One of the Top Psychological Mistakes Traders Make - "Whatever It Takes"

Hi, Brian McAvoy with Inside Out Trading here. Today we're going to take a look at one aspect of being a trader that really this is probably determining your success and your results more than anything else this time of year. This is really a good time to be taking a look at this particular aspect. In the years that I've been helping traders found this to be true for everybody that comes to me and myself, this is one of the very top things that's really going to dictate how well you do as a trader. It really is. We're also going to explore how most traders, believe it or not, most really are kidding themselves about this. They say they're attending to it, they think they're attending to it, but when they're honest with themselves, they find out that no, they're not. And so you want to make sure that you watch this video all the way through to make sure that you're not doing this to yourself. I mean, this time of year it's natural. We're getting to the end of the year, we set some goals and just having the calendar where we're coming to the end of things. It's natural that we're reflecting on the year going by and how quick it's going by. But here's the thing you read about. You need a good system. You got to have money management, risk management, discipline and all these things that you need to succeed as a trader. But one thing we don't hear much conversation about, and this really, again, this is like a driving factor, this is probably the one thing that's going to control not only your level of success, but how quickly you get to where you want to be. What I'm talking about here is setting your intention and making the commitment. The commitment really is the big thing and it's absolutely necessary in treating your trading as a business and not as a hobby or just kind of doing it in a half baked fashion. Here's what I'm talking about. Most traders, they say they're committed, but they're not and they're not getting the results that they want. And their commitment is really what's one of the primary underlying factors and the reason they're not seeing the results that they want. Been there myself, or maybe I'll be sitting here in a position and it's like I've been at it for a while and I've really been putting forth a lot of time and putting money into it, education and different tools and sacrifice of family time and the personal investment. And I'll say that I'm committed because I've been doing all this stuff when I'm honest with myself and I take a look at it. I have to admit that, no, I kind of lowered my level of commitment after a while with some of the going through the cycle of trying to fail different things. I kind of backed off my commitment to the endeavor. And here's what I'm talking about. A lot of traders will come to me and I'll say, you know, Brian, you know, I love your course and you know, I've been at this for 10 years and I want to make it work. I really do. But gosh, you know, I just don't know if I just don't feel right about investing more money after all that I've invested. I've invested, you know, tens of thousands of dollars and I've lost tons of money. And I just, you know, I don't feel right about investing more. You know, I want to start making money before I invest any more in my trading. This is where it ties into commitment. If you're saying, well, I'm not going to invest anymore, then you've lowered your level of commitment. You're no longer in that whatever it takes mode. That's when you're at the 100% commitment level. When you're standing there, you're saying, I'm going to be successful no matter what it takes, whatever it takes, I'm going to do it. If it's time, if it's money, if it's rearranging my schedule, giving up certain things in my life to make room for this investment, making this happen, happen, making this work, that's when you're at the 100% level of commit. But if you're sitting there saying, well, you know, gosh, I really don't want to give, you know, I don't want to be giving up time in the evenings to be learning or practicing or doing my back testing or, you know, watching another webinar to learn something, you know, because it's just. And it's understandable, you know, if you've been doing a lot of that and it hasn't been working. Okay, well, then, yes, stop investing your time there. But don't step back and say, I've run across something new and it makes sense, but I just, in general don't want to put forth myself or invest in more learning or training or whatever. That's when you're cutting yourself short by backing off your commitment where you want to be. And this is where generally successful People are is you stay in that whatever it takes mode, but you pay attention to what's working and what's not working. If buying a new system, buying a new system and next month you're buying another system, and the next month you're buying another system, if that's not working, okay, stop doing that. But don't get out of the I'm going to keep looking for solutions mode. I'm going to do whatever it takes. I'm going to find the answers, I'm going to discover what I've been missing. Don't get out of the committed mode because this is too important. Trading, it might not be a big deal in your life right now because it's not contributing in a positive way, but it can be. And you signed up for it to be something significant in your life. And so it is