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? Ask yourself that and really think hard about the truthful answer. Trading, as you probably know, can be very frustrating and I mean very! 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 because 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 very different things. Trust me, I have been there in the past, so I know it is true.

Very few traders understand what is necessary for success because it is simply not required at the beginning of your trading venture. The price of succeeding is more expensive than the price of admission. The reason is that anyone with enough money can basically participate in the market. If you have some money to risk, it’s typically because you were successful at some endeavor. 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 to get started.

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 like making money and being right about the outcome of a trade. Internal motivation is the drive that traders need to get through the many challenges trading can bring like being wrong about a trade and wanting to quit altogether.

So if you are not at the point as a trader that you envisioned when you started, ask yourself outright. Am I really and truly motivated to make this happen or am I counting on something to happen without putting in the work?

John Kmiecik, Market Taker Mentoring