One factor that will boost your trading profits
There are two types of successful traders in life. Those who make money and those making an astonishing amount of money. The difference between those two only comes down to one word: ambition. While the traders making money may be happy with what they earn, there aren't very far from incredible returns. It has been proven that ambition can boost your results in all areas of your life so why not applying it to trading? I've realized that ambition alone can boost your trading profits.
But what exactly is ambition? Ambition, simply put, means setting high goals and desiring to achieve greatness. Unfortunately, school does not encourage us to dream big and be ambitious. I realized that the hard way. While in college, our sport teacher would ask us to create SMART goals. SMART goals are supposed to be specific, measurable, action-oriented, realistic, and time-bound. While SMART goals are easy to achieve and slightly confidence-boosting, they do not bring us toward the amazing results we are really looking for. They will only lead to an average trading and, in the end, an average life.
When I used to work in an aerospace company, we would set goals for literally every thing. A goal on to reduce the time wasted per day, the unsafe habits, etc. However, as we set those goals, we were asked to be realistic, be smart. If we wasted an average of 30 minutes per day waiting for people before meetings, we would try to reduce it to 29 minutes because that was easy.
One thing people must realize is that it is perfectly okay to set super ambitious goals and to not quite achieve them. What's better: setting a crazy goal and achieving 80% of it, or setting an easy goal and reaching it?
I knew a trader who had been trading for about 2 years and was already profitable. He liked it because he could pay for his coffee and muffin at Starbucks every morning. He was making maybe $2,000 per year. Even though he disliked his day job, he was certain it would be too hard to make a ton of money trading. He had a goal to make $2,500 the next year. He didn’t really dream big. One afternoon, I challenged him to set $10,000 in profit as a goal for the coming year. I told him that it was absolutely possible and to believe in it. After all, he had became profitable after only 2 years while it took me a lot more. The result? I never knew the results but he ended up moving in a brand new house. I’m pretty sure he succeeded.
There’s a small trick with ambition
As I told you, ambition is the one factor that can boost our profits as traders. Be careful though, you can’t be ambitious and dream all day lying on the beach. You must take action. That being said, if you want to get astonishing profits, you must educate yourself, practice and learn to improve. Profits won’t come by themselves.
If you already are a profitable trader, keep on becoming the best trader you can be. If you are a new trader, I recommend you check the FREE Guide To The Ultimate Trading Plan. It is the absolute first step to become an incredible trader.
Ending quote”Nothing can stop the man with the right mental attitude from achieving his goal; nothing on earth can help the man with the wrong mental attitude.” – Thomas Jefferson
So go out there, be ambitious, trade like a master, and watch how amazing your returns are going to be.
Are you ambitious when it comes to trading? Leave a comment below and we can share each other goals.