Have you ever felt discouraged watching other traders have more success than you?
Of course I want all Evolvers to make it.
However, I can also tell you that it stings when I see someone who’s put in less time and effort than I achieve greater success.
Here’s an example: It took me eight years before I cracked $1 million in trading profits. And during those eight years, it seemed like I was getting lapped by so many traders. It made me think I’d never get the results I wanted…
‘When will it be my turn? Will I ever get my turn?’
Comparing yourself to others is one of the most dangerous and costly mistakes you can make as a trader.
Not only is it psychologically draining … but it can also completely ruin you.
That’s why we’re going to forget about the charts, setups, and catalysts for a minute. Instead, let’s focus on the mental game of trading.
Specifically, we’ll examine how eliminating trader envy can produce results you never thought possible.
Trading Isn’t a Zero-Sum Game
At some point, nearly every trader will feel like they’re being surpassed by others.
Take me as an example. I was a clueless newbie when I first joined Tim Sykes’ Trading Challenge.
Throughout my first few years in the markets, I watched several of Sykes’ younger students surpass me in total gains.
Did I get discouraged by it? Of course not…
CAUTION: Don’t let trader envy affect your overall mindset!
I’ve known mentally weak traders who struggled with watching others succeed as they faltered. (It wasn’t long before they’d blow up their accounts and have to head back to their day jobs…)
Short-sighted market participants view trading as a zero-sum game. They think, ‘If this guy is winning, I must be losing.’ But this is a TERRIBLE way to view your path to success.
Bottom line: There’s plenty of action in the stock market for everyone. Just because some other trader is crushing it doesn’t mean you can’t do the same.
Don’t envy other traders — LEARN FROM THEM!
Forget About Instant Gratification
It’s no secret that we’re living in a generation of instant gratification…
- You can post a picture on social media and immediately get likes.
- You can order food and have it arrive at your doorstep in under an hour.
- You can open a streaming service and see tens of thousands of movies and shows at your fingertips ready to instantly play.
But the stock market doesn’t work like social media, food delivery, or streaming. You have to truly dedicate yourself to mastering the art of trading if you want to rise above the 90% who LOSE MONEY!
WARNING: If you want instant gratification, trading probably isn’t ideal for you.
I think the hypnotic pull toward instant gratification is one of the primary reasons why so many would-be traders face epic downfalls.
The attributes necessary for being a successful trader are in direct conflict with the global mindset at the moment.
Newbies tend to see the success of others and want it immediately for themselves. But they don’t consider all the blood, sweat, and tears that went into those traders’ journeys.
Bottom line: Most people want success NOW — while few are willing to put in the years of work that it usually requires.
The best traders I know are the ones who don’t worry at all about others’ success. They take a calculated, long-term approach to their trading trajectory.
But for every one of these success stories, I have too many tragic tales of traders who let other people’s success cloud their mindset and QUIT!
My advice? Look at the big picture. Blind yourself to other traders’ numbers. And focus tirelessly on the task at hand — becoming the best trader YOU can be.