Menu
Sister Sites

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

Do you find it really hard to trade the USDJPY? 9 replies

BW MFI - Do you find it useful at all? How does it help you? 9 replies

How to get motivated? 4 replies

How can I find These Values inorder to find resistance and support levels 2 replies

Attachments: Do you find it hard to stay motivated?
Exit Attachments

Do you find it hard to stay motivated?

  • Post #1
  • Quote
  • First Post: Jul 10, 2017 8:01pm Jul 10, 2017 8:01pm
How do you keep yourself motivated everyday when you're not making any money ?

Does it help to draw up a challenge or a goal for myself ?

When you feel like you're stuck what do you do ?

I'm sure many successful traders treat trading like a job or a business but where do you start ? is there a certain routine you like ? when you're making actual money paying yourself a salary at the end of the month and a bonus each quarter seem like a great booster to me.

But when you're not making anything it feels like you're just wasting time. Don't get me wrong, I enjoy challenges of trading to a great deal thats why I'm still around after 3.7years of failure and struggle. But we have to be realistic don't we ?

After years of struggle I can finally say with absolute certainty that I'm done losing and I'm mostly breakeven. So I guess I've made a progress but I'm having a hard time recovering my losses. So naturally I end up taking trades with less risk that means less reward, maybe that's why I find it hard to stay motivated ? Should I just top up my account (I'm at 50$ btw from 200$) or should I keep pushing until I reach 200$ and go from there ? I think I'm just tried of trading 0.01lot.
Tape reading is an ART
I re-motivate myself by thinking about a 9-5 job... I do not want to go back to a 9-5 jobs and if I am not successful, a 9-5 jobs is awaiting me.... I am fortunate to have a decent income without having to spend like 7 hours per day at a job so I have lot and lot of spare time i use to trade and keep learning and this is gold...

And when I have a bad stretch, I stop and go back to learning
Quoting jayo2k
I re-motivate myself by thinking about a 9-5 job... I do not want to go back to a 9-5 jobs and if I am not successful, a 9-5 jobs is awaiting me.... I am fortunate to have a decent income without having to spend like 7 hours per day at a job so I have lot and lot of spare time i use to trade and keep learning and this is gold... And when I have a bad stretch, I stop and go back to learning
I hear you jayo :-) Nothing like the pain of penal servitude in a 9-5 to inspire you to keep working on your trading dream.

Attached Image (click to enlarge)
Click to Enlarge Name: Capture.JPG Size: 124 KB
Quoting jayo2k
I re-motivate myself by thinking about a 9-5 job... I do not want to go back to a 9-5 jobs and if I am not successful, a 9-5 jobs is awaiting me.... I am fortunate to have a decent income without having to spend like 7 hours per day at a job so I have lot and lot of spare time i use to trade and keep learning and this is gold... And when I have a bad stretch, I stop and go back to learning
If we "traders" have one thing in common thats our resistance and resentment towards corporate slavery. Life is too short to waste our precious time at a 9-5 confinement.

You mentioned when you have a losing streak you go back to learning - I assume that means you disregard things that don't work and work more on doing the things that do generate positive results. But how far do you take that ? I think one of the main component of being a successful trader is to be patient and to be consistent not only in the means of profit but also in our approach and method we use to trade. If we keep on changing things whenever we have a bad trade wouldn't that do more harm than good (because this is where I'm at).

You shouldn't be in a rush to make money that's a wrong attitude to have and not healthy but then again you should be making money. It's a great paradox.
Maybe this is what we "breakeven" traders have to deal with.
Tape reading is an ART
Quoting Piquant
How do you keep yourself motivated everyday when you're not making any money ? Does it help to draw up a challenge or a goal for myself ? When you feel like you're stuck what do you do ? I'm sure many successful traders treat trading like a job or a business but where do you start ? is there a certain routine you like ? when you're making actual money paying yourself a salaryat the end of the month and a bonus each quarter seem like a great booster to me. But when you're not making anything it feels like you're just wasting time. Don't get me wrong,...
The question is, how significant is $50 to you? An hour/day/week/month wage? I am guessing the first two.

If you have been trading for around 3years, I would seriously recommend you to top up your account to an amount you can afford to lose, yet significant enough to feel pain.

What you are feeing now is apathy, which might be one of the psychological hurdle of your trading result. And If $200 is the amount for you to feel motivated again, thn go ahead!
Muahahahhahah...
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 622 KB
Cut short your losses. Let your profits run on. David Ricardo (1772-1823)
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 562 KB
Cut short your losses. Let your profits run on. David Ricardo (1772-1823)
Not when I think of the alternatives to trading
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 1.1 MB
Cut short your losses. Let your profits run on. David Ricardo (1772-1823)
Hi guys,

Motivation is fake and not a real thing for me. Motivation is a short band aid solution...
I made 230K in profit last year (AUD) from forex and I had to pay 100K in tax. I was in scotland and got a email from my accountant saying we have to pay a big chunk of tax. I was literally crying saying why the fark am i doing this. any way I was walking and saw a homeless guy and suddenly i got over it.

