All success has a formula that is repeatable, regardless of your endeavour. It’s not easy, it will take effort, persistence and determination. However the rewards of success far outweigh the effort required. So the first question you need to ask yourself is …
“Are you committed to your success?” Because if you answer yes to that question. Then you are stating to the universe that you will do whatever it takes, without being dishonest or deceitful to achieve the greatness which you know is inside of you. I would strongly suggest you download our Binding Agreement with yourself PDF (which you will be able to download if you sign up to our newsletter here …) and then sign it. Then put it up on your wall, keep it in view. This will help keep you on track, you have promised yourself to do what it takes and you have signed that promise in Black and White.
Define Your Success Goal
“I want to be a Successful Trader!” Is not a goal, well not a useful one at least. How will you know you are successful if you haven’t defined what success is to you. Everyone is different, therefore there are hundreds of interpretations of success. Your subconscious through your programing and your beliefs may take successful to mean that you are right 100% of the time. If you know anything about trading you can see a problem here. As soon as you lose one trade your subconscious then gives up on your current venture as failed.
This will appear as a lack of confidence or a lack of enthusiasm, or more than likely both. You will be constantly changing strategies even though they may be perfectly good strategies. But inside you will already be feeling like a failure, all because your idea of success differs from your subconscious. Your pre-installed programing to success may be limiting your ability to be a success.
That’s why you must define your goal. Be specific, make it SMART. I won’t go into detail here, check out my previous blog on SMART goals. Just know that they are an important part of being successful. You need to know where you are now, your A. And where you want to go, your destination, your goal, your B.
Why Do You Want Success?
You need to know why you want to be successful. This will be your driver when things get tough. When your on that plateau and nothing seems to change for what seems like ever. It will be your why that keeps you going. It will be your why that becomes your enthusiasm. That’s what will get you out of bed, that’s what will drive you to do your homework. It will give your the necessary drive to read those books, watch those videos.
So ask yourself why and you may have to do it more than once before you come to the point where you think to yourself “Yeah. I get it now. That will keep me going everyday.”
It should take you no more than seven “Whys?”
For example let’s ask Fred why he wants to be a successful trader?
- More Money – Why do you want more money?
- Buy bigger House – Why do you want a bigger house?
- So my kids can each have their own room – Why do you want your kids to have their own rooms?
- They need their own space – Why do you want them to have their own space?
- I want them to be happy – Why do you want your kids to be happy?
- (Long pause) Because when they are happy, I’m happy.
Boom!! There’s your why. Fred doesn’t want more money, what he wants is for his children to be happy … so he can be happy. He needs more money to buy the house and pay the bills, but that is not what he really wants. The more money won’t keep him motivated. The image of his children smiling, laughing and being extremely happy in their own rooms will.
So find out your real why behind your goal.
What Would Need To Happen For You To Be 100% Confident Of Reaching This Goal?
If you are already 80% confident or more of reaching your goal at this point. Your goal is too easy. So you either don’t need to be here reading this blog or you need to change your goal. Be aware this question is not about whether or not you think you will stick the course. Or if you believe you are persistent enough to never fail.
“I will never give up, I will succeed!” Is very admirable. However that is not the question. The question is asking if you believe you have all the tools, the techniques, the coaches, the systems and the support in place to make this goal achievable now.
Again let’s ask Fred this question, and let’s make notes of his answers.
- Become an Elite Trader
- Monthly income of $10K
What Do You Need To Do To Achieve This Goal? Brainstorm
- I will need a successful Strategy
- I’ll need a mentor or coach to teach me a strategy and then teach me how to trade that strategy.
- I may need to work on myself, trading is very psychological. (Fred’s very smart)
- Perhaps I should find a psychology coach, Tony Robbins is too expensive. But perhaps I can find someone on the internet, preferably someone who understands trading.
- A larger capital.
- I’ll need to find Investors.
- I may need to learn about Passive Income Streams or Long Term investments.
- Research Trading Training companies and find the best to suit my needs.
- Find an accountability partner or a mastermind group to join of fellow traders.
Prioritise That List
Keep going Fred you are doing a wonderful job, find your top 3. And make them SMART.
- Research Trading Training companies and find the best to suit my needs, by the end of the month.
- Find an accountability partner or a mastermind group to join of fellow traders, by the end of the month.
- I will need a Capital of $200,000, by the end of the year.
Now we chunk down further by asking “What do you need to do to achieve these priorities?” Starting with number one Research …
- Ask Friends
- Check Facebook groups
- Attend webinars
Two find accountability partner or mastermind group
- Ask friends
- Request in Facebook groups
- Might be part of the training course
- Make 5% profits per month
- Add extra $200 per month from wages
- Get friends and family to let me trade for them and charge 20%. Put profits into Capital.
You have your goal and your plan of how to get there. You will either succeed … congratulations, well done. Or you will get feedback, in which case you will need to go back to brainstorming. There was obviously something you missed. Find it and prioritise as before.
And that my friends is the formula for success. Use it for every goal in your life and you will find them much easier to succeed. And that is one way to Trading Success.
If you are struggling to learn to trade consistently by yourself, then I would suggest taking a look at our Trading Room. Here you will gain access to two coaches, Andres – Director of Trading and myself Director of Trading Psychology.
To Your Consistently Profitable Trading
P.S. What did you think of this Lesson? Please share it with us in the comments below!
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