6 Easy Steps to Get on Track to a Lifestyle Income From Trading
As human beings, our default journey is the one that takes the path of Least Resistance.
If we’re walking from one side of a paddock to another, we want to take a staight route, only deviating if there is an obstacle in our way.
This default route is hardwired into our subconscious, keeping our cave dwelling ancestors safe when navigating through the big dangerous world.
In modern life, for most people, this default path looks like the “typical life” of: get a good education, find a good paying “safe” job, work hard, keep your head down, have 1 or 2 kids, stay in your lane until retirement, and then be happy that you have a roof over your head and food in your belly.
What Path Are You On?
But for many people, and I’m guessing you might be one of them if you’re reading this post, just surviving isn’t an option for you…
You want more out of life than the average. You want to be able to be comfortable, have spare time, the house that you want, the car that you want, and; more importantly, the FREEDOM that you want.
Welcome to the world of the not ordinary! You have made a conscious choice that many will never do… You have decided to live life on YOUR terms.
The challenge for many is that; even after making this choice, your default path will still be the path of least resistance and you may have to work on being more aware of your actions and make more conscious decisions on a daily basis that will take you to the Life that You Want, not just the clearer, easier to see path that will keep you in an “Ordinary Life”.
But, for those who; on a daily basis, ask themself “Are the actions I’m taking leading me to my ultimate purpose in life, the life I REALLY want to have, or am I going for a safe, short term goal that won’t take me to my long term goal?”
And it can be tough because we are naturally drawn to the quick fix, easy win, instant gratification.
But often times these comfortable visible short term goals feel good to achieve and look like real accomplishments.
So, how do you bring your focus back to your long term goals and deal with the distractions of unfulfilling minor goals that that you off the path?
Here are a few ideas:
One of the most critical components of achieving success in any area of life is having a clear vision of where you want to be. This applies to trading as well.
You must have a well-defined picture of what you want to achieve, both short-term and long-term. Having a clear understanding of what you want to accomplish in trading will give you the motivation and drive to take the necessary steps to get there.
When setting your goals, make sure they are inspirational, motivating, specific, measurable, achievable, relevant, and time-bound (I’M SMART). This will make it easier for you to track your progress and determine whether you are on track to achieve your goals.
Your ultimate goal should be challenging enough to be motivating but not so overwhelming that it seems unattainable.
2. PROFESSIONAL GUIDANCE
Having a mentor or coach who has already achieved the success you desire can be a game-changer. They can provide guidance and support, helping you avoid common mistakes and make better decisions.
A mentor can help you see your trading from a different perspective, provide you with insights that you may have missed, and help you identify areas for improvement.
Investing in the guidance of a professional mentor or coach who has already achieved the results you want can be a game-changer in helping you reach your ultimate goals.
By having an experienced guide, you can benefit from their expertise, learn from their mistakes and gain insights that would take you years to figure out on your own.
A mentor or coach can help you develop a clear and achievable plan that breaks down the path to your ultimate goals into smaller, more manageable stepping stones. This can help you stay focused and motivated, and make the journey to success less overwhelming.
By working with a mentor or coach, you can also benefit from having someone who holds you accountable and keeps you on track, even when things get tough.
When seeking guidance from a trading coach or mentor, it is essential to find someone who is not only knowledgeable and experienced but also a good fit for you.
They should be someone you trust, respect, and can communicate with easily. You should also be clear about your goals and expectations, so they can help you achieve them.
Once you have a clear vision of your ultimate goal and have sought professional guidance, it is time to create a plan. Your plan should outline the specific steps you need to take to achieve your goals.
Break your plan down into small, achievable steps that you can easily measure and track. This will help you stay focused and motivated, as you can celebrate each small victory along the way.
Make sure your plan is flexible enough to accommodate unexpected changes or setbacks. You may need to adjust your plan as you go along to reflect changing market conditions or personal circumstances.
Having a well-defined plan will make it easier to stay on track and avoid getting side-tracked by distractions.
4. PRODUCTIVE ACTION
Taking action is essential to achieving your goals. It is not enough to have a plan; you must also take action to execute that plan. Focus on the actions that will bring you closer to your goals and avoid distractions that do not serve you.
You should prioritize your time, so you are always working on the most important tasks first.
When taking productive action, it is important to track your progress regularly.
This will help you stay motivated and provide you with insights into what is working and what is not. You can use your progress tracking to adjust your plan or course-correct as needed.
Progress, not perfection, should be your goal. Accept that there will be setbacks and obstacles along the way, but focus on making progress.
Celebrate each small victory and use setbacks as an opportunity to learn and grow. This mindset will help you stay motivated and focused, even when the going gets tough.
One way to measure your progress is by tracking your trading performance. Keep a trading journal where you record your trades, your emotions, and your decision-making process.
This will help you identify patterns and areas for improvement. Regularly reviewing your trading journal can help you stay on track and make progress towards your goals.
Persistence is key to achieving success in trading. Keep moving forward, even when the market is not behaving as expected, and the going gets tough.
Use setbacks as an opportunity to learn and grow, and seek guidance and support when needed.
Remember that trading is a journey, and the more you persist and make progress, the clearer your path to success will become.
It’s important to remember that progress is not always linear, and setbacks and obstacles are a natural part of any journey. Accepting that you may occasionally go off track or not achieve all of your goals in the time you set can help you avoid feelings of discouragement and frustration.
Instead of striving for perfection, focus on progress and the improvements you make along the way. Celebrate your successes, no matter how small, and learn from your mistakes to continually improve your strategy and approach.
Persisting on your journey towards your ultimate goals is essential. It’s important to keep moving forward, correcting course when necessary, and seeking guidance and support from your mentor or coach.
By making progress and persisting towards your goals, your path will become clearer and more defined, giving you the confidence and motivation to keep going.
In summary, having a clear and empowering vision of your ultimate goals, seeking guidance from a professional mentor or coach, breaking down your plan into achievable steps, committing to productive action, accepting and learning from setbacks, and persisting towards your goals can help you achieve success in trading and investing, and in any area of life.
By following these six steps, you can stay focused, motivated, and on track to reaching your ultimate goals.
For more trading term general definitions, visit our A to Z of Forex Trading
To look at these concepts in action, please visit our sister site, Latest Forex Rates
What to do Next
If you have more questions or need further guidance, don’t hesitate to reach out to us at The Trading Coach International for personalized coaching and support.
If you would like to learn more about trading forex profitably and what steps you can take next to get on the right track to build your Lifestyle Income From Trading, you can book an no obligation, Free Strategy Call with our Lead Trading Coach by clicking on THIS LINK
The information, strategies, techniques and approaches discussed in this article are for general information purposes only. The Trading Coach International does not necessarily use, promote nor recommend any strategies discussed in this article. The information in this article may not be suitable for your personal financial circumstances and you should seek independent qualified financial advice before implementing any financial strategy. The Trading Coach International is not a financial advisor and does not have AFS registration.