“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:
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.
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.
“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.