Whether someone is outwardly confident/arrogant or cautious/doubting doesn't necessarily indicate anything. It is my view that most of us are saddled with a limiting sense of our own self-worth in terms of what we deserve or what we can achieve.
This goes way beyond the touchy-feely quick-fix approaches to loving yourself and involves coming to terms with the acceptability of making money by looking at some pictures and then pressing some buttons (i.e. sitting at home trading electronically).
I'll try to expand a little. My father was a skilled carpenter. He worked hard all his life and he was exceptionally talented in his craft. A hard-working artist, I would say. His income never reflected this. He was paid a relatively low amount in return for being loyal all his working life to a single employer. When I started making money from trading, I was not psychologically prepared for making more in a month than my father ever made in a year.
This has potentially become more of an issue now we live in a world of relative comfort and ease of access to information. We can make money whilst sat in our underwear, never needing to leave the house or even get dressed. Our minds still equate success with hard work. What if trading becomes relatively easy? We are making money but don't feel we are 'earning' it by working hard.
Working out what is stopping you being successful is highly worthwhile. It might be a discomfort with earning more than your father, a sense of unease with raking in large sums whilst people are starving in the world, an internal belief that you are not very bright/capable/successful or that you always make a mess of things eventually.
A good indication such a problem exists can be found in analysing trade records. Are your worst losses always after your biggest gains? Most put this down to over-confidence and/or sloppy trading but my first thought would be self-sabotage. Do you find it hard to take a profit but happy to let losses mount? This might not just be down to poor trading.
The challenge (and it isn't easy) is to identify the reason you are limiting success and address it. This can be in a variety of ways. For example, if you are uncomfortable being wealthy when there is so much poverty and suffering around, make a pledge to donate X% of your profits to charity each month. If you do this, try to donate to something tangible. Maybe an international charity you can also do some volunteer work with or a local children's hospice you can visit. By becoming aware of the good that wealth can achieve it makes it much less unacceptable psychologically.
A search for 'fear of succes' online will reveal a huge amount of information on the subject. Also, I can't find a specific article by him but Brett Steenbarger is always worth reading when it come to trading psychology:
http://www.brettsteenbarger.com/articles.htm
http://www.traderfeed.blogspot.com/
Kind regards,
O N D
This goes way beyond the touchy-feely quick-fix approaches to loving yourself and involves coming to terms with the acceptability of making money by looking at some pictures and then pressing some buttons (i.e. sitting at home trading electronically).
I'll try to expand a little. My father was a skilled carpenter. He worked hard all his life and he was exceptionally talented in his craft. A hard-working artist, I would say. His income never reflected this. He was paid a relatively low amount in return for being loyal all his working life to a single employer. When I started making money from trading, I was not psychologically prepared for making more in a month than my father ever made in a year.
This has potentially become more of an issue now we live in a world of relative comfort and ease of access to information. We can make money whilst sat in our underwear, never needing to leave the house or even get dressed. Our minds still equate success with hard work. What if trading becomes relatively easy? We are making money but don't feel we are 'earning' it by working hard.
Working out what is stopping you being successful is highly worthwhile. It might be a discomfort with earning more than your father, a sense of unease with raking in large sums whilst people are starving in the world, an internal belief that you are not very bright/capable/successful or that you always make a mess of things eventually.
A good indication such a problem exists can be found in analysing trade records. Are your worst losses always after your biggest gains? Most put this down to over-confidence and/or sloppy trading but my first thought would be self-sabotage. Do you find it hard to take a profit but happy to let losses mount? This might not just be down to poor trading.
The challenge (and it isn't easy) is to identify the reason you are limiting success and address it. This can be in a variety of ways. For example, if you are uncomfortable being wealthy when there is so much poverty and suffering around, make a pledge to donate X% of your profits to charity each month. If you do this, try to donate to something tangible. Maybe an international charity you can also do some volunteer work with or a local children's hospice you can visit. By becoming aware of the good that wealth can achieve it makes it much less unacceptable psychologically.
A search for 'fear of succes' online will reveal a huge amount of information on the subject. Also, I can't find a specific article by him but Brett Steenbarger is always worth reading when it come to trading psychology:
http://www.brettsteenbarger.com/articles.htm
http://www.traderfeed.blogspot.com/
Kind regards,
O N D
DislikedExplain that point some more.
Are you referring to the notion that consciously someone will refer, talk of or look to success whilst in reality their subconscious is in conflict, lacking confidence, and in all honesty expects failure?Ignored
1
AHA!!!
