Make the profit difference - Are you interested or committed in becoming a successful trader?

commitment1Look I get it….the thought of making money from the financial markets is appealing. Appealing enough to invest some time (often a  great deal), some money (often a great deal). It is interesting not committed.

The interest or motivation that drives you to this point is clear, you may even plan in your mind how you are going to spend your winnings, work less, live the dream.

Intangible, far-off pipe dreams are easy to contemplate and the market is going to pay for it!. We can imagine ourselves as some heroic ninja trader magically just making it happen.

However, when we commit to the daily practice of trying to put in place those micro-make-it-happen steps… this dream begins to fade. It’s replaced by the cold realization that there is some work…some hard work to be done.

That’s not what you subscribed to with that early interest is it, it should be easy to make money shouldn’t it?

Rather than engaging (volition) in this hard work, we choose to try to short-cut. This has two logical outcomes:

  1. Firstly it maintains our interest
  2. Secondly it doesn’t make us any money

We jump from program to program, indicator to indicator, vehicle to vehicle, read multiple articles, participate in forums, and yet the two logical outcomes above from our “interest” are still the case.

There is no real point in banging on about psychology this and discipline that, I could point you in the direction of “7 things you can do to alter your trading results”, put 10 kick-ass articles in front of you but nothing will change. That is nothing unless you are prepared, REALLY prepared to make it happen..simple!

I can give someone the tools to make hundreds of dollars in the market, have an awesome trading plan and test and measure every aspect of their trading so they can find their own “groove” … “No problem” (or “no worries” for you Australian readers), and yet there /is a problem, it has made absolutely no difference to at least 80% of the trading population.

So what is the difference between the “norm” and the other 20%, quite simply it is commitment.

So what do we mean?

Commitment is not:

  1. Knowing some stuff
  2. Doing some stuff
  3. Believing some stuff can happen

“Some” is NOT good enough! Period!

Commitment is:

  1. Seeking out knowledge that will make a difference and learning it to the point where it becomes an integral part of you as a trader
  2. Doing ALL of the right things on a consistent basis
  3. Developing a passionate belief that something good could happen in your trading is replaced by certainty that you can have sustained results that only evidence can provide.

So let’s cut to the committed are you?

It easy to evaluate, just look at your behaviors…

  1. Are you seeking out real learning that can make a difference in what you are doing or taking the short cut in the information you have (or can have access) to, and trying to replace that with a different indicator, strategy etc etc.
  2. Are you doing the right things ALWAYS or just when things go well (or not so well) – which starts of course by learning what the right things are?
  3. Pssst! Here is a will never find the evidence to create that certainty that will keep you “safe” in those trickier market times unless you actually invest the commitment to measure what is happening and make sure these are the right things to measure (and this is not just trade profit/loss!). There are few things more motivating than being able to provide some evidence of success.

The real trading EDGE

I have heard all of the excuses, all of the reasons, every “my homework was eaten by the dog” story that it is possible to hear. This trading success thing is within you.

The striving for a “trading edge”, which we will define as having an advantage over other market participants, is yours for the taking but only if you start by taking that interest and trade-changing commitment.

It all starts with accepting what you are doing honest … Removing all of the reasons “why not”, look at your behavior and ask yourself are you really committed?

I can do my part, give those who are committed the best of what I can offer educationally, fill gaps in knowledge through programs and events and support during the process, but with the “C-word”, which is your part, that is when good things can happen in your trading.

To finish with a mission (as it is these that are at the basis of making sure your commitment has the right focus):

  1. What can you learn that you don’t/partially know that could make the difference
  2. What are you not doing now that you know would contribute to your trading, even if it seems hard to start
  3. What are you going to measure that may offer some evidence that you can REALLY do this!

One last bit of good news…you CAN make the choice whether you stay interested or becoming committed. That the easy bit and your first vital step.

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Trade safe and exercise your choice to commit

Mike Smith

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