So what I want to talk about today is persistence, because
essentially that’s what it takes.
Don’t give up on trading – if you are not getting the result you would love NOW. (Watch full video here 16 mins) I chat a lot to the traders in the Tribe and in the early stages of their journey with us they struggle a little bit with time management for trading – as they have developed bad habits – before joining us.
That is the benefit we have when we train new traders – they do not get the opportunity to develop these bad habits!
Some traders when they first join – battle with the concept of only needing to trade for an hour a day…
Some battle with time management as well between checking the markets in the morning, and then during the course of the day, actually getting opportunities to place the trades during the course of the day, depending on what the market is telling them what to trade during the day.
And, yeah, sometimes it can get somewhat overwhelming, because there’s so much to consider and life is so busy and there’s so many distractions.
It’s easy to give up. It really is. It’s easy to just think, you know what? This is just not worth it.
I want you to consider something different.
I want you to consider potentially that there is another way of looking at it.
When you are experiencing moments like that, rather take that as an indication that maybe you need to do it the RIGHT way.
Because if that’s how you are feeling and that’s what you’re experiencing with trading, it could well be that you are still doing it the wrong way, and there is a right way.
Because I know the guys that are really successful, I know many, many guys who are really successful in their trading and it’s not a hardship.
It just flows with their day. It is part of the day. It’s just an activity in their day, just like going to the gym.
It’s just like making sure they eat healthy lunch and go shopping to buy healthy food for dinner. It’s just one of those tasks that is incorporated in their day.
So I want you to know, one, that there is a way to incorporate trading into your busy, hectic lifestyle that will work, that is not painful and not a hardship. Okay?
But hey, to get there is not easy.
100%, to get there is not easy.
And I’ve said to a few of our guys in the Tribe, I can see the work they are putting in every single day and they’re getting the rewards.
I can see that.
But I also know the amount of work and effort it’s taking to get there.
And one of things I say to them, I remind them every now and again is that it’s hard now when you are building the habit, when you are learning and tweaking the right way to incorporate your trading.
That includes your trade readiness, it includes selecting your watch lists in the morning and incorporating the actual act of trading into your day, or everything that trading entails.
Remember, 80% of it is mindset.
So a lot of it’s getting your mindset right every day for your trading.
So, until it gets into a routine, until you get into that habit, and before you know it and you wipe the sleep out of your eyes, you realise, it’s just part of your life.
And it’s no longer this hard extra piece of chores, so to speak, to incorporate into your life.
So what I want you to incorporate into your life, into your mantras even, going forward, if this is something that resonates with you, if you find it so hard that sometimes you feel on the border of giving up, I want you to contemplate this as a mantra.
“I’m a master of persistence in my trading.”
“I’m a master of persistence in my trading.”
Because training is a difficult skill to acquire, let’s face it. I mean, once you’ve cracked it, when I say cracked it, I mean, you don’t crack the market.
You never crack the market, ever, but you’ve cracked trading in terms of you manage to incorporate it effortlessly into your lifestyle.
Once you’ve done that, it has been a difficult skill to acquire.
What you’ve invested in terms of time and money into your trading so far has been challenging.
It’s been hard.
It’s been exasperating.
I know it. I know how you felt. I mean, God, the times I wanted to throw in the towel is more times than I’ve had hot breakfasts.
I’ve just wanted to throw in the towel so much over the years.
Until I found the right way to do it.
One of my buddies over in the US, he’s a great speaker, Myron Golden is his name.
He’s a phenomenal speaker, well known in the States and he said to me, when, I asked him one time, what made you persist?
Because for years, he struggled. He struggled in his career, he was a salesperson and he struggled and struggled.
I met him a couple of months ago in San Diego and I said, what made you persist?
And he said, well, eventually what happened was he ran out of all the wrong ways to do it, and eventually found the only way left to do it was the right way.
And I couldn’t think of a better way to explain trading to people.
If you persist, you will run out of all the wrong ways to do it and there will only be the right way left.
So, wherever you are on that journey to trading and getting your trading success, remind yourself that you are a master of persistence in your trading and that you just need to constantly find the right way to do it.
And when you find that right way to do it, yes, it will be challenging, yes, it will be hard work to consistently do it – initially!
Because let’s face it, at the end of the fricking month, you might be 4% up, you might be 10% up, whatever.
And you look at it in your account and you see, well, I would spend more in one night out on the town than I did for all that work in that month.
And then the next month, you just feel like you’re getting nowhere, and that is where it’s so vital to master persistence.
Because that is what it’s going to take to compound your account, and it’s the small things done consistently over time that will have the impact on your account, that will give you the financial security or the financial freedom.
Wherever you are in your journey, it will give that to you.
