So I’m doing this post completely from my phone at a Starbucks this morning so forgive typos and poor formatting. Ive been a nutoriously bad speller this week as you have seen if you follow me on the twitter…
I am going to put a few words down ona pretty big trading lie as I see it. The misconception adopted by most retail traders I see that seems to be the harbinger of death for most trading accounts. And I have to be honest this may piss you off because it really pissed me off for a long time so if it does, my apologies. Actually no just get over it because its the truth and the truth will set you free.
You will never be “passionate” about trading. If you want to be a trader, it will never be about “pursuing your passion”. Its a job. And I will prove it to you.
Think about your current situation, your “day job” that you so badly want to quit and go be a trader. Are you passionate about that job? Probably not. Have you ever been passionate about any job you’ve ever done? No? So why would this be different? Because you can make 250k a year from a beach house in between day trips to Disney world and your Vail vacation home? Wow… Great. Sorry to burst that bubble but are you making 250k at your current job? Are you the guy or lady in your firm that figured out the process of your current endeavor so well that focus and committment is no longer needed and while everyone else is slaving away at their desks for 12 hours your off at that beach house? No? Then why would trading be any different?
Am I passionate about getting up at 1 a.m. to watch a London session that I thought my trade would set up in just to watch it range out for hours? Nope. Do I make the same money now that I was from my day job? Not yet. Do I work more hours and think about work more than I did before? Yep.
I hate to sound cynical but I’ve been around this game too long and seen this too many times, mostly in MYSELF to not speak up about it today. Let me bring it all back to a pretty simple question:
Are you the person now in your job that you see yourself as when you are trading full time?
Because speaking from experience, you will be the same exact person in trading you are in your current situation and if your not ready, its just going to hurt a hell of a lot more when you try to make the transition. Let me tell you why.
In my former life I was a director of business development for a mergers and acquisitions firm. It was my job to cold call Presidents and CEO’s of businesses to develop relationships so that if they needed help selling their business or raising equity capital we could help them. So I created a process by which I was going to go about performing this task. I took a cold calling class, made lists, and found the contact info. Here’s the problem though…
I never followed through on that plan!
Fear. Laziness. “Unpassionate about the job” were all excuses and excuses will kill your trading.
So what I am trying to say is my character could not carry the opportunity given to me. The person that I really was, not just in talk, couldn’t come through.
What kind of amatuer immaturity made me think that going from that job to trading where it is exponentially more important, in fact its imperative, that I create a plan was going to be a smooth transition!? I wasn’t taking on my current opportunity to the fullest extent and when I moved to trading…. Well…. Surprise! I DID THE SAME THING!!
Only now am I learning what it actually means to have a plan and follow through on it. And this week it turned into the best trading I’ve ever done.
So let me encourage you in this way: do what your doing to the best of your ability today. TODAY! You will never walk to the next job or the next relationship and be better than you are today just because its different. Change takes a conscious effort and I would just say don’t wait. Succeed today at whatever your doing and it will be much easier to carry that momentum into trading rather than trying to create it there.
And finally, here is what I am passionate about; the opportunity to succeed on my own merits. That I am passionate about.
Happy Weekend everyone
Remember to pick up the new book!