Making the Decision to be a Trader

TYE CrossroadsTwo and half years ago, I made the decision to relocate to Asia. Once I made the decision, the move was easy. But don’t get me wrong, the decision to move did not go without challenges. In fact, after living in the UK for 11 years, moving was emotionally and physically challenging. Nonetheless, because it was a clear and concise decision, the entire process was fairly pleasant.

Likewise, when I decided to set up the online learning hub, I did it because I thoroughly enjoy working with the international traders (a clear reason). Since then, I have spent a great 10 to 12 months building Market Apprentice – the online self learning hub – and I’ve been very pleased with it. Again, I applied the same philosophy when I wrote my best selling book – The Secrets of Trading The First Pullback – as well as my self coaching guide – 30 Day Trading Transformation (30DTT).

And that’s the topic that I’m sharing today – Making Decisions. I hope that you’ll be able to make a decision (if you haven’t already) to become a successful trader today. And with that decision, you are able to make the commitment required to get there.

Just to be clear, many traders feel like they’ve made a decision to trade the market (and that’s a good start). However, they still trade with the mindset of “let’s see how it goes“.

Have you done that before? And are you doing that now? Mind you, that’s not really a decision, instead that’s just being indecisive.

How to Avoid Freezing?

Making a decision to become a successful trader is actually one of the easiest things to do. However, human beings tend to complicate decisions. This is even true for professionals. Why? Because this group of traders like to over analyse the information and they do this until they become frozen – frozen from taking simple action.

Whether you are one of them or not, here’s something that you need to consider seriously. Begin by asking yourself, What Do You Want? 

Because I’ve discussed the topic of Wants in the past (in a previous article and in the 30DTT), I’ll go straight to the point. When you figured out what you really want, that is only the first step to making a decision. More often than not, traders struggle to go past this stage, and that’s partly because they don’t take a step back from trading to really think about this.

And here’s the irony. While many people don’t know what they want, they are the same people who complain about not moving forward in life. They only look at what has failed and conclude that life isn’t fair.

Guess what? Many of them failed not because they did not get what they want, but they do not have a clear idea of what they want and they freeze. Think about this, how can one move forward when he/she don’t know where they want to go?

Making Decisions Based on Your “Wants”

As you can see, everything I’ve done in the past required that I start with a clear reason to do it. This is important because, with clear reasons, you can make the decision.

Make sense?

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And when you have a clear idea of your Wants, making a decision should be as simple as saying “Yes” or “No”. And it can be as simple as asking:

Does this opportunity bring me closer to what I want or further away from what I want?

If you are not capable to coming to that conclusion within the first 3 minutes, that usually means that 1) you don’t know what you want and you need to revert back to the section above, or 2) you are over analysing and over thinking the situation.

think_decideAs you can see, I place heavy emphasis on making decisions based on our goals and needs, and that’s because we need to have clarity in what we want before we can evaluate the tools we need to achieve our goals.

Yes, trading is just another tool to achieve our goals. So this should be the right tool or it’s not (can you see why it should take only 3 minutes). Agree?

Note: Just to be clear, making the decision does now require you to know how to achieve your goals yet. At this stage, knowing how-to-get-there will require you to study the subject matter and that may take a little more time to acquire. If you want more about this subject, make sure to check out the 30DTT.

When You Have Decided

Let’s take a step back and look at what we’ve discussed so far.

  1. We need to decide on what we want.
  2. Then, we decide if trading (the tool) brings us closer to our wants.

ssuming that you believe that trading can bring your closer to your wants and you have decided to proceed. Great! Now let’s analyse what is on the mind of traders.

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Generally, when we start a new activity or a new career, there is some level of uncertainty in it, and that’s because we are moving outside of our comfort zone. I’m sure many of you reading this now would have felt nervous at one point in the past, and that’s because you are doing something completely new.

Can you remember that time? When you do, remember what happened after that?

For me, the feeling of uncertainty will continue to linger for awhile. More often then not, people tend to question weather or not they can achieve their goals, they get drawn away from their goals because of the feeling of uncertainty.The truth is, this is normal and this is how society has taught us to process a decision – do things that you are most comfortable with.

Unfortunately, being comfortable means going back to where you were before you started trading. For many, that’s not what they want.

Alternatively, the idea of being realistic and logical has been thought in schools for many decades and that is also one of the many reasons many traders cannot fully commit to becoming successful. Alternatively, they would commit verbally to a decision and not do anything about it later.

Does that sound familiar? If you are one of them, read on.

Be Committed in Today, Everyday

When there is uncertainty, the key is to focus on moving forward and focusing on what you need to do now.

Just like moving to Asia, I made the decision to become a full time trader many years ago and went all out to learn about it. In all honesty, I had no idea how to do it (Yes, it’s true. I had no clue how to become successful). I mean, I knew that I had to do this and do that, and I had list of things that I needed to learn but, deep inside me, there were some doubts that lingered once in a while (which is absolutely normal).

So, instead of thinking and asking if that was the right thing to do, I focused on “What I can do Today?“. More importantly, that is the one thing that is constantly on my mind. I don’t need to know whether or not I will reach my goals, but I just commit to the decision that I’ve made.

And when you put all your heart and soul into that question of “How”, and you commit to it, that’s when miracles happen… also, that’s when the uncertainty disappears.

Start Each Day Remembering Why You Started

No one can force another person into making any decisions. Hence, you need to be clear why you want to trade and make sure that trading can bring you closer to your goals. Once you are clear of that, remind yourself why you started at the beginning. Focus on today and just commit each day to the process and on the “how”.

Slowly and gradually, you would have achieved your goals and that’s before you even realised. it.

 

Thank you for reading and hope you like the article today. More importantly, make sure to post at comments or questions below.

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