“A year ago I made a loss in the markets. Now I just can’t seem to motivate myself to trade again. What’s going on?” asks Sharon from Adelaide.
Well Sharon, I know that some losses can hit you harder than others, so I do hear where you’re coming from.
I want you to examine your thoughts in these three areas:
Personalisation
If you say to yourself “I’m such a clutz. I’m not surprised I’m a failure at trading” – you’re blaming yourself for the negative event because of who you are, at a very deep level.
The trade and loss was an action. It isn’t who you are. It’s not a part of you. Sure it’s good to take responsibility for your actions, but if you personalise it so that it’s linked with your sense of identity – then that’s a problem.
Pervasiveness
If you’ve ever thought “It’s not just this loss, I fail at everything!” – you have to alter this thought pattern.
A loss in the markets doesn’t contaminate every area of your life.
Permanence
“And… I’ll never get this right. I’ll never learn how to trade well.”
Your thoughts are holding you stuck – in ‘blame land’. Banish the word ‘never’.
As traders we have to deal with failure. A lot.
Don’t let those losses lead to mindset traps that can stop you from taking the next trade.
Change the way you think about your loss, and you’ll regain your motivation. I guarantee it.
