Today was one of those kind of “milestone” days for me. You may recall that a short while ago I wrote about realising that I had been to the gym over 300 times I was in exactly the same place I was when I started! Clearly there had been a peak in the middle somewhere of fitness but it all boiled down to one thing – do the same things, you get the same results. Of course, even during my gym visits, it was still ok to eat chocolate & fatty dairy products.
But this time was different.
After realising the above, I took massive action. Now I won’t go into the details of my gym & eating regime here but the upshot of it is, that I changed my approach to generate a different result. Today was that milestone where I reached the 400th visit to the gym & I am lighter & fitter than I was during the previous 330ish visits. Even better than that is that I am at my lightest weight for over 10years but I also realise that health & fitness is a journey not a destination. I’ve had to change my entire view & outlook towards my training.
By now you should be seeing the obvious parallels to trading.
If you do the same things you will generate the same results.
Good if you are picking up your daily target each day, however not so good if you are not. More importantly, have you decided to review & change approach?
It is without doubt that your road to success within trading is going to be littered with obstacles, hard times & challenges after all, if it was easy then we know everyone would be doing it, but it isn’t.
There will be times when you want to quit, throw in the towel, bin it for some other making money venture but this is exactly the point that trading sorts out the groups into who will achieve in trading.
Many times when people reach this point, they will forget to ask themselves if they know what price they are willing to pay in order to achieve success. Now, don’t get me wrong. I’m not referring to paying a price in terms of purchased materials but merely the price in terms of your own sacrifice.
What is it you are willing to place on hold in your life, watching less telly, staying up a little later or getting up a little earlier? Do you even know?
Now is a good time to ask yourself the question.
What price are you willing to pay in order to achieve success in trading?
Pretty much everyone I speak to wants it bad, but how many are willing to put the effort in?
Look at a sportsperson training for next years Olympics. Do you think they roll out of bed at 10am, quick macdonalds breakfast before deciding to train only to put in a half hearted effort & then head home to play on the xbox.
Or are they up at a very early hour, putting in more training before 7am than most people will do in a week, focussing on what goes into their body & more specifically their mind.
The difference between them & us traders (apart from the six pack!) is that only one of them gets the gold medal. We, can dish out gold medals to whoever trading chooses.
Dr Alexander Elder quotes in his book that one of the world’s leading hedge fund managers spent the first three years of his trading career in a loss making position. That means not coming out of the red for over 3years. Most home traders give up after 3months. That man knew he wanted a gold medal.
You may find however, that some sacrifices in your quest for trading success are unrealistic or are things you may not want to sacrifice. This is your choice & your decision alone.
But whatever you decide is worth sacrificing or not, I can tell you that there is something for everyone in trading, from the skilled speed down on the 2-5min timeframes, the more reliable solid hourly timeframe for those that are time challenged during the day all the way up to swing trading, looking at those end of day charts.
The longer you persevere, the more chance you have of succeeding in trading.
Until next week, have an amazing weekend & I’ll see you at the top!