If you focus on chasing money you will eventually get over something you are chasing. Because once you face a road block the drive for just money is not enough. If you are going through a tough time sit back turn the pc off and think this, your worst day might be some one elses best day.

Forex or any business has allot of risk associated with it... in fact two weeks ago i was 50K down in open positions. I was patient, tired, stressed to the hill and now only 18k down.... suddenly feeling better. the profit i am making now i am starting to close some bad positions.
If you have problem finding motivation for trading, you are likely in the wrong business, and you only try to do this for money.

Before I started trading I tried doing online poker. I gave it up after 3 months, it wasn't for me and it felt like a grind. Still like to play with friends, but when I had to take it seriously I wasn't motivated enough.

Sure when there are very slow days I may get a bit bored as well, but I have to decide that do I want to follow the strategy and wait for a setup, or trade just because I'm bored?

Another reason could be for demotivation, that you don't see the progress in your trading. In that case step your game up, either improve your strategy, or learn a better one.
Price and volume reveals everything. The market moves on supply and demand.
Quoting Ramadas
{image}
LOL :-)
Quoting jpcashflow
Hi guys, Motivation is fake and not a real thing for me. Motivation is a short band aid solution... I made 230K in profit last year (AUD) from forex and I had to pay 100K in tax. I was in scotland and got a email from my accountant saying we have to pay a big chunk of tax. I was literally crying saying why the fark am i doing this. any way I was walking and saw a homeless guy and suddenly i got over it. If you focus on chasing money you will eventually get over something you are chasing. Because once you face a road block the drive for just money...
Ouch...perhaps you may consider a change of citizenship to a tax free one...the tax rate is so high!
Muahahahhahah...
Quoting Arx
{quote} Ouch...perhaps you may consider a change of citizenship to a tax free one...the tax rate is so high!
Welcome to Australia: Aussie Tax Rate
0 – $18,200
Nil
$18,201 – $37,000
19c for each $1 over $18,200
$37,001 – $87,000
$3,572 plus 32.5c for each $1 over $37,000
$87,001 – $180,000
$19,822 plus 37c for each $1 over $87,000
$180,001 and over
$54,232 plus 45c for each $1 over $180,000
Quoting Arx
{quote} The question is, how significant is $50 to you? An hour/day/week/month wage? I am guessing the first two. If you have been trading for around 3years, I would seriously recommend you to top up your account to an amount you can afford to lose, yet significant enough to feel pain. What you are feeing now is apathy, which might be one of the psychological hurdle of your trading result. And If $200 is the amount for you to feel motivated again, thn go ahead!
I appreciate your advice Arx.

On topping up my account, I've had a larger account sometime ago but I ended up not making anything took some time off and came back to trading live again this Feb with 200$ account to see if I could make anything out of it. So my logic was if I can't make anything out of a 50$,100$ or 200$ why would I risk more ? I wanted to push myself to recover my acc back to 200$ from 50$ and if I could do that (within a certain time period) I'd call myself a consistent trader at last. That was the thought process. If I topped it up now wouldn't I be cheating ? taking an easy way out rather than rising up from where I fell ? Say I wouldn't care to lose another 200$ but how many times will I have to keep on cheating to finally make it to a consistency.
Tape reading is an ART
Quoting Piquant
How do you keep yourself motivated everyday when you're not making any money ? Does it help to draw up a challenge or a goal for myself ? When you feel like you're stuck what do you do ? I'm sure many successful traders treat trading like a job or a business but where do you start ? is there a certain routine you like ? when you're making actual money paying yourself a salary at the end of the month and a bonus each quarter seem like a great booster to me. But when you're not making anything it feels like you're just wasting time. Don't get me wrong,...

My motivation is to have a better life ... if not for me ... at least for my children.

In periods of loss I usually do this:
I stop trading. (I'm a daytrader)
And I try to understand better how the market is behaving.
If I´m losing, it is because I´m not able to understand the behavior of the market in that period of time.
And when I think I've been able to pick up the pace again, I'll start trading again.

I have goals ... and I know at any point in my trading how much I´m losing or winning ... how far or near I´m from my goal ... all recorded in a simple and practical way to be instantly visualized.

Sometimes I have to swallow my pride and accept the losses.
Take a step or two back, to continue forward.
The market is going to be here tomorrow and I want to be there too.

Because I know what my goals are, I have been able to maintain discipline and patience to reach them.

