On the surface, it seems silly to think one is not motivated to make money option trading. But if you look deeper, lack of motivation is what holds back many traders. Having the proper attitude can go a long way in life including in your potential success as an option trader. So ask yourself right now, am I truly motivated to succeed or do I just want something without being willing to put in the work to achieve it?
If you are new to trading or have been trading for several years without the success you envisioned, it might be time to reflect on an important component of successful trading. Are you really committed to being a successful trader? Ask yourself that and really think hard about the truthful answer. Trading as you probably know can be frustrating, and I mean very frustrating, at times.
A lot of traders say they are, but are they really willing to put in the time and effort to make it to a point where they can continually extract money from the market? Putting in long hours does not guarantee your success either. You need to spend your time wisely. To say you are motivated and to make the changes and put in the time to make yourself successful are two different things. Trust me, I have been there in the past and have worked with too many traders with that attitude. I know it is true.
Very few traders understand what is necessary for success because it is simply not required at the beginning of their trading venture. The price of succeeding is more expensive than the price of admission. Anyone with enough money can basically be a participant in the market. If you have some money to risk, it is usually the case that you were successful at some point in your life. Now all you need to do is open an account somewhere and deposit your cash. Although there may be a few more forms to fill out than in years past, it is still fairly simple.
But to succeed, a trader must be motivated to reach certain goals. Motivation is essential to maintaining any activity let alone trading. Trading has both external and internal motivations. External motivations are those that cannot be controlled, such as making money and being right about the outcome of a trade. Internal motivation is the drive traders need to get through the many challenges trading can bring, including being wrong about a trade or wanting to quit trading altogether. It is going the extra mile to study charts and past trades and learn from them good and bad.
So, if you are not at the point where you envisioned yourself as a trader when you started, ask yourself outright, am I really and truly motivated to make this happen, or am I just hoping it will happen by coincidence? If you are motivated, get down to work!
Senior Options InstructorSenior Options Instructor
Market Taker Mentoring, Inc.