Hello, Cryptopreneurs! Today we’re going to contemplate the motivating factors that lead us to being good crypto traders. Certainly, we all want to succeed, and what success looks like is as unique as every human being on the planet. Being a trader is not something that happens by accident. We go into trading with goals to fulfill, right?
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Of course, many of you reading this have probably been trading on the forex markets for years, and only just recently dipped into the crypto markets, but the mindset and desire is very much the same.
Take a moment and ask yourself these questions:
- Is trading your “thing”?
- Is it something you’ve always wanted to do?
- Do you consider trading as a job or a hobby?
- What holds you back from trading (or trading more aggressively)?
- Do you trade because you like the thrill or are you desperate to make gains and pay bills?
Ah, circumstances can trigger motivation, which can be a tricky thing that guides us in our decisions. So let’s explore circumstances and motivation for a little bit.
Is trading your “thing”?
Some people have a natural ability and aptitude to be a good trader, while others have to work really hard to make gains. And while it may seem unfair if you’re the latter, consider that we all have natural abilities and inclinations. In trading, we require a lot of analysis, the patience of a saint, and a strong stomach for those volatile moments. We have to have the ability to stay cool and keep our wits about us.
For some, these traits are natural and for others, it is learned. And if you have the capacity to learn, then trading can be “your thing.”
Is trading something you’ve always wanted to do?
There’s a saying: Curiosity killed the cat. But curiosity also helps expand our horizons. Without curiosity and a sense of adventure, we’d be wallowing in the status quo.
If you can take the time to study the charts, research the interesting blockchain and cryptocurrency projects, and familiarize yourself with the exchange tools, then there isn’t anything to really hold you back from trying this new venture.
You’ll know rather quickly if it’s something you wish to pursue further or move on to the next curious thing.
Do you consider trading as a job or a hobby?
Confucius* said, “Choose a job you love and you will never have to work a day in your life.”
In the scheme of things, trading is not for entertainment. It is serious business with real-life consequences. This is not to say you cannot or should not be a hobbyist trader, but when real money is on the line, one might think we’d treat it more seriously, like a job that your future relies on.
And why not think that way, even if you have a small budget? No one goes into trading with the hope of failing. So, if you’re going to toss some of your hard-earned money into it, then make the most of it. Give your trading expedition the serious attention it deserves.
What holds you back from trading (or trading more aggressively)?
If you’ve got the right mindset, stated your goals, done the research and diverted funds into a trade account, what’s stopping you from taking the plunge?
For new traders, it can seem a bit overwhelming, and to you I say, start small. Build your trading confidence with small wins and keep growing.
For seasoned traders, you’ve been doing this for a while. If you’re making profit, then I’d say don’t fix what’s not broken. But every once in a while, take a look at your portfolio, make small adjustments to your trade tools, and push the boundaries. I’m not saying to go all out and recreate the wheel as far as your trading strategy, but with market volatility, there are opportunities that you can take advantage of with a little more aggressive trading.
Do you trade because you like the thrill or are you desperate to make gains and pay bills?
Of all the questions I’ve asked, this is probably the most important one. As I’ve mentioned earlier, circumstances trigger motivation. It could lead down the path of success or be your downfall.
Consider the desperate gambler who mortgages their house because they’ve already gambled away the rent but that next bet has to be a winner. Desperation is a dangerous thing and makes us do illogical things. A losing streak is a losing streak and the best cure for it is to stop and reassess.
Winners can lose sight too. Being on a winning streak and watching your portfolio grow can prompt a bit of a god complex where you think you’re invincible. You’re not. It’s one thing to be assertive and aggressive, but it’s dangerous territory when you become assumptive.
Keep love out of it
It’s okay to love what you do (* see Confucious), but when it comes to trading you must be impartial. Never fall in love with a project, crypto or stock because it will always break your heart.
If you’ve ever chased the price of a stock up because you just had to have it, or held on too long after it plummeted because you thought it loved you, you’ve probably lost money. Keep a tight rein on your emotions. The markets are volatile enough without your broken heart.
Can there be passion without love?
I could think of a whole lot of risque analogies, but the short answer is yes, there can be passion without love of the trade.
I was serious when I said keep love out of it. Passion, on the other hand, is excellent when it’s pointed in the right direction. Find passion in the research and the task of educating yourself with the tips and tools for trading rather than being single-minded on any specific token.
Look at elite athletes. Their passion is for the sport. They condition their body and mind to be the best in the field regardless of what team they play on.
It’s a marathon, not a sprint
In most cases, success comes after you’ve done the work and paid your dues in success and failure. “Overnight success” is rare. Smart traders know that there’s a long game to being a good trader, so get your head in the game using strategy.
If your motivation and attention span directs you to day trading or spot trading, you still need to do the research, know the trading tools, and be aware of the market trends. It’s still a marathon. Train accordingly and get to the winner’s circle.
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