What you do with your money and your trading profits reveals who you are.
Jim Rohn once said:
What you do with what you have is more important than what you have. What you do with what you get is more important than what you get.
What we do with what we have says so much about us. It reveals our philosophy of life, our attitude, what we know and what we think, and make-up of our character. It is a reflection of our thoughts and our value systems. It also reveals our abilities to weigh and perceive. The outer is always a reflection of the inner.
We all have opportunity mixed with difficulty… Whatever happens, happens to us all. The only difference is our approach to the “things that happen.” It is not what happens that determines the quality of our lives, it is what we choose to do about what happens.
A lot of this depends on what is going on in your mind. The thoughts you are having. What principles you live under. What beliefs you have about yourself, life, the markets. What possibilities you believe are out there.
Let’s take an example of a trader that made $100,000 in trading profits in just a few months starting with a small $10,000 or $20,000 account. Depending on what is going on inside this person’s head, will determine what he ends up doing with the money.
Let’s take a look at just seven different possible responses:
Trader #1: “I have never made so much money, so quickly, in my life, I am just going to take my profit out and sit on it and never trade again.”
Trader #2: “It was just so much pain making the money, so many hours spent, so much guilt along the way, I don’t know if I can hack it any longer.”
Trader #3: “I worked so hard for it, struggled so much to make the money, I deserve a vacation and want to go Las Vegas and have a good time. I think I will withdraw $30,000 of the trading profits and go enjoy myself in Vegas for a month.”
Trader #4: “I like making so much money, but I know a lot of rich people who aren’t very good people, and I want to make sure I am not a bad person, so I shouldn’t make more than $100,000 in year.”
Trader #5: “It feels pretty good making so much money from an air conditioned office. But I see so many people working so much harder than me, making so much less money. Yet, I just do some effort to find a good trade, sit on it for a few hours or days and the money just comes. I feel so confused. I don’t know what to do. Maybe I should leverage up, place some poor trades and give the profit back”
Trader #6: “I made so much money, now I can go buy that car or boat I always wanted. Let me withdraw most of the money from the trading account and go buy it.”
Trader #7: “What a wonderful journey and adventure taking a small account into a bigger one. I had to expend energy, but it didn’t feel like a struggle. It was more of an effort and it was so much fun. I learned so much about myself, the markets, life and people. I have such a new and awesome level of awareness and consciousness. I want to continue trading and take my account to $500,000 or $1 million dollars. I feel so enthusiastic about it. I have the right habits, right mindset, and know what to do every day. I just have to position size properly and trade a bigger size to take into account the increased equity in the account. I feel that I already have everything I need. Just in case I need more knowledge, I will set aside $500 – $1,000 to buy some trading and personal development books and educational material to continue learning and growing and investing in myself. And you know what, I feel so good today about my journey and my skills and my confidence to make more, I will set aside 5% of all the money I make and give it away.”
What type of trader do you want to be? Whatever response or belief you had in the past, you can change it and change the programming in your mind.
The world is made up of all sorts of different aspiring traders coming from so many different backgrounds, childhoods, beliefs and mindsets. There are literally thousands of different variations of the above. There are thousands of such stories going on in the heads of traders. And many of the stories are not conducive to trading success and profits.
That is why, if you are going to have a story going on in your head, if you are going to have a set of beliefs and principles (as everyone absolutely does), then you might as well have those beliefs, principles and stories in your head that are going to give you the best chance to succeed.
That is one of the secrets of success in trading and life in general, is to maintain such a great attitude, no matter what you have and no matter what you are starting with. To feel good and happy, to feel like a million bucks, no matter what your situation. To have that winning feeling always with you.
No matter whether you have $5,000, $10,000, $20,000, $100,000 or $1 million or more. Always try to keep that joyous anticipation for the current day and the next day.
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