It never ceases to amaze me at how great we are at deceiving ourselves about our motivations…
Did you start trading because you believed you’d have a natural aptitude for it? Or was it because you hated the structure of the office work you were doing and desperately wanted an escape route?
Did you pick the Forex market because you believed it was best suited to your trading style? Or because you thought it sounded more exciting than trading stocks?
If you really understand your motivations and goals, you’re a lot more likely to get where you want to go.
So, here are a few questions that it might help if you knew the (honest) answers to…
- Why are you trading?
- What are your trading goals?
- What do you see as your greatest strengths as a trader?
- What are your weaknesses as a trader?
- What strengths do you have as a trader that can be improved and how would you improve them?
- What can you do to improve your trading weaknesses?
- What do you see as the greatest threat to you being a successful trader?
- How does your trading fit into your personal life?
- How much time each day can you commit to trading?
- What are your personal goals for the next 18 months?
- Where do you want to be in your personal life?
- Is trading stressful for you?
- How do you deal with stress?
- What do you do when you’re burned out from trading?
- How do you keep a positive attitude when experiencing a string of losing trades?
Being honest with yourself is a big part of getting your ego out of the way when you trade; and the battle we have with our emotions is a key part to achieving success as a trader.
Here’s to a very profitable 2014…