I bet you are motivated to make money as an option trader. Am I right? But are you willing to do the things that can allow you to make money consistently over time? 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 a very important component of successful trading. Are you really committed to being a successful trader?
Be Honest With Yourself
Ask yourself that question and really think hard about the answer. Be honest with yourself. Trading, as you probably know, can be very frustrating. A lot of traders say they are willing to put in the time and effort to make it a successful endeavor, but are they really? Putting in long hours does not guarantee your success. Spending your time wisely is the key. To say you are motivated and to make the changes and put in the time to make yourself successful are two very different things. Trust me, I know this is true. I have been there in the past myself, and a majority of my students have as well.
Know What Is Necessary
Very few option traders understand what is necessary for success because it is simply not required at the beginning of your trading journey. The price of succeeding is more expensive than the price of admission, as the saying goes. The reason is anyone with enough money can basically participate in the market. If you have some money to risk, it’s more than likely you were financially successful at some endeavor. With money, all you need to do is open an account somewhere, deposit your cash and wait to get approved. Although there may be a few more forms to fill out than in years past, the process is still fairly simple.
To succeed, a trader must be motivated to reach certain goals. Motivation is essential to excel in any activity, but with options trading there are both external and internal motivations. External motivations cannot be controlled, such as making money or being right about the outcome of a trade. Internal motivation is the drive traders need to get through the many challenges trading can bring, such as being wrong about a trade and then wanting to quit trading altogether. One of the main goals you should have as a trader is to have a well-thought-out trading plan that you actually follow.
Trader in the Mirror
Being motivated and spending your time wisely by gaining experience and knowledge is the key. Finding and using excuses on why you are not making money is not. A better platform or system to find trades is usually not the answer. The answer is in front of the mirror. That I can promise you.
Senior Options Instructor
Market Taker Mentoring
1 reply on “Motivation as an Option Trader Is Key”
Good advice as always from John. Someone once said, if I can remember that I am a risk manager first, I should have a fighting chance.