There is a big difference between wanting something and working for something. Everyone can say they want to be successful, they want to be rich, they want to make a lot of money one day, but only a few will actually put in the necessary work to make that happen. It all comes down to do you have the right mindset.
Having the right mindset in Stock Trading is extremely important because trading is all mental. Stock Trading obviously is not a physical activity where you need to be bigger or stronger than other traders, but what you will need is mental strength to be able take on the Stock Market. There are different mindsets you will need depending on what you are currently doing, below we go over each situation and the mindset you should have.
What Mind Set To Have While Trading:
While Stock Trading your mind will run a mile a minute and someone who is new to the Stock Market will be letting their emotions control their next move. This is the last thing you want in your Stock Trading. Greed, Fear of Failure, and FOMO (Fear of missing out) are the most common I see new traders face. These emotions will ruin your account and you must overcome them if you want to be successful. The best Stock Traders are the ones who show no emotion or only show confidence in their trading. Imagine yourself as a robot, a robot has no emotions and no feelings, it only knows what it is programmed. That program should be your trading plan. Before every trade, you as a trader should have a planned entry, sell target, stop loss, and whatever else you may see on your chart. No matter what direction that stock moves, you will be ready for it because are prepared and confident. Stick to your plan (your program) and do not let emotions exist in your Stock Trading, they will only hold you back.
What Mind Set to Have While The Market Is Closed:
One thing should be on your mind at all times and that is “Success.” You have to find what success means to you and how you want to accomplish it. You have to want success so bad that it bugs you if you are not being productive at all times. You have to want success so bad that you dont want to sleep because you are only wasting valuable time. You have to want success so bad that failure is not a word in your vocabulary, it is not an option, and it is something you will never see. You must come to the facts and realize nobody can give you success because its only earned through the work of an individual. If you do not work for it, you will never obtain it.
Being a Stock Trader I believe is a privilege and just like all privileges it can be taken away if you are not willing to constantly work at it. Once you hit your goals it is not time to relax, it is time to set new goals and only work hard. Before you know it, you will be achieving goals that you didn’t think were possible on day 1. You should be confident in yourself, you should never be satisfied with your past work because there is always room for improvements, and you should always give 100%.
If you have this mind set, success is not only possible, it is guaranteed.