There are so many external factors to get us off track.
Thousands of systems, thousands of gurus, thousands of webinars and videos, thousands of bonus, thousands of information, thousands of promises ... it becomes difficult for someone to keep a focus.

I myself had a good reading of the market so I could get some dividends from him ... but still I went from system to system, from guru to guru, from webinar to webinar ... and I already had everything I needed (I know now) ... the focus is very important.

Set a goal
Creates a way to achieve it (Can be a great internal struggle).

Good luck.
The funniest, is that nobody takes me seriously.
Quoting FairTrader
{quote} My motivation is to have a better life ... if not for me ... at least for my children. In periods of loss I usually do this: I stop trading. (I'm a daytrader) And I try to understand better how the market is behaving. If Im losing, it is because Im not able to understand the behavior of the market in that period of time. And when I think I've been able to pick up the pace again, I'll start trading again. I have goals ... and I know at any point in my trading how much Im losing or winning ... how far or near Im from my goal ... all recorded...
I feel you !

Finding something that works is only half the battle.
To be consistent we need to be consistent in our approach, but that takes a great deal of what you just mentioned "focus", "patience "discipline"and "experience".

Whenever I lose a trade I immediately start doubting myself, my method and the way I trade so I wander off to different time frames and try to figure out a better way to trade much like you (when I already had all I needed). Wandering off phase is never a productive one for me. Frustrated and still in doubt I come back to where I went off and realise how many trades I missed. If only I had kept my focus. And here goes the regrets. It's tough.
Tape reading is an ART
Hi Piquant

We talked a bit on that earlier cat's thread. I understand you and feel your plight.

There's a lot of issues involved and I believe you're by now fully aware of each and every one of them which are tied together as one financial path you want to take by trading the financial markets on a full time basis instead of being employed with a company.

1. Let's start with the basic goal - trade a lot size of 1standard lot.
2. You need to risk a starting capital compatible to trade at this 1standard lot.
3. You need a strategy that has a confirmed edge, the returns when traded at this 1 standard lot will give you a monthly/yearly income that meets your financial requirements.

The reason you trade with initial capital $200 instead of the earlier larger capital is because you know your method may not have that required edge which resulted in a significant drawdown - then you lost 75% of this capital which confirmed this. You had to reduce your lotsize to 0.01lot or the other option is to top up the capital to trade at that $200 level again.

Your current dilemma is if you top up to $200 and if your method and/or execution due to your current weak psychological state do not perform up to required expectation, this earlier implosion might repeat again. However, if you chose to trade from this current balance $50 to $200 at 0.01 lot, that will require a 300% return which is a mountainous effort. You wonder if you can do this feat over x months, and if believe you can then why not start at this $200 or some other higher starting capital. Yet on the flip side, you think this is out of your reach. So another alternative is to start at a much higher capital with a much lower returns say 50% which might be more doable, remember the recent change in trading timeframe which creates a new unknown factor into the equation.

All these varied thoughts race through your mind and the overall net analysis is that it doesn't look too good and deep down you know it. That's why you currently feel demotivated - the wires just don't join and you're trying to figure how to make all this make sense to meet your goal.

I'm not bashing but to state it as it is with the intention to try to help you if I can. Am I correct ? If I'm wrong just ignore what I wrote, I apologise and I'll delete this post then.
Quoting Piquant
{quote} ... Whenever I lose a trade I immediately start doubting myself, my method and the way I trade so I wander off to different time frames and try to figure out a better way to trade much like you (when I already had all I needed). Wandering off phase is never a productive one for me. Frustrated and still in doubt I come back to where I went off and realise how many trades I missed. If only I had kept my focus. And here goes the regrets. It's tough.

Yourself gave the answer.
Stay where you are if you already have what you need (do not change) and focus on improving the trading method to be consistent.
Reduce the risk until you can accept the losses.

No need to grab all the pips or be in all trades.
Be surgical, choose the best setups.
Not be active all day in the market.
Go slow and you go far.
Less is more.
Reach your goal or the best possible, and get out of the market, come back the other day.

EDIT: Some screenshots to motivate you
Attached Images
The funniest, is that nobody takes me seriously.
Quoting FairTrader
{quote} Yourself gave the answer. Stay where you are if you already have what you need (do not change) and focus on improving the trading method to be consistent. Reduce the risk until you can accept the losses. No need to grab all the pips or be in all trades. Be surgical, choose the best setups. Not be active all day in the market. Go slow and you go far. Less is more. Reach your goal or the best possible, and get out of the market, come back the other day. EDIT: Some screenshots to motivate you {image} {image} {image} {image}
That´s the hard part.
Do not fall into the temptation of wanting to make more (the name is greed) pips / money.
Being methodical is boring, I know.

Peace to all
The funniest, is that nobody takes me seriously.
0 traders viewing now