There will be a time when you feel devastated in your trading journey. Losses, drawdown, you will feel nothing is going according to how you wanted! And in no time, you might even hit a rock bottom phase! And then we might end up doing things we shouldn’t! That definitely is going to be a bad phase of your life. You feel lost! Ask any trader. They all have their stories behind their success! If they didn’t, then I would say he really had a very good mentor. Or even better, ask any successful business men or an entrepreneur. I’m very sure they have a story to tell. Everybody will hit a rock bottom at least once in their lifetime!
We all have low moments. We all suffer setbacks. We all get caught up in things we shouldn’t. And then we all lose our way. Some of us remain lost forever, and some of us find our way back to the path we were destined to travel. Eckhart Tolley once said “the primary cause of unhappiness is never the situation but your thoughts on it.” Whether you stay lost or find that path is a choice. If you beat yourself down or lift yourself up, it is a choice and that choice starts in your own mind. Your reality is not what has happened, but how you framed what has happened. Change your thought and you will change your life. Here are 5 ways to get back on track whenever you have lost your way in trading or in life.
Find your reason WHY
When you know your reason why, you don’t need any external motivators. Why must you do Trading? Why must you succeed? Why must you make consistent returns? Is it for yourself? Is it to make second income? Is it to develop yourself and set a positive example? Who are you doing it for? Why must you keep trading even when you know you will lose a certain amount depending upon your trading cycle? There is always a REASON. And when you find that reason, it will light a fire under everything you do. It will make you get up early and keep you up late. It will inspire you to push harder, to fight longer, to try a different way. To find a way to NEVER, EVER, GIVE UP! You will still have loses, but you will never stay there. Find that reason!
Know that Losses are a part of life
understanding at a deeper level that trading can give you losses and you can manage how much you can lose is one of the most powerful ways to get you back on track. It’s not a recipe for recklessness or craziness. It’s an understanding that Trading is a business and everything you’re stressing about will likely not matter in the end. You should understand 90 – 95% of retail traders fail and lose money. You’re one of the retail traders and you will lose too. But like I said, you will know how much you will lose. With discipline, your strategy and with proper Risk management, you can attain success. It might take a little time, but it will be worth it. If you’re not sure, do a proper backtesting, that will give you confidence and it will show you whether you’re going in the right direction!
Feed your mind with something positive and powerful
Consume as much positive, transformative and powerful self-development material as possible. It does not matter how you do it, through books, audio, videos, mentors, it only matters that you do! Meditate! If you are feeding your mind with powerful content every day, and really taking it in, it is very unlikely you will lose your way! You lose your way by getting caught up in the negative, like most people on this planet. Negative news, petty conflicts, comparison with others! Don’t fall in to those, and try to develop yourself. Be curious and open with your self-development. If your trading is not going how you wanted it to go then learn, grow and develop yourself. Ask yourself what you would love to improve in your trading with your personal skills or traits and seek the best mentors with skills on those topics.
Science has proven that physical exercise can lower depression, reduce stress and release endorphins or also known as ‘happy chemicals’ from your brain. So next time when you lose your way, get to the gym, go for a run, sweat! Release that tension somewhere positive. Do it daily and continue to grow your physical strength. Your physiology and posture also has a lot to do with how you feel. You will feel very different by standing tall, with your shoulders back. How this will help in trading? When you feel good about yourself, you tend to take good decisions, remove all negative thoughts. You will be taking the best of the best trades. Most of the traders I know lose most of their capital by not following their own rules. Regular exercise will help you to develop discipline in trading as well as in life!
Know where you want to go
Goals are important, because they clearly define where you want to go! And keep you on track to getting there. Science and common sense will tell you those who set specific and clearly defined goals, are much more likely to live successful and fulfilled lives, than those who don’t! Make a clear goal which you can achieve! Not like “I want to make 10 lakhs”. Say “I want to make 10 lakhs by the end of 2020 by trading” And be specific. Now, in order to achieve this what you need to do? “I want to make 10 lakhs by the end of 2020 and to get there I need to do X, Y and Z things” By getting clear about what you must have and defining how you will get it and by when, you will have a clear purpose to work towards your goal. The key is to make it meaningful to you! Write this down and paste it on your wall, your fridge, your workplace etc. The chances of you getting off track when you have something important to work towards, is very slim.
Now you know how to get back on track, now you know that there are ways to get back on track. You don’t have to stay lost. You know “This too shall pass”. Keep Going and keep Growing!