The Surprising Truth About What Motivates Traders
In a recent survey of traders, a surprising trend emerged. Despite the fact that many traders claim to be motivated by the prospect of earning a living from their trading, the majority of traders are driven by something more profound.
For many traders, the answer is not simply about making a profit. Instead, it’s about finding a sense of purpose, excitement, and fulfillment in their trading journey. This may seem counterintuitive, but it’s a vital aspect of developing a winning trading mindset.
Why Do You Trade?
To many traders, the answer is obvious. We trade to make money. Many traders, however, say that they would trade even if they merely earned a livable wage. For example, many traders in the book ‘Market Wizards’ said that they initially took any job in the financial markets just to be around the action. Money wasn’t the only motivator.
Trading provides intrinsic rewards. One seasoned trader, for instance, said, ‘I’d probably still do it even if I didn’t earn much money at it. It’s so interesting. I think it’s a lot better than punching a clock somewhere. I find the game itself interesting.’ Another seasoned trader added, ‘I like the freedom trading gives you, the ability to earn a living while not having to have employees, the mental challenge, and the constantly changing environment.’
Passion vs. Profit
Many novice traders are drawn to the markets to meet deep-seated psychological deficits and needs. They yearn for respect and status. They hope that by earning huge profits, they will be able to solve all life’s problems. But trading to satisfy these motives often leads to disaster. It is vital for long-term survival to be motivated by more than the money. Trading should be viewed as fun and challenging. You should do it because you love it.
If you can, you’ll find you can trade more creatively, effortlessly, and profitably. Winning traders have strong interests in the markets, and this passion is the driving force that puts them at the top, year after year.
The Power of Passion
In systematic studies, psychologists have repeatedly discovered that peak performers have a true passion for what they do. Whether it’s art, sports, or business, the folks at the top are not primarily motivated by fame, glory, respect, or status. They are driven by the pure love of the game. Winning traders, similarly, have strong interests in the markets, and this passion is the driving force that puts them at the top, year after year.
So, what motivates your trading? Do you see it as a challenge? Is it fun? Is it enjoyable? A key ingredient to trading success is the proper motivation: Be motivated by the intellectual challenge. Follow your passion for trading. Do it because you love it.
Conclusion
In conclusion, the truth about what motivates traders is more profound than we might initially think. It’s not just about making a profit; it’s about finding a sense of purpose, excitement, and fulfillment in our trading journey. By understanding our motivations and cultivating a winning mindset, we can take our trading to the next level.
