I’ll tell you a very surprising, yet very true reason why many people don’t make money in trading.
There is a chance this reason applies to you too…
But first, let me share something else with you.
I’m a complete idiot when it comes to learning languages. And I mean that with absolute honesty.
Yet, I’m fluent in Czech, Slovak, English and Spanish. I used to speak Russian and Portuguese too (but don’t use them much any more). And I used to learn Japanese.
Now, how do I know so many languages, you might be wondering?
It’s pretty simple.
I had to.
When I was at high school, I really wanted to study at a film school in the U.S. But just to apply, I had to pass the TOEFL test, so I HAD TO learn English to at least give it a try.
My wife is half Czech and half Slovak. And when I met my wife for the very first time, she didn’t bother speaking any Czech. So, I HAD TO learn Slovak to move the relationship forward.
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And when I moved to Spain, nobody spoke a word of English here. So, I HAD to learn Spanish to build a social life here.
I could continue like this with the other languages too, but you get the point:
Necessity is the mother behind many true achievements.
Now, how does that apply to trading?
The problem is, that with many traders, there is no true necessity to make money.
Many traders have a regular job or are company owners. So, their financial needs are already satisfied.
And that significantly changes the dynamic behind the motivation.
Most traders say that making money is their main goal, but subconsciously, it is a secondary goal.
And that means there must be some true PRIMARY goal. The one, that TRULY keeps traders moving forward. The one, that TRULY gives us excitement.
And from my observation and experience, this one is the thrill of learning and understanding.
I admit it is a good one. A noble one. I love this one too.
But if you keep this as your primary goal, you will never start making an income from trading.
You’ll be forever stuck in the loop of “learning and understanding”. (We’ve even recorded a great podcast episode about this, called ‘Knowing it all won’t make you rich’. Please, do yourself a favor and listen to it).
So, you need to make sure you balance the primary and the secondary goal and try to make them equal.
A few tips on how traders can do this:
|1.||Have a motivational vision board to remind yourself of the importance of making money in your trading. (I have and use one too).|
|2.||Be as excited about money flowing into your trading account as about learning and discovering new trading stuff. (Practice this sometimes).|
|3.||Build a deliberate self-awareness of seeing when we’re too driven by the eagerness to know and understand, rather than making money (thus postponing the act of making money).|
|4.||Develop a deliberate decision to put a “limit” on “I need to know and learn and understand more” in favor of actual trading.|
Be balanced with your intentions.
Learning and understanding are great, but so is making money. And using that hard-earned money the right, joyful way is certainly a great motivation too!
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