Trading Educators Blog
Ego or No Ego
When you get an easy winner do you feel guilty? Do you ask yourself, "Do I deserve to win?"Do I?
The world's most successful traders believe in themselves and their ability to win. In fact, many of them feel that they "own" the market. They are not necessarily being arrogant, but they are sure of themselves and sure that they are able to take profits out of the market. Most important is that they believe that they deserve to win. They have a mind-set that is conducive to winning as a trader. It's essential that you make sure you, too, have such a mind-set.
Do you find yourself acting as if you don't deserve to win? Do you waiver between two opinions, declaring that you know how to take big gains out of the market one day, and doubting whether you can really do the same the next day?
Do you often make gains, and then give them back, plus a little more sometimes? How about a lot more?
Deep down inside, you may be suffering from the "work ethic." You may not believe making money easily is honest work.Is it possible that this belief interferes with your making easy money without a lot of guilt?
There is a powerful human need to hang onto tradition. Everyone in your family worked hard, so you must work hard.Have you considered that working smart might be a better way to go?
When we stray from certain social mores and traditions, we feel confused and uneasy.Therefore, it's essential that we learn who we really are and identify which beliefs we hold that prevent us from working smart instead of working hard.We need a mind-set that is conducive to trading.
Think for a few minutes as to how you feel about the profits you make.Do you believe you deserve wealth?Do you believe you are justified in accumulating more capital than you currently have? Do you believe that by winning you are taking money away from others? Such beliefs are not consistent with trading success, so if you hold such beliefs, you are going to have to get rid of them in order to be a successful trader.
Money is a means of exchange that provides us with circumstances and experiences we could not otherwise have. There is plenty for everyone. Let's face it, the government can (and will) always print more.When we acquire wealth, we are able to support our loved ones, others, and ourselves more fully. We can be an asset to family and society.
If it is a religious belief that keeps you from making money, then read these words: "...I pray that you may prosper in all things and be in health, just as your soul prospers." Third John, Chapter 1, verse 2.
Read this one as well: "He who has a slack hand becomes poor, but the hand of the diligent makes him rich." Proverbs Chapter 10, verse 4.