Trading as a Business: Your Mindset - Part 1

Brian McAvoy here with Inside Out Trading on YouTube. I'm known as Trader Brian. And today's topic, we're going to talk about the trader's mindset. The question is, what is mindset? You hear the term, but a lot of people, what is it? What makes it work? How can you have the right mindset? Well, a mindset is how you look at things from a large framework kind of perspective. And a lot of the reason that traders struggle is because their current mindset is they're not seeing the whole forest. They're standing so close to the I want to make some money tree that they can't see the whole forest. And the whole purpose is to step back. I mean, your mind does control everything, especially your results. I mean, your mind controls your actions and your actions control your results. That's kind of a no brainer. But so how do you get control over your mind? How do you develop the right mindset to have your actions give you the results that you want? Okay, so that's the big question. Now the right mindset is to back off from the moment right now, focusing on the need for money right now. This is step one, stepping back from that tree. And I mean asking yourself the question, your mindset is how you look at things, the questions you ask yourself, what you pay attention to, what you focus on. And one of the questions that you need to ask yourself is, am I doing this because I want to make money right now and I just need money? Or are you looking at this more from the perspective of I'm doing this because I have a long term goal, I want to have a lifestyle that I truly enjoy where I have a happy life. And if you're going to do that, then you got to understand what you do on a daily basis is always building towards the future. And if you're always caught in a state or living in a state of I gotta have money right now, well, you're not building a good long term future so that three months, six months, a year from now, you're living the life that you want. You're constantly stuck in this feeling of need and that's the life you're living and the mental framework from which you're operating. So one of the first things to do is to step back. Now, I bring all this up and it may sound pretty straightforward, but it's true. And here's a broader perspective on the whole mindset thing. Everybody wants to have an enjoyable life. We want to have nice stuff, we want to be able to travel and Go meet places, do fun things, give generously to those that we care about, whether it's charity or gifts to family, you probably maybe have kids that you want to take care of. Well, and so the whole thing is, if you're thinking that you can make it happen overnight, you might if you're extremely lucky. I mean, if you're hoping for that one big winner that's going to set you for life, secretly in the back of your head, you're hoping for that one big winner that's going to make $1,000 or million dollars in worth whatever it is you think would set you. Well, the process doesn't have to be super long and drawn out. I mean, there's always this drive for instant gratification. We want things now, but if we take a little bit longer look at it, where do I want to be three months, six months, a year from now and focus on building the, the whole scenario that is going to produce the results that we want. And we're focusing on what needs to happen for that. From a psychological perspective. This is what I'm talking about. Your framework is going to determine your thoughts, that's going to determine your actions, that's going to determine your results. So if you can step back and maybe just take a look at what you're doing right now and does it lend itself towards a long term, stable, consistent, profitable scenario for you? And if it doesn't, take a serious look at it, if it doesn't, then maybe you need to take a different look at it. We all would love to be able to have somebody come along and just hand us the little magic pill so that what we're doing now all of a sudden starts working. So this is where a lot of people really get messed up. It's part of the trap of trading. Yeah, it's easy money and it's quick, fast cash. Make money tonight, tomorrow, in the next few hours and you can, you can make money. But having that long term consistent business that's going to provide the lifestyle for you, that's not going to happen overnight. You have to put it together and think the matter through. So anyway, like I was saying, everybody wants that magic pill where we don't have to do a lot. I want what I'm doing right now to work. And that's the magic pill we're looking for, is what's the little fairy dust I can sprinkle on what I'm doing right now. And all of a sudden everything's going to start working. I bring this up because as Far as the mindset, you have to understand, if what you've been doing isn't getting you the results that you want, well, maybe you need to step back and take a whole different look at how you've been approaching it. Maybe you've just kind of been approaching it from a completely wrong direction. Here's what's really going to bake your noodle. Say you're trading the way you're trading. Perhaps you're a day trader and you're doing this to make money because you want to make money. But deep down, this isn't what you want to do for the next 10, 20 years, sitting in front of the computer all day long. You're doing it now because you want the money to set you free. But one of the worst things that could happen to you is you find success doing what you're doing. That might be one of the worst things that could happen to you. Because now if that were to happen, you all of a sudden would be locked into doing what you're doing long term. And it's not what you want to do long term. So you maybe want to step back and say, well, instead of trying to do this all myself pretty much full time, if that's not really what you want, start asking yourself the question, how can I do this part time? If you're doing everything yourself and it's a lot of work and it's taxing and it's stressful and you're not getting the results that you want? Well, maybe start looking at, hey, how can I get some help for this? What are the things that I don't like or I'm not good at, that I don't enjoy? Insideouttrading.com I've got a bunch of resources there, including some free videos and reports. So come by and I'll help you reach your end goals. Not just for your daily profiting, but also for your life. Because that's really what this is all about. This is why you're doing it, because you want to have an enjoyable life. Anyway, Ryan McAvoy with Inside Out Trading. On YouTube, I'm known as Trader Brian and yeah, come on by InsideOutTrading.com I've got another video for you there. Have a great weekend. Cheers.