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How to Earn Self Respect as a Trader

by | Jul 12, 2021

Integrity…

It’s what gives you certainty, confidence and trust for yourself. 

It’s what tells you, you can do it. 

It’s what makes you leap forward in life. 

And it’s what earns you self respect. 

With trading, you need to achieve self respect, to help feel more assertive with the trading decisions you make. 

In this short letter, I’ll give you some actions to help you earn the self respect as a trader. 

Action #1:
Do the hard things

Anything that requires risking your hard earned money is tough.

I get it. 

You didn’t make money just to lose it right?

Well, you need to understand that in life there are no HIGH rewards without taking some element of risk. 

So, force yourself to sit down, deposit money into your account, wait for the proven trading setup to line up or wait for my next email and TAKE THE TRADE. 

Next hard thing to do is, wait for the trade to hit your stop loss or take profit and don’t interfere with the process. 

And the last hard thing, is having tunnel vision and not listening to anyone about your trading decisions.

Don’t listen to the news, your friends, strangers or even your family.

You have your plan and system, follow it and you’ll feel in control and you’ll gain more self respect. 

Action #2:
Don’t think it – DO IT 

Coming up with ideas are easy. Writing down goals and gluing your vision board with mansions and cars – are easy. 

What’s hard is actually taking the action. 

There is never the right time because it’s always the right time.

So buckle up and take action with what you need to do to achieve trading success. 

Action #3:
Take control and learn from your losses

Losses are parts of the ying and yang of trading. You need a bit of good and a bit of bad to balance and build. 

Remember, the markets move in a zig – zag shape and so will your trading account. So when you realise this you’ll be able to acknowledge, own, take control and learn from your trading losses. 

But most importantly. The losses must only come from your proven plan. Don’t move a stop loss to make you risk more. 

Don’t remove a stop loss because you believe the market will turn. 

Take small losses so that the big winners make up and drive your portfolio up. 

Action #4:
Don’t quit when it gets hard 

You only fail when you quit something.

Read that again.

When you quit, you lose. When you quit, you give up. When you quit due to premature excuses you lose self respect.

Too many traders quit because they think the market is out to get them. This is either because they are taking a few losses or because they are trying to OUTBEAT the market through emotions.

Listen if you have a few rules to manage your money like:

~ Risk 2% per trade.

~ Never allow your portfolio to be in -20% drawdown.

~ Never hold more than 7 to 8 trades at a time. You’ll be able to control your risk and boost your portfolio.

Let’s sum these 4 actions up to trading self respect.

Action #1: Do the hard things

Action #2: Don’t think it – DO IT

Action #3: Take control and learn from your losses

Action #4: Don’t quit when it gets hard

Trade well and look after yourself,

Timon Rossolimos

Founder, MATI Trader

 

 

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