Nothing of value comes easy, guys. Remember the true definition of the word PASSION…
When you are PASSIONATE about something – it means you are prepared to embrace both the support and challenge it brings – the pain and pleasure it brings – in equal measure!
In trading it is vital to be passionate – not about the trading – but your vision – your goal – your burning desire – your WHY for trading…
Nothing of value just falls on your lap. You have to earn the right and the way in which you earn the right for it is to persist.
Because, yes, trading is… Successful trading is a difficult skill to acquire.
There’s no two ways about it.
It takes a lot of trial, a lot of errors, and you essentially literally run out of all the wrong ways to do it, and finally find the right way to do it.
And that is what you need to home in on and that’s what you need to focus on, be persistent in attaining.
But once you’ve acquired the skill of trading, because think about it, once you’ve acquired the skill of trading, there’s nothing else on earth that is going to be harder for you in terms wealth building.
Trading compounds your account like nothing else I know on the planet.
And when you’ve learned that skill, bearing in mind it’s 80% mindset, 20% the act of trading, once you’ve learned that skill to trade, everything else in wealth building is effortless, because that’s the hardest thing – MASTERING THE 80!
That is why you are going to need to be persistent, because there is a right way to trade and there is a lot of wrong ways to trade, but that’s with anything in life is, it’s trial and error.
Keep on tweaking what you are doing until you find the right way.
For goodness’ sake, don’t just keep doing the same thing and expecting a different outcome, as Einstein says, that’s a sure sign of madness.
If it is not working, tweak it.
Keep on tweaking it.
I’m telling you, you literally run out of all the wrong ways to do it.
Find the right way to do it, and then land upon the right way to do it, the way that works for you.
Because, listen, the way the trading works for you is going to be very different to how it works for everybody else.
It’s as unique as your fingerprints, trading, because everyone’s objectives are slightly different.
It’s going to be totally unique to themselves.
Everyone’s lifestyle is different.
Everyone’s mindset is different.
Everyone has a unique set of beliefs that are both supportive and non-supportive.
Everyone is unique in their Perceptions, everyone sees the market and patterns differently.
So trading is a very personal thing.
No two traders will see the same.
You might see the same or similar patterns, but you’ll see it differently.
You will interpret it differently, and your process to taking that trade will be unique to you and no one else.
So, it’s very, very important to understand that to achieve success in trading, you absolutely do need to be a master in persistence.
It’s a tough journey to get to achieve a consistent level of success in trading, consistent profitability.
It’s a tough journey, but once you’ve mastered it, once you’ve learned it, once you’ve really ironed out the niche, the flow for yourself, you’re unstoppable in wealth building.
There’s nothing else that I know of that with minimum capital outlay, with no massive a drain on your resources, can you compound your account and build financial security, in as little as five years.
It is massive, the opportunity that trading gives you.
It’s worth being persistent.
It is worth your time to be persistent.
But bearing in mind, your persistence needs to be caveated with the fact that you will tweak all the time.
If it’s not working, tweak it, not working, tweak it, until you find the way it works for you.
I want to Segway slightly here –
I’m going to ask you a question.
What do you think about when you are showering?
What do you think about when you are brushing your teeth?
What do you think about when you are making children’s lunch?
In those moments of where you’re not verbally communicating with anybody, when you’re doing just routine chores, in those moments where you’d be, maybe unconsciously competent about what you’re doing, showering, getting dressed, brushing teeth, combing hair, whatever it is, what is going through your mind?
What are you thinking about?
Are you managing those thoughts?
This is the power of mantras.
Mantras are where you are consciously reinforcing messages, right?
Because most of the time, if you become aware of what you think about when you’re in the shower, or when you’re brushing teeth or whatever, you will find that so many times you’re thinking about, oh, I must do this, I must do that.
Did the bills get paid, or will I have enough money?
It’s noise in your head.
Those times when you’re just on your own, be conscious of the thoughts that are going through your head.
That’s very important.
Replace the noise in your head of what you must do, and set intentions in your mind.
Repeat the mantras that you might have in your life.
For example, I’m a master of persistence and also in my trading.
I’m persistent in my trading, or I’m a master of persistence in my trading.
Word it in a way that works for you.
Be conscious of your thoughts at those times.
Do not allow yourself to just wander off into thinking inane stuff that just creates noise, stress and worry.
Remember, Mark Twain said one time that he spends his life worrying about things that never actually happened.
We spend our life worrying about things that never actually happen.
So forget it.
Don’t waste your time with inane thoughts.
Put constructive thoughts into your mind.
That’s the time to think about mantras.
I promise you, it works.
It reminds you, you need to be persistent in your trading, but when you’re being persistent, for goodness’ sake, make sure that you’re constantly tweaking.
Because when you run out of all the wrong things and the wrong ways to do it, you’ll fall upon the right way and that will transform your trading and your life.