Brian McAvoy from Inside Out Trading explains why traders sabotage themselves after wins. He argues traders don't give themselves permission to succeed and don't recognize the value they provide to markets. Overcoming limiting beliefs is the first step to breaking the cycle.
Hi, Brian McAvoy here with Inside Out Trading. And I'd like to talk to you about something that's really super important, especially when it comes to self sabotage or limiting things that happen in your trading. I had a really interesting talk with one of my clients last night and we were talking about how things, how he used to really sabotage himself. He could run his account up 70 or 100 grand and he seemed to find a way to give it all back. And a notion came up that hadn't come to mind for me for a while. But one of the things when it comes to self sabotage and you make money and you hand it all back, one thing that can be contributing to it, and this might sound a little counterintuitive, but it actually does make sense if you think about it, is are you giving yourself permission to win? A lot of times small business owners, or if we've been raised with the notion that if you're getting money for something that you should be providing value of some sort just because we're good people, it should be a good exchange. And especially for small business owners who take pride in their work and what they provide, trading can be challenging in this regard because it can be. Sometimes it can almost feel wrong to be making really good money as a trader just because it's like I'm not providing anything that is, so to speak, earning that money and there's no value exchange. And so you need to understand you are providing value and also what you're doing with that money. If you're looking to provide a better life for your family, you want to have money for an inheritance, you get your church, that kind of stuff, you know, what you're doing with the money provides value. And so you need to give yourself permission to win. You know, will you just plain allow yourself to do well and make money with that? And it's a consideration because if there's part of you that it just feels uncomfortable, it's wow, it's almost wrong for me to be making this kind of money. It almost feels illegal or something. It's important to pay attention to that and understand that if what you're doing it is legal and you are providing some liquidity in the markets, if most of the individual traders weren't there, that would be a lot of liquidity that's not there in the markets for orders to get filled. So you know, you are providing a value. It's not as apparent as if you're providing a good or a service, but you need to give yourself permission. If you're denying yourself permission because there's some part of you that feels that it's wrong just because it seems so easy or you don't see the value exchange, recognize that and understand now what I'm wanting to do with the money. When I make it, it is fair. And what I'm doing, it is perfectly legal just because it works and it works well. And I can make a lot of money without providing massive value or goods and services for people. That's okay, it's legal, and it's like I said, there's nothing wrong with it. And so for you to do it, it's because this is a pursuit that you've chosen. And it can be very highly leveraged. It can pay very well. If you're not used to making a thousand bucks an hour, it can feel kind of weird when the first few times you do it and give yourself permission. It's really important. Most people that get into trading are good people. We're in it because we want freedom, we want autonomy, we want some control over our lives and our time. We want to be able to travel the world. We want to provide wealth for the people that we love. And you're doing it for the right reasons. And so to be successful at it, give yourself permission for that, because it is a good thing and it is okay. And nobody's really. Nobody really should. If somebody is shaming you for it, then they have a problem. It's not you. If they're shaming you for it and trying to make you feel bad because you make a lot of money as a trader, then they have the problem and let them have the problem. Don't let it become your problem. If so long as you're an ethical person and you know you want to do good things with money, you're not hurting anybody and it's legal. Cool. That's part of what's great about capitalism is you have the freedom to do this, and it is perfectly legal, and there's nothing immoral about it. So make sure you're giving yourself permission. You're, like I say, most likely, you're a good person. You probably achieved good things in your life, been able to do good things, and this is just something else that is part of your adventure that you're living in your life. And as long as you're not hurting anybody and you're following the rules and it's legal and you plan on doing good things with money, hey, it's part of living a good life. I hope that's been helpful, which I hope it has. Give me a subscribe down below, share it with your friends and just really seriously focus on developing yourself as a trader. Recognize it when you know some things, it just it doesn't quite seem right. And get some help. If you want to swing by insideouttrading.com Email me. Book a call with me. I'll help you work through whatever you're struggling with. More than happy to talk to you soon. Cheers.
