How To Stay Motivated When Trading
Hello everyone,
Trading can be a challenging and often unpredictable pursuit. It’s easy to get discouraged and lose motivation when faced with setbacks and losses.
But, with the right mindset and strategies, you can stay motivated and on track to achieve your trading goals.
1/ Set clear and specific goals.
It’s important to have a clear idea of what you want to achieve in your trading.
Set specific, measurable, achievable, relevant, and time-bound (SMART) goals that will keep you focused and motivated.
For me it was, with my previous job I was making X USD per month, I want to make that money (after taxes) off my trading.
Which meant, making 2X my income assuming a 50% ish tax rate (20% VAT + 33% tax on capital gains)
I don't agree with those recommending to leave your 9 to 5 jobs if you make X USD with both your trading and your job.
To keep things equal, you need to make 2X USD off your trading
2/ Create a trading plan.
A well-crafted trading plan can help you stay disciplined and on track.
Your plan should include your goals, your strategy, your risk management rules, and your expectations for your trading performance.
Journaling everything is important, I wrote an article about it here:
I also journal how I slept, how I worked out, what I ate, what went well, wrong and why.
It helps my brain registering that going to bed at 8:30 pm is optimal for me, working out at 10 am is perfect for me, etc...
3/ Stay focused on the long-term
Trading can be a roller coaster ride, with ups and downs.
But, it’s important to stay focused on the long-term and not get too caught up in short-term fluctuations.
Keep your eye on your goals and your trading plan, and don’t get sidetracked by short-term distractions.
Seek out education and support
Trading can be a lonely pursuit, and it’s important to surround yourself with like-minded individuals who can provide support and guidance.
Join a trading community, attend webinars and seminars, and seek out mentors who can help you stay motivated and on track.
Most trading communities are created by gurus who never traded in their life.
They don't even take the trades they're sharing to their paid subscribers.
If you're joining a trading community, make sure to fact check everything...
Which is hard to asses because even a trading report can be photoshopped
Celebrate your successes
Trading can be a frustrating and stressful pursuit, and it’s important to take time to celebrate your successes.
Acknowledge your wins, no matter how small, and reward yourself for your hard work and dedication.
This will help keep you motivated and focused on your goals.
Whenever I make my weekly USD goal, I celebrate with a restaurant
When I reach my monthly USD goals, I treat myself with a 2-3 days holiday somewhere nice
Conclusion
By setting clear goals, creating a trading plan, staying focused on the long-term, seeking out education and support, and celebrating your successes, you can stay motivated and on track in your trading.
Keep pushing forward, and don’t let setbacks and losses discourage you from pursuing your trading dreams.
You got it guys!!!
PS
I wrote a lot more FREE trading educational content you'll maybe enjoy too
Dave
Trading can be a challenging and often unpredictable pursuit. It’s easy to get discouraged and lose motivation when faced with setbacks and losses.
But, with the right mindset and strategies, you can stay motivated and on track to achieve your trading goals.
1/ Set clear and specific goals.
It’s important to have a clear idea of what you want to achieve in your trading.
Set specific, measurable, achievable, relevant, and time-bound (SMART) goals that will keep you focused and motivated.
For me it was, with my previous job I was making X USD per month, I want to make that money (after taxes) off my trading.
Which meant, making 2X my income assuming a 50% ish tax rate (20% VAT + 33% tax on capital gains)
I don't agree with those recommending to leave your 9 to 5 jobs if you make X USD with both your trading and your job.
To keep things equal, you need to make 2X USD off your trading
2/ Create a trading plan.
A well-crafted trading plan can help you stay disciplined and on track.
Your plan should include your goals, your strategy, your risk management rules, and your expectations for your trading performance.
Journaling everything is important, I wrote an article about it here:
I also journal how I slept, how I worked out, what I ate, what went well, wrong and why.
It helps my brain registering that going to bed at 8:30 pm is optimal for me, working out at 10 am is perfect for me, etc...
3/ Stay focused on the long-term
Trading can be a roller coaster ride, with ups and downs.
But, it’s important to stay focused on the long-term and not get too caught up in short-term fluctuations.
Keep your eye on your goals and your trading plan, and don’t get sidetracked by short-term distractions.
Seek out education and support
Trading can be a lonely pursuit, and it’s important to surround yourself with like-minded individuals who can provide support and guidance.
Join a trading community, attend webinars and seminars, and seek out mentors who can help you stay motivated and on track.
Most trading communities are created by gurus who never traded in their life.
They don't even take the trades they're sharing to their paid subscribers.
If you're joining a trading community, make sure to fact check everything...
Which is hard to asses because even a trading report can be photoshopped
Celebrate your successes
Trading can be a frustrating and stressful pursuit, and it’s important to take time to celebrate your successes.
Acknowledge your wins, no matter how small, and reward yourself for your hard work and dedication.
This will help keep you motivated and focused on your goals.
Whenever I make my weekly USD goal, I celebrate with a restaurant
When I reach my monthly USD goals, I treat myself with a 2-3 days holiday somewhere nice
Conclusion
By setting clear goals, creating a trading plan, staying focused on the long-term, seeking out education and support, and celebrating your successes, you can stay motivated and on track in your trading.
Keep pushing forward, and don’t let setbacks and losses discourage you from pursuing your trading dreams.
You got it guys!!!
PS
I wrote a lot more FREE trading educational content you'll maybe enjoy too
Dave
⭐️ Listed as TradingView Trusted Pine Programmer
📧 Coding/Consulting Inquiries: dave@best-trading-indicator
Telegram: Daveatt
⏩ Course: best-trading-indicator.com
Twitter: twitter.com/bti_trading
📧 Coding/Consulting Inquiries: dave@best-trading-indicator
Telegram: Daveatt
⏩ Course: best-trading-indicator.com
Twitter: twitter.com/bti_trading
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