Why Traders Sabotage Their Trading Goals...Jan 23, 2023
“Why diets don’t work, New Year’s Resolutions don’t last and traders sabotage their trading goals.”
Learn about the simple mindset hack that will help you hit those trading goals in 2023!
2023 opened the first trading day with a bang! Insane volatility caused many traders to forget about their New Year resolutions and best intentions of being disciplined on the 1st day of trading.
It was an insane day! Some of my traders kicked 2023 off making phenomenal profits, but most others kept chasing the price around losing money on each turn – a full on emotional turmoil rollercoaster day!
Like this trader who was positioned short over the weekend into the the 1st trading day of 2023 on the Australian XJO index. Gutsy trade, right?
Over the weekend he studied the newsletter from a renowned trader who forecasted markets should go up on the 1st day, reason being funds would pile in. So he started wondering if he had done the right thing.
As you can see in this chart, the XJO which is the 2nd market to open in the world after New Zealand, gapped up significantly. Being in quite a significant loss now, the trader felt uncertain, thinking, Uh oh this is going to gap and go, most probably not closing the gap.
So, he pressed the panic button and flattened all his shorts.
This is what we get taught what good trading is, right? His stop loss was hit, his analysis said market conditions are changing, he wasn’t certain where this market goes anymore. I mean we all have heard the slogan, if in doubt close out.
Last year this trader battled the habit of letting his losses run, hence his New Year’s resolution to from now on be disciplined. At first he was proud of himself for having already changed his behavior in the first five minutes of the new trading year!
But then what happened?
Yes, as you can see in the chart, XJO sold off 180 points and instead of getting out at a few thousand-dollar loss, it could have been a 15,000 profit.
That was a very bitter pill for him to swallow. We have all been there, right?
And guess what happened next?
He felt sick watching the market selling off without him, frustrated and he couldn’t think clearly through the brain fog of disappointment.
All the old self sabotaging patterns got activated. It’s this weird thing traders do, it’s called a behavioral bias, instead of reinstating his short position, what he probably would have done if the old programming hadn’t been triggered clouding his mind, he started going long, trying to pick bottoms, went on tilt and discarding every single resolution he made in his Goals Journal for 2023.
The stats are something like 90% of ppl who set goals never achieve them, like the stats for traders. Why is that?
Well, there is a simple reason for this:
Let’s look at weight loss goals for a moment: every year so many set a goal of losing weight and getting fit, living a healthy lifestyle etc. and fail.
They make meal plans and sign up to the gym, but soon enough life gets in the way with its temptations, birthday parties, BBQs, holidays, or on the flipside having a bad day at the office and battling cravings, the 3pm hole and get a chocolate bar, and after all willpower is depleted, they throw all good intentions out of the window and give in to the devil, just like traders..
So meal plans and gym memberships are clearly not the answer for a long lasting lifestyle change.
Let’s think about this for a moment: What is losing weight and getting healthy all about then?
It’s essentially about learning to manage the emotional pull of cravings and resisting temptations. That’s where it needs to start!
Exactly like trading, right?
That’s where it all starts, with cultivating a mindset fit for success!
If the foundations of a functional trader’s mindset are not in place, no amount of goal setting will do the job.
It’s a common theme in life: people want to lose weight but they can’t consistently convince themselves to do what it takes.
Traders want to have a great trading career, but they too can’t consistently convince themselves to do what it takes.
Sounds crazy, right?
When we look at core reason why people don’t follow through on their well laid out diet plans, we see that the real problem here is that they believe they are not able to resist temptations and give in to cravings.
So that’s why the first step, well before you even look at diet plans and gym memberships, you have to work on getting rid of cravings and temptations.
Once the foundations are in place, I guarantee fighting cravings and 3pm holes are a thing of the past and it will be so much easier to follow your diet plan and get your health and energy back.
And the same concept applies to trading: Almost every struggling trader fights against their shortcomings, they try to fix the mistakes and want to make up for the losses from the past. But this is a losing exhausting battle.
Don’t try to fix up the old house, start with building a new trading house by first laying the foundations for trading success.
Even though everybody tells you that trading is about risk management, let’s be honest here: it is impossible not to think about the money!
And if your money mindset has faulty programming, won’t make it in trading, because trading is ultimately about making money, right?
That’s where it starts!
The successful trader has a mindset blueprint fit for profits, the struggling trader has a mindset primed for failure.
If you don’t take the time to upgrade your wealth mindset, you will always struggle to reach your full potential as a trader, even if you work harder than everyone else.
It’s never about working hard.
Rather than trying so hard to control our emotions we need to focus on cultivating a mindset that doesn’t trigger the self-sabotaging behaviors that hold us back in our trading.
So if you want to turn yesterday’s failures into tomorrow’s success, you need to cultivate a mindset fit for profits.
You need a blueprint for profits
The reason is that making profits and keeping profits have virtually NOTHING to do with your technical skills.
Through my years of coaching both struggling and highly profitable traders, I've uncovered the #1 thing that 99% of all stressed traders virtually never think about…
And it starts with creating a Blueprint to cultivate a mindset fit for profits before even looking at any trading strategy.
To achieve consistent profits, you need a NEW blueprint.
We traders are in the business of making profits.
And to help you start 2023 from a place of Transformation, I’ve created a BRAND-NEW training that dives into the #1 reason at the heart of why you aren’t the trader you want to be YET and more importantly provides you a step-by-step process that you can follow easily on how to cultivate your own blueprint for a mindset fit for profits.
This NEW blueprint can help you realize a rising equity curve…
Right now, if you are not performing at the levels, you now you are capable of, you have an unconscious OLD money blueprint that’s ruining your chances of success.
That’s why it’s CRITICAL to your longevity as a trader that you understand WHAT this OLD money blueprint that drives you is all about…
…Then, once you’ve got it…You can start to create a NEW profitable money blueprint.
My methods are easy to understand, so you can apply them to increase abundance and permanently elevate your life.
This exact process has already helped transform my private clients’ lives.
And now, for the first time, I’m bringing it to you in the Profit Freedom Blueprint on-demand program.
Once you begin the program, you’ll discover that creating a Profit Freedom Blueprint primed for wealth is NOT a gift or a talent.
It’s a skill that anyone can quickly learn by following the right combination of steps to retrain your mind.
And best of all, when you do this…you will instantly start to experience money in a new way and take advantage of the endless probabilities in your trading.
Imagine a life where trading is no longer a source of fear or anxiety, and you always know you’ll have more than enough money to grow and thrive.
I encourage you to get Profit Freedom Blueprint today.
You’ll be taken to a secure checkout page to review your order.
Thank you so much for your time today.
Your Performance & Mindset Coach, High Performance Trading