Trader A
• Says that all traders lose money and expects he/she probably will to
• Thinks the market is out to get him/her. Losing trades reinforce this belief, winning trades are considered "lucky"
• Blames their broker, platform and even the markets for their losses
• Cannot accept or admit to mistakes let alone learn from them
Trader B
• Has every intention of becoming a successful and profitable trader and a strong belief that this is possible
• Goes into every trade expecting to win, while accepting the nature of the markets is that some will not
• Accepts full responsibility and knows that whether they win, lose or breakeven, it was them who made the decision. The buck stops with them!
• Learns from every little mistake, hunts for them, learns from them, even relishes them! They search for every minor improvement to get better and stronger for the future.
Where is your money going, Trader A or B?
Most of us see the wood through the trees here and need little convincing to say "Trader B is getting my money" and certainly no one would ever put their money with trader A. Why then, do so many people start trading themselves when they are in fact trader A? We see this often, very often. If you want to become a trader then while thinking like Trader B will not guarantee your success, thinking like trader A will almost certainly doom you to failure.
No one is making you get started in trading. If you don't like it, then that is a damn good reason not to begin! But if you do like it, then approaching trading from a positive perspective adds just one small yet vital advantage in your favour. And good traders will tell you that you need every advantage you can get!
Other negative Money Beliefs
You need money to make money
Rubbish! You might need a lot of money to begin with in order to make a lot of money quickly, but you do not need a lot of money to get started making a return on what you do have over the long term. Taking action and getting started is much better than doing nothing at all. Read a book, search the web, talk to successful people, invest small... you decide but the key thing is, take some action.
"Get going. Move forward. Aim High. Plan a takeoff. Don't just sit on the runway and hope someone will come along and push the airplane. It simply won't happen. Change your attitude and gain some altitude. Believe me, you'll love it up here." - Donald Trump
...words alone are just words. But genuine attitudes and beliefs, backed up by words and actions generate results. Negative beliefs, words and actions tend to get negative results. If you want to succeed in any arena, take the positive road.
Traders and Investors do not contribute to society
Think of who it is making this statement. What do internet trolls add to society? Who adds the most benefit; the trader going it alone to work for themselves, support their family, pay their taxes, spend money in their community and make a buck in a challenging and exciting arena or the internet troll who slams traders, among others, with negative comments? Seems slightly hypocritical to me. If you don't like it, don't do it!
If you are worried that you might make a small fortune but don't want to because you don't feel like you are contributing, then donate some of your new found money to a good cause and spend some of your free time helping those in need. It is a silly reason not to get started and easy to offset if you choose to.
"Whatever the mind can conceive and believe, it can achieve" - Napoleon Hill
Money is the root of all evil
This is a great belief - if you want to be poor and destitute all your life! If not then steer well clear. Don't be the everyday equivalent of trader A if you want to achieve success on any level.
"Thoughts become things, choose the good ones" - Mike Dooley
In summary, words alone are just words. But genuine attitudes and beliefs, backed up by words and actions generate results. Negative beliefs, words and actions tend to get negative results. If you want to succeed in any arena, take the positive road. Alone it does not guarantee your success, but is certainly does not hurt your chances!
"I am the greatest, I said that even before I knew I was" - Muhammad Ali
Nick McDonald is a New Zealander teaching everyday people how to trade the worlds markets via his company Trade With Precision.