t on my list of priorities.
This was truly mystifying to me. I always do everything 100%, but not when it came to my health. Why was I broken in this one area? I thought about it, and the more I focused on this strange inconsistency, the closer I came to realize that it was all about accountability.
I wouldn’t admit it at the time, but I would tell myself I was just too busy to eat right and work out. And if I stopped being so busy I’d lose my business.
That allowed my drive to get fit to calcify right then and there, with a neat, tidy pre-made excuse that worked in all situations:
- I’m too busy to cook healthy meals.
- I’m too busy to hit the gym.
- I’m too tired from working so hard to take a walk after dinner.
- I work hard, so my brain deserves a break at night. So I watch TV instead of working out.
See where that’s going? Now apply the concept of misplaced blame to your trading career and that’s Lesson #1.
Maybe you followed a certain trading strategy that turned out to be the worst scam of the century. Or maybe you bought into another that promised fast and easy results only to quickly and easily empty your wallet. You might say things similar to the excuses I had about being healthy. It’s not my fault there are so many scam artists out there. I tried, I really did!
Turn it Around: Instead of blaming scam, accept responsibility and ask yourself a few questions. Did you do due diligence when you researched those educators? Had they actually traded live before? Did they have a proven track record? Did you read the reviews of their education program?
Lesson #2: Ruthlessness is Required
If you don’t have a detailed, carefully constructed trade plan then you’re not going anywhere. In a good plan, there’s no room for losing strategies so do this: write down every single method, strategy, indicator, etc that you currently use.
Now, be ruthless and ask yourself whether each one is profitable or losing. Go ahead and write that down too, next to each line item. And keep in mind there is no grey area here: each one is either profitable or losing.
Now be even more ruthless and strike out any that are losing. Stop using those strategies, forex robots, indicators, etc, immediately, and never look back… even if every single item on your list is marked ‘losing’.
Then go out and find some better ones.
Lesson #3: Having Vision is Key
Everyone wants to make money trading. But money isn’t a vision and the idea of working for money won’t sustain you over the obstacles you’ll face in the future. You must have a vision, which can be defined as a clearly defined goal for your life.
Try imagining what your life will be like once you find success. Then write it down and be very specific about the details. Will you move to a nicer area of the country? Will you travel more? Learn a new language? Dedicate time to helping others? Write your goals out and keep them in a special place where you can read them a few times each month. Keep your eyes on that vision and it will drive you to succeed through even the toughest of times.
Lesson #4: Environment Matters
Life is a long game, where education and self-reflection build over the years to separate the winners from the losers. That’s because these elements lead to what’s called emotional intelligence. Your emotional IQ taints everything you do, from choosing the right people to work with to how you react to adversity.
So it stands to reason that when you hang out with people who aren’t winning at what they do, you’re not doing yourself any favours. Remember, this is a business conversation here, not a personal treato. I’m not telling you who to hang out with after work. This is mainly about where you hang out online.
If you are spending time on trading forums full of users who haven’t seen the type of success you’re trying to build, then stop. Find a community full of successful people who have the right approach to trading, one that reflects the lessons I’m divulging today.
Lesson #5: Be Prepared to Go All In
Back a few paragraphs, I asked you if you had been following some trading educators who didn’t work out for you. Now, I’m adding a new dimension to all this and I’m asking you whether they were really, truly scams. Were they actually offering bunk advice or did you fail to follow through and stick to their strategy?
You may have actually learned something valuable from those other educators, but lack of commitment caused you to fail. You need to be prepared to go all in.
The problem is, how do you know which program deserves your total commitment? The key lies applying in Lessons 1-4. Use what you’ve learned so far to determine a good trading strategy, then devote the necessary time and effort to make it work. If you think it’s going to happen in two weeks, then you’re not listening. Expect to put in six months or more. Then come back and talk to me if it doesn’t work out.
Now, Blend Well to Turn Your Trading Around
Every winner got to where they are through hard work. But all the hard work in the world won’t amount to much unless you’re basing your moves on a sound set of values as described just above.
Learning how to trade for a living takes not just enormous amounts of hustle, but accountability, discipline, vision, great surroundings, and commitment. Blend these ingredients well, and if you want to take it a step further,
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