Does the trader know what he wants?
In this and the next article we will talk about the coaching session with one of the Trader's Club members. The topic of the session was "What are traders' expectations from trading on the market, and what prevents traders from being successful". It consisted of four parts:
- What goals do you set for yourself in life?
- Why and what are your expectations from trading in this market?
- What's stopping you from moving forward - what fears and concerns?
- What do you need to do to reach your goal?
Seemingly simple questions, but the problems presented themselves at the very beginning.
Setting a goal for a trader is half the battle
In this case, the main wish of the session participant (let's call him Alexander) was to travel more. A great wish, but when we asked him to tell us more about it, our protagonist hesitated.
It turned out that he already travels quite often, he just wants to do it even more often, and in order to do this he will have to quit his job, but also to maintain the existing level of income. Next, even more interesting.
Question: How do you want to travel? After all, there are many options - you can just pack up and go to another country (usually a warm one, but with the sea), you can go on a tour of Europe, for example. Do you have an understanding of the format of your new lifestyle?
It turned out that just this understanding was missing, there was only the phrase "I want to travel more. But we were able to clarify this as well. Alexander would like to fly to a new country and "test it out" for a week: if he likes it, he can stay for a month or a month and a half, and if not, he can leave for another country. At the same time, he doesn't plan to spend the whole year abroad, his format is part of the year there, part of the year at home. And then the most interesting thing comes out.
"He who does not know where he sails has no tailwind" (Seneca)
- What are you going to do at home?
- Meet up with friends.
- Okay, so you fly in, you stay home all day, you don't have to work, and all your friends work and can only go out with you in the evenings or on weekends. Who will you go bowling or playing pool with during the day? You go alone for a week, and then?
- I have to think about it. I'll spend more time with my parents.
- Okay, that's important, but how many days a month are you willing to stay with your parents? The first couple of days you tell them about your travels, show them pictures, help around the house for a couple of days, and then?
- I don't know, I'll have to think about it.
- Okay, here's your first assignment. Form a clear vision of the goal, the way of life you want to come to. As you can see, it clearly goes beyond the phrase - "I want to travel more," which is what your motivation and your actions are built on. This is important!
What about your goals, dear novice trader? Can you say that they are clear and precise and cover all aspects of the life you dream of?
Why? What do you expect him to do?
It's simple. - It's earnings without attachment to the place of work, to the bosses and other restrictions. Freedom and mobility, employment of 20-40 minutes a day (This is the way our educational system works; at other schools the bidding time can be very different - author's note).
According to his original plan, Alexander thought it was realistic to reach the desired level of income in 6 months. In the process of our coaching it turned out that he would need more time. We'll tell you why in the next article.
To EARN is the only goal of any speculator!
The question was, "To make money for what? Money for money's sake is a questionable goal...
That's the truth. It's one thing to spin out, it's not easy. But to get so carried away that you don't wake up from earning it until you're old is to miss out on your whole life.
A person who entered the market for the sake of money will either go bankrupt or, in time, entrust his finances to professionals. Traders like the process of making money, not the capitals themselves. The market for a trader is a constant series of puzzles to be solved. And money is the reward for the right decision.
It seems that a trader is someone who wants to have an income without doing anything.
In fact, the trader works very hard, studying analytics and technical analysis.
This is a smart trader, but there are not many of them...
I don't think traders are lazy, collecting profits without working. Otherwise anyone would be able to lie on the couch and rake in the money. You have to study a lot of relevant literature, take risks, and think.
Not always - that's why there are losses. If you would definitely work as a surgeon, you should focus on the news, which has 100% results on the trend.
Not a good comparison to a surgeon. There are no people in the world who work without mistakes. Traders make mistakes too, just who is luckier and who is less lucky.
He doesn't know if he can't set limits for profits and losses.
I think the goal of a beginning trader would be, a free work schedule, and travel around the world.
How do you see traveling around the world? There's not the Internet everywhere.)
I think not only. Everyone's goals are different. I, for example, still want to pursue my hobby. And for that I need both free time and "free" money.
I think not only. Everyone's goals are different. I, for example, still want to pursue my hobby. And for that I need both free time and "free" money.
Some people don't understand that Forex is not a job, you have to analyze the chart, wait for a good moment, and not to make 100 deals a day, of which a fifth of them are profitable, and that's because of luck.
And what is that if not a job?
Tell me, what do you teach in 20-40 minutes a day? I think that's very little.
With such time consuming usually medium to long term trading or work with pendants within the day.
I would not even advise to set a profit frame (not the profit in the transaction, but in principle - for a month), it will push to unnecessary risk.
The work of a trader requires great concentration and nerves of steel. The weak just can't stand it. And the goal of any work is material benefits and development, including self-development. The trader has the same goals.