Everybody circle the fire and get ready to belt out some Kumbaya, its motivational hour at Fx365i.
Winning at trading is statistically unlikely. Before you get all up in arms, lets also note that winning at life is statistically unlikely. Debt, Sickness, Sadness, Struggle, hardship is around every next corner. We arguably live in a time where the masses can be classified as morally bankrupt.
With all of this negativity, at the same time there are people in this life, on this planet, today, who are living a life most can only dream of. A life of financial abundance, emotional fulfillment, health, love and purpose.
If you have ever caught yourself on the bottom side of the arc, its as easy as ever to think that these people ‘have’ something that you don’t.
This is true! Unanimously however, this ‘something’ that they have, is more attainable to you than imaginable. More so, it will come as a byproduct of thoughts and actions so seemingly insignificant that you and the people around you won’t even notice the change taking place.
Your crisis, and the crisis of the 95% is a philosophical crisis. Destitute and despair are born from broken philosophies, and sadly, most of us are conditioned to believe these philosophies are truth.
HEY WAIT! ‘you said this was going to be motivational!’
It is… If you are not getting the results you want in your life, your trading, your health etc, I challenge you to take inventory of how well you are applying this credo.
Show up consistently, with a good attitude, for a long enough period of time, with faith and a burning desire, be willing to pay the price and operate with integrity.
Every single piece of this is important and in future posts, we will discuss each of these ideas in more depth.
Today lets talk Integrity. If you take 3 losing trades and 1 winner, for a net loss of -7 pips, do you say to yourself, ‘I took 4 total trades, 3 losses, 1 winner and am down net -7 pips.’ Or do you tell yourself, ‘I took a few trades, nothing great, I’m only down few pips.’
My point is, until you start to view your performance with ruthless, honest integrity, how do you expect to succeed? Why would you trust someone who does anything less with tens of thousands of dollars or even just thousands for that matter? Why should you hold yourself to any less of a standard?
Until next time I encourage you to ponder each of these thoughts and reflect on times in your life that you have done these well, and times you haven’t.
‘It sounds like a lot of work,’ you say…
To which I ask, ‘How’s that philosophy working for you?’
I had a great conversation this last week at the Fx365i Open house with one of our students about the similarities of trading and the game of golf.
We joked about how at times, trading can be so frustrating just as is the game of golf, but metaphorically speaking, you hit that one great shot, and it keeps you coming back for more.
We also drew analogies about how to take your game to new levels, consistency is the real name of the game both in trading and in golf.
Later, reflecting on this conversation, I started to think beyond the kind of jokes and laughs we had and started to consider the question, ‘what is it that happens for some people to be able to achieve the level of mastery required to win a major?’
While we can all agree it is certainly many years of disciplined practice. It certainly has to do with expert coaching, and there is no doubt that there is some innate talent involved. The question I also had was, ‘with all of the amazing athletes who have achieved this level of mastery, with the history that the game of golf has, how is it that a rookie or young gun can almost come out of nowhere and dominate a game like the masters?’
The answer as far as I can tell is what guru Tony Robbins would call, ‘channeling something bigger than yourself and playing beyond your current framework.’
While that is a bit of a paraphrase, it became clear to me that if it can happen for people in the game of golf, it can happen for people in trading. Ask yourself the question of, ‘what would it be like if I just connected with a part of me that could put forth a level of performance so good, that for 24-36 months, I could hold it together and doggedly succeed?’
Under those circumstances, you could change the face of your outward world. You could have an abundance that few only ever taste. Dreams would become realities.
While this all may sound fancy and unlikely, allowing the subconscious mind to start to digest the idea of this possibility has a level of profundity that few can deny.
My advice to me, you, and every future trader that steps foot in these doors, is to develop your habits, develop your skills, devote yourself to the game, and prepare yourself to one day play at a level beyond your current framework to achieve what it is that you came here for.
The ‘hustle’ is a real part of everyday life in just about every corner of planet earth.
For some, this hustle is a collaborative creative effort to build and broadcast marketing messages, and for others, it is washing clothes in the river and harvesting crops.
At a local level, the economy that exists is setup in a way that for the average working person, looking to earn a profit for goods or services or a wage from work in the market place are put in a position where they cannot usually get ahead after paying for their cost of living.
At a very simple level, the only way to get ahead is to have a means to generate a profit that is considerably larger than the cost of consumption.
For those fortunate enough to live in first world conditions, we typically have an earning power that is dramatically higher than in other parts of the world. We also however, have a dramatically higher cost of consumption.
WHAT IF, you could earn at your current rate, but consume at a rate 1/10th of your current rate. Would that put you in a position to succeed financially? Perhaps would you live a life of leisure?
I am absolutely not the first person that has had this thought, nor am I the first person that has had the thought to go to a foreign place that has a much lower cost of living.
The challenge almost everybody has is that unless you have a residual income, pre-existing wealth of some type, or a social security check, the thing keeping most people from participating in this idea are the logistics of earning any type of relative wage overseas.
Trading FOREX could be your means to an end. Earn profits in any currency of your choosing, earn them from your laptop as long as you have good internet, and live your life as you choose. Paradise awaits!
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This is a question that is worth investing some time and thought into because depending on how you answer this question, it may have an impact on your overall success as a trader.
When you first enroll in a trading education program like the Forex365institute, even if you have already been trading for some time on your own, it is assumed that you are at a point where you want to ‘learn’ how to trade.
As you move along with your education and start to develop an understanding for how you want to trade, it can be easy to have an ongoing sentiment that you don’t know what you are doing. This is likely because even when you are an ‘expert’ trader, you will still lose 10-50% of the time.
Most of us have been conditioned to believe that excellence is territory where there are no longer errors made.
What if I told you that this very thought could be THE #1 thing that is holding you back?
My challenge for you, is to identify for yourself what constitutes ‘knowing’ how to trade?
-Does it mean being able to observe market conditions?
-Does it mean being able to observe market conditions and plan trading setups?
-Does it mean being able to observe market conditions, plan setups and execute a trade?
-Does it mean, observing market conditions, determine a setup & execute observing risk?
The point is that there may not be an exact answer, but having a clear definition can help you measure how close you are to ‘knowing’ how to trade.
Under the law that the subconscious mind believes what we repeatedly tell it, if we for years are telling ourselves that we are ‘learning how to trade,’ then this insinuates that we in fact, don’t yet know how to trade.
The sooner you can become more specific about what you need to improve, what it is that you already know 100%, the sooner you will be able to move the checkers forward and accomplish your goal.
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