Winning the Battle or the War: Thinking of the Big Picture
It's easy to get caught up in daily defeats. You look at the recent news, unemployment is 10% and see that the dollar is having challenges to get back up there. And your trading strategies may not be working under current market conditions. If you aren't careful, you could get discouraged and feel like giving up. When you aren't making the profits you desire, you could end up feeling like a failure, as if you'll never make it to the top.
When you are discouraged by everyday setbacks, it's vital to keep your eye on the big picture. You could be losing a battle here and there, but you may end up winning the war.
Many traders make the mistake of letting their feelings of worth be determined by everyday trading results. It's understandable. You think, "If I make profits today, and every day this week, I'm doing great. But if I end up losing most days, then I'm a failure." This kind of thinking is based on how people view compensation for a conventional 9-to-5 job. You put in your 40 hours, do a good job, and you get paid handsomely. You feel good for working diligently and productively for the week. In the trading profession, though, you may not always receive adequate compensation for your efforts. When you don't reach the profit objectives you set, you can feel as if you didn't get paid adequately for your efforts.
When trading the markets, it's necessary to avoid thinking in conventional terms. An extremely productive week may not produce profits. When you are trying to achieve a certain level of income in a given time frame, you are setting "performance goals" that you may not be able to achieve. A better kind of goal to set is a "learning goal." You may not be able to achieve a particular performance goal during a given week; that is, you may not always be able to achieve a particular dollar amount, but you can achieve a particular learning goal. Everyday you trade, you gain valuable experience regarding how you approach the markets. You see various set-ups and learn how they can or can not lead to a profitable trade. Don't undervalue these learning experiences. Everyday, you are achieving learning goals. Your daily efforts may not directly lead to profits, but indirectly, they do add to your wealth of experiences.
You may only win a battle here and there, but when you add up the battles you do win, over the long haul, you end up mastering the markets, and winning the war in the end.
If you merely focus on how much money you make as a trader, and use a conventional payment schedule, you'll put in a gallant effort at times, fail to get the conventionally defined paycheck you expect, and feel ripped off. But if you define your paycheck in unconventional terms as the amount of experience you gained, you'll feel rewarded for making a series of trades, profitable or not, and feel you've accomplished something. And regardless of how much money you actually make, you will have indeed accomplished something: You will have further honed your trading skills. And in the big picture, winning these minor battles will help you win the war. You'll master the markets and become a winning, profitable seasoned trader.
December Workshops:
* Dec 12 and 13, 2009 - The Art of Quantum Trading - How to Think and Trade Like a Champion
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Good luck and happy trading!
Best wishes,
Reynaldo Soriano - Your Peak Performance Trader Coach
"Helping You Achieve Your Goals"
www.onlinetradingcfd.com
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