Every trader needs to determine what their ultimate goals are…
Are you trying to quickly make some short-term gains in the stock market? Or are you attempting to develop a career that lasts a lifetime?
I certainly hope you fall into the second category (I think most Evolvers do).
And if you are in it for the long haul, you’ve gotta make sure certain aspects of your trading mindset are in tip-top shape.
If you don’t nurture these mental attributes, you risk losing sight of the big picture and setting yourself up for disaster.
There’s a reason 90% of traders lose money and fail in the stock market — they don’t focus on their goals and let these crucial mental considerations go by the wayside.
But I wanna help you avoid becoming one of these losers.
Keep reading and I’ll tell you about the three mental tricks that have helped me last over a decade in one of the most competitive jobs on the planet.
Confidence
In the wild game of trading, confidence is EXTREMELY important. But it’s also incredibly elusive.
As hard as you try to keep it consistent, if you trade for a long enough time, you’ll notice that personal confidence comes and goes. It’s unavoidable.
[VIDEO] A Rare Live Interview With Two Millionaire Traders...
To trade options, you DON’T NEED:
❌ A big account…
❌ To stare at your computer all day every day…
❌ A stockbroker…
Because there’s a way to trade stocks (from home) without struggling through the unnecessary risk and hassle most newbies go through…
To get started…
Click here to watch a rare interview between these two millionaire stock traders
Take it from me. I’ve been doing this professionally for 12 years.
Some days, nothing can sway my confidence. I’m firing on all cylinders, ready to pull the trigger whenever necessary.
(It’s no coincidence that it’s usually on days like these when I bag my biggest wins in the options market.)
But other times, even with all of my experience under my belt, I find my confidence is less-than-stellar.
I’ll second-guess a play, lose some of my conviction, and potentially miss a golden trading opportunity.
Understanding that this is an unavoidable reality of being a trader is crucial. If you find your confidence waning, step away from your computer for a few moments. Mentally reset.
If you want to find consistency in trading, you have to have the right mindset. And a big part of a good mindset is confidence.
Confidence helps you stay focused on what matters. It also helps you make appropriate decisions, gives you a firm footing in your beliefs, and enables you to execute trades with conviction.
Discipline
I’ve gotten a lot of questions this year about why I didn’t trade very much throughout the first half of 2022.
The answer comes down to discipline — I wasn’t trading as much as usual because market conditions were rapidly changing. It wasn’t the right time to be aggressive.
Was it easy to sit on my hands for so long? Absolutely not.
Growing A Small Trading Account? Check this Out
When multi-millionaire trader Mark Croock first started trading, he was an overworked and underpaid accountant…
So he knows what it’s like to start small while wanting to massively grow your wealth as quickly as possible.
That’s why he just recorded a step-by-step training that reveals what he believes is the best options trading method for someone trading with a small account.
I’m a trader. I obviously wanna make trades whenever the opportunities present themselves.
But that’s just it. The opportunities that fit my strategy were few and far between in the first half of this year.
A less experienced trader might’ve barreled ahead and traded setups outside their comfort zone, lacking the discipline to sit on the sidelines for an extended period.
In my early days as a student in Tim Sykes’ Trading Challenge, I was enamored by Sykes’ ability to pick the right setups, then cut losses (or book profits) quickly. His commitment to these principles left me in awe and I’ve carried that discipline with me ever since.
Now, I’m trying to make Sykes proud with discipline in my trading. If you wanna see how trading discipline should be implemented first-hand by the master himself, I’d suggest joining Sykes’ Trading Challenge NOW! Click here to see what I’m talking about!
In hindsight, I think my discipline paid off handsomely. As thousands of wide-eyed newbies got wiped out in the first half of 2022, I waited patiently.
Because of this discipline, my profit chart just keeps going up (while others traders’ profits have been completely destroyed).
I don’t say this to brag — I say it to stress the importance of staying disciplined at all times.
Focus on what works for YOU and don’t be tempted to trade until those setups show up at your doorstep.
Perseverance
It takes serious perseverance to do any one thing for more than 10 years.
Whether it’s a hobby, a skill, or a job … a decade of work on anything takes a lot of mental fortitude. (Spoiler alert: Trading is no different!)
Trust me, there have been many times throughout my decade-long career when I’ve questioned my confidence, discipline, and overall mindset.
Want to be alerted to hot trade ideas before anywhere else?
Check out the alert for DWAC on October 21st:
This is a tool you’ll want in your trading toolbox.
But I’m so happy that I never allowed any of these momentary blips to cloud my view of my long-term goals.
So when the going gets tough in the markets, remember why you’re doing this in the first place. Keep your mind on your goals and mental longevity should come naturally.
It’s when traders get tunnel vision — focusing too much on near-term results or individual setups — that they get into trouble.
If you stay confident and disciplined — and have the perseverance to stick with it — you could become a professional trader with the best job in the world.
Final Thoughts
In a brutal bear market (like this one), setups become less predictable and more dangerous. The rewards may be potentially bigger, but the risks are bigger as well…
That’s why this is the perfect time for you to work on your mental game. Confidence, discipline, and perseverance…
If you can work hard to master these three mental strengths, you’ll be miles ahead of the rest of the market.