still worth the investment. That's why it's really important to maintain the commitment and maintaining your motivation and saying, I'm going to stay after it. But pay attention to what's been working, what hasn't been working. Don't be afraid to change direction. One of the main things is, and again, this is a trait of successful people. Don't be afraid to be wrong. If something hasn't been working, be okay with that. Just say, all right, well, I've been doing this, I've been doing this for months or years. Okay, hasn't been working. Time to change direction, that's okay. And same thing goes in trading on a daily basis. A fair portion of the time we're going to be wrong. We think the market's going to do this and it doesn't, and that's okay. Do you quit? No. You say, well, all right, I'm doing this and I'm wrong, and I'm wrong and I'm wrong. Okay, fine. Then you change your strategy, you change your tactics, you change whatever you need to change. So you're getting less wrongs and more rights. You want to get better at this. This is again, one where a lot of people, they lose sight in their commitment to the trading. They say, well, I'll keep throwing money at it, I'll keep putting in the time. But as far as learning something new or being willing to invest in myself and take the time and go through the exercises and invest in myself and develop as a trader, because again, this is a profession, this is a skilled profession. You want to stay with that, invest in yourself, become a better trader. As you become better and better, that's where you're going to see the Best returns and things are going to become easier. Keep buying stuff. Yeah, that's not a strategy that generally works. You can't just, you know, there is no easy button in trading. A lot of people want to sell you. That easy button doesn't exist. You have to become the trader that you want to become. And that's where your commitment should be, is I'm going to become the trader that I need to be to make this work. This is a profession where people do make money and it does happen. Keep that in mind if your beliefs have been dashed. I mean, there are people, there are organizations that, there are entities in the trading world that are making money and you can too. So keep that in mind. It's a matter of becoming that trader. As long as you stay committed to becoming that trader. Changing direction, learning new things when you need to, always growing and developing as a trader. You're going to get there. The higher your level of commitment, so long as you keep that, whatever it takes. I don't want to wait 10 years. I don't want to wait five years. I don't want to Wait four years. I want to get there as quickly as possible. And I will transform myself. I'm going to learn and grow what I need to learn and to become that trader. And I'm committed. And that's where you set the intention and you make that promise to yourself, that commitment to yourself and for the people that you're doing this for. Yeah, I'm not just doing this for me. It's not like I just want the pile of money. I want just the big number in my account. I've got things I want to do with this money. I want to have a better life. I want to live a better life. I want to provide for my family. I want to provide for whatever organizations, your church or other organizations you want to support. You have a purpose for this money. So remember your commitment to them. So don't stop trying things. Don't stop doing. Don't stop investing in yourself. Stop doing the things that aren't working. Take a look at what you've been doing, what hasn't worked. And usually most people, when they come to me, it's buying new systems all the time. That doesn't work for most people, that doesn't work. You need to become a better trader. Learn what you haven't learned, what has been missing from your training as a trader. Focus on yourself. Become the trader you need to be and you'll get there. So again, it's a matter of setting the intention, remembering why you're doing this in the first place and the real big impact that it can have. Keep in mind when it is working, when it is what you want it to be, keep that picture in mind because that's where you're moving toward and you don't want to back off on your level of commitment to where now you're no longer making progress. Okay, so I know it's been kind of a mixed energy message today, but really this is important and this is the time of year to really drive this home and cement it as we move into 2018. Because you want to have that commitment there so that, yes, 2018 really does become the year where you made your trading what you wanted it to be. And when you do that, it's cool. And that's part of why. And you've heard me say this lots of times, if you've been with me for any length of time. Trading is a skill based profession. Learn the skills, the abilities, the things that you need to learn. This is not as simple as it looks. On the surface, any business can be boiled down to a super simple 25 words or less. Same for trading, same for lots of other businesses. But when you get into the details, you still have to bring the skills and the knowledge base with you. You have to be that trader that can make it all happen. Now, what are your thoughts on this? What things are you going to be committed to this coming year? Where have you kind of backed off on your commitments? Leave me a comment below. We'll talk to you soon. Cheers.