Ben runs a trading room with would-be traders. Some of his members can’t wait to trade. They love the game. But other traders are rushed. They say, “All I want to do is learn how to trade, make a fortune and retire.” What’s wrong with wanting to make it big fast? Trading doesn’t work that way. If you’re thinking about retiring before you even learn how to trade, you will never put in the commitment to learn how to read the markets and master them.
Trading is not easy. It is hard work. You must study the markets and try to find market opportunities. It can take extra effort. It can take so much effort in fact that you can feel so tired and worn out that you just can’t keep going. Your energy level may be so depleted that you just want to crawl under your desk and take a nap until you are rested and ready to tackle the markets once more. It is at times like these that you need to cultivate a fighting spirit. There are both immediate and preventative strategies you can take.
Immediate strategies can be used to pick your mood up quickly so that you can get back on track fast. When you feel a little down, remind yourself that you can wait it out. You can think, “I’ll endure. I’ll feel better later.” Another short-term strategy is to think of the big picture. What is happening in the short-term is only temporary. A single losing trade among a series of trades is relatively unimportant as long as risk is managed.
By thinking of the broader context, you can more easily cope with shorter-term setbacks. It may also be useful to think about what motivates you to trade. You should love to trade. You should do it because it makes you feel challenged. You should appreciate the inherent rewards of trading. Trading is a calling. Remembering how you have a passion for the field can help you maintain a fighting spirit. You might remind yourself, “I’d trade for free if I had to.”
You might also need to take preventative steps to maintain a fighting spirit. It’s vital that you know deep down that you are motivated to trade. You must truly be committed to trading. You can’t secretly want to just do it for the money. If you really don’t want to trade, you’ll have difficulty convincing yourself that you can endure even a minor hardship. Make sure that trading is indeed how you want to spend your time.
Even a fun, exciting job can wear you out. At those times when you are tired during the trading day, it’s vital to pick your spirits up and reenergize. Reminding yourself of why you trade and why you love it can make you feel that you can handle anything, and give you the extra strength you need to make winning trades.