NO ONE ELSE IS YOU…
AND THAT IS YOUR POWER, YOUR SELF WORTH AS A TRADER
As traders, I’m not going to pretend that the money we trade with isn’t equal to power. But it is just that … one of many factors that go into the mix of what it takes to trade. There is also the time (experience) and effort (education) that will determine how effectively you can capitalize on your trading.
Deep down, however, and I have shared this with Michael when I did some one on one coaching with him a couple years back, and that is it all comes down to believing in ourselves.
It’s not enough to have an ego that makes you think you are some super star trader. This will surly back-fire! Belief in ourselves happens only when we’ve put in the time and the effort to become skilled. This is when you can leave your ego behind and focus on your true core talent.
As you may already know, some of the most successful traders have lost millions throughout their career only to get up and have the courage to do it all over again. I have to believe that while they may or most likely had mentors, their key driving force was their belief in themselves.
I also believe they didn’t focus solely on the money making. If they had they would have been destroyed mentally and physically. Yes, the market can take your money but it can’t take your power … only YOU can do that. Take a moment and contemplate that.
YOU are your true unique power.
So, here are some ideas I feel are most replenishing when dealing with a setback, because we ALL have them … that is not unique!
How to Recover Faster After a Setback…
Concentrate on what you believe in.
Hmmm… Like, maybe … YOURSELF! Security doesn’t come from money. Of course, it helps —- no denying that, but all the money in the world cannot compensate for not believing in yourself. When you’re secure in who you are, you will manage your money wisely and therefore will likely have the resources to trade with. When money defines you, I would guess you won’t have much of it around for long as you will feel the need to prove yourself materially and feel only as good as your last trade.
When we nurture our souls by investing in what brings us joy such as hiking, playing an instrument, painting … the list is endless, we find we need less “stuff.” The markets can’t take away what nurtures the soul unless your soul is nurtured by money. But IMHO, that would make you soulless ; ) This coming from someone (me) who loves money, has no bad feelings about money —- but no, it doesn’t nurture my soul.
And yes, that includes sex! Talk about a stress reliever ; )
But here I am thinking of a power that comes from another form of authentic connection. Being fearless in opening up to your loved ones and being supportive in allowing them to do the same. If I’m having a bad day on the market, I always feel better when I can vent to someone I trust. Sometimes all you need at the moment are some genuine words of encouragement. Just don’t be an energy vampire … meaning, don’t take more than you give.
I’ve written quite a bit about gratitude so I will just say that there is sooo much in life to be grateful for besides a winning trade. To me, that is just icing on the cake. Before I get out of bed each morning, I do my 10-minute meditation on what I’m grateful for and it never involves the markets. I express gratitude for being able to be in a position to trade for a living, but that then leads to all of the many aspects of my life that make this possible.
Being of service.
This is something I tend to think pays us back ten-fold. Whenever I am feeling down and out, while it may take a lot of effort, I find that if I do something for someone else, it always makes me feel better about the situation I am in. I think this is what a lot of people struggle with, myself included because when things aren’t going so hot for yourself, it is easy to focus on that, which only makes things worse. See if there is something that you could do or offer to make another person’s situation brighter —- you’ll find your outlook will lift as well.
It frees us all. This is something that took me years to learn but has paid dividends. Let go of all of your anger, the grudges you may hold … your past doesn’t define you. YOU do! This will allow you to be in a position to learn from past mistakes (as you make peace with them) and hopefully not repeat them.
Protect your time.
Time is another currency that the market cannot take from you unless you let it. I recall telling Michael that I didn’t have the time to learn all of the technical analysis that I felt it would require mastering his trading program. Basically, he confirmed that it takes very little time (you can contact him directly to learn how)! What takes our time as traders is sitting in front of our laptops monitoring each trade. So spend your time wisely and educate yourself! How you spend your time defines you. Another recommendation would be to do some time management in terms of tracking your daily activities to see where you can firm things up and prioritize. This is something I enjoy helping people with as it is so empowering to see someone go from where they are to where they want to be simply by managing their time better.
Speaking of schedule, I’ve got to run … be sure to leave any comments or questions you may have about any of these topics or share ones I may not have mentioned! It’s not about me, it’s about YOU!