Home > Psychology > day trading and a tale of two perspectives

day trading and a tale of two perspectives

Day trading can be hard, just like life sometimes.

A very big part of a mentor/coach’s job is to be aware of the current state of mind of the person you are mentoring. As someone tries to learn a new skill there will inevitably be time when they will feel elation because they feel themselves improving and there will be times when they are frustrated. Clearly when day trading there will be plenty of opportunities to feel both on a regular basis.

This is the primary reason we recommend reading and studying the book Think and Grow Rich by Napoleon Hill. You will learn the significant difference between wishing for a thing and having a burning desire to achieve something. Wishes fade at the first sign of adversity, a burning desire will never go away it is a part of who you are.

Recently I had talks with two traders we will call them “Chuck” and the other is a couple “Julie and Andy.”

Chuck is in his mid twenties and was a stock broker before he came to us. He started out as a ball of fire coming to the office every day the first month at 7am. He was saying everything right and was as excited about trading for a living as you could get. The second month he was with us, he was telling me he needed to take a few days off because he was getting a little burned out from trading! As soon as the words came out of his mouth I new he had no chance as a trader, his wish was starting to fade, it wasn’t a burning desire.

Chucks days off became weeks off and eventually he just stopped coming to work. The minute he realized he would have to apply himself and he needed to learn a skill he folded. In other words the moment he realized he had to work for it.

Julie and Andy take more notes and ask more questions than most traders who come through our office. Julie and Andy do a ton of work on their own in addition to the nightly batting practice we assign. Last week it was obvious to me they were getting a little frustrated by the summer time volume. I asked them to come into my office to talk so I could get a feel for their state of mind.

I opened the conversation and they proceeded to talk about trading ideas, what they feel they need to improve and how strongly they feel about a trader must pick a style they are compatible with. They feel they are more suited to longer term trades than being a scalper. It wasn’t so much what they were saying to me as much as how much passion they were clearly showing. They have been with us for about four months. I can tell you they will have a very rewarding career as traders. They are using what W.Clement Stone called “inspirational dissatisfaction.” Never be satisfied, it is the only way to improve. The minute you stop learning is the minute you start to slide backwards.

Most of the people I meet believe it or not are like Chuck, I want to meet more people like Julie and Andy.

“if you believe you can or if you believe you cannot, you are right.” Henry Ford


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