Trading to Win in the Share Market
By Dale Gillham |
Every day we get approached by people wanting to learn to trade so they can supplement or replace their income and build wealth, yet overwhelmingly nearly all are approaching wealth creation with the mindset not to lose rather than trading to win in the share market...let me explain.
If it is your desire to be a millionaire, then you need to make the decisions that a millionaire makes, rather than the decisions of someone who is financially struggling.
So, here is the dilemma.
How do you become a millionaire if you a currently struggling financially or just doing okay? In reality, everything is a matter of perception.
Nothing positive comes from a negative mindset and financial success does not come from a thought process of scarcity but rather one of abundance. When I teach those starting in the stock market how they can trade to win, I share with them the principles of Be, Do, Have.
Trading to win rather than trading not to lose
In order to HAVE the income and success that a highly competent trader has, you firstly need to BE the successful trader in your own mind, as this will enable you to DO what the successful trader does.
Being a successful trader means not only analysing the market or stocks to a high level of skill, but more importantly, it means making the decisions that successful traders make. If you do what successful traders do, then you will ultimately have what the successful trader has. Let me give you an example.
Successful traders are independent in their thought process and do not rely on anything other than their own knowledge, skill and expertise to achieve their goals. Successful traders do not subscribe to stock tipping reports nor do they watch Youtube videos of someone in their bedroom dressed in a t-shirt or hoodie telling the world what they are buying or selling.
Successful traders are successful because they treat trading like a profession rather than a hobby. They are successful because of choice not because of chance, and they trade to win in the stock market rather than not to lose.
Those who trade not to lose avoid paying for anything or paying as little as they can in the hope of achieving their end goal. They believe by getting free education or information and tips from multiple websites, they will become a successful trader. But all that tends to do is dis-empower them and make them codependent. Worse it gives them the illusion that they actually have knowledge and that they are a trader.
Trading to win is 80 percent attitude and 20 percent skill
Being successful at trading is 80 percent attitude and 20 percent skill. But when people desire to change their situation and become a trader they look at who they are and what they have now, and then dream about who and what they could be from becoming a great trader. And in doing this, they see a scary vast unknown void between these two points.
They then realise that this vast unknown void requires time, effort and resources to cross from where they are now to being a successful trader and that success is not guaranteed. In the majority of cases, this causes these same people to make decisions not to lose rather to win.
Making decisions not to lose means people end up taking the very long, hard and costly route to achieving their success by attending every free seminar or doing free online courses, surfing the website for hours every week, year after year and maybe even reading a few books. The result in most cases is failure or poor results.
How do you trade to win?
Before you make a decision, ask yourself in front of a mirror what would the decision of a successful trader be in this case? If you can look at yourself in the mirror and give a confident answer that you know to be true, then you are on the way.
For example, would a successful trader be comfortable paying $1K to $2K for good software that will assist them to do their analysis? Yes they would. Would a successful trader be okay with paying $100 a month for reliable good data? Yes they would.
Would a successful trader be okay with paying for a good education to enhance their skills? Absolutely. The reason they are happy to do all of these things is because they absolutely know their trading will pay for everything they need to be successful.
Successful traders don’t look at it in the context of what something will cost them if they do something, they leave that for those who are playing not to lose. Successful traders look at it in terms of what they can do and what they will make, and this is trading to win in the share market.
In my latest book, Accelerate Your Wealth - It's Your Money, Your Choice, I share a number of powerful strategies that will support you in trading to win, so that you achieve your trading goals much sooner than you otherwise would.
So what's happening in the market? Watch the video to find out.