Quality #1: Self-Motivated
If you want to be a good trader – a trader who is worth their salt and can be taken seriously – there are some qualities you need to master.
These qualities are not innate. They may or may not come naturally to you.
But either way, you have to cultivate these qualities to achieve any level of success as a trader.
As a day trader, the buck starts and stops with you.
Nothing will happen unless you find a way to make something happen.
And that leads us to the first quality of a good day trader.
The Good Day trader is Self-Motivated
Imagine you live in a world where corners are never cut. Potato chip bags are filled to the brim and people actually read the whole article before they share it on social media.
Pretend you live in that world and make that your philosophy.
Because the Self-motivated day trader does not cut corners and is driven by excellence.
Nothing is half-assed.
Self-motivation is just the driving force behind your behavior. So ask yourself…
What drives you?
The Driving Forces behind Self-Motivation
Self-motivation can be broken down into two forms of motivation:
- Intrinsic Motivation: Intrinsic motivation is about the driving force that comes from within. It is unique to you. And no one would understand unless you explain it to them. This can come from the need to feel a sense of purpose, enjoyment, or freedom. Your intrinsic motivations should reflect whatever you want to see in your world.
- Extrinsic Motivation: The driving force behind this type of motivation is usually attached to an external object or goal. For example, this can be money, sex, or some sales goal. There’s something tangible that you want and you don’t stop until you get it.
But keep in mind these types of motivation are not mutually exclusive. They can end up working in tandem.
However, while it’s good to have some motivation…
Your extrinsic motivation should never drive you.
For example, if you think you’ll finally be happy, have love, and feel at peace when you have more money, you may end up disappointed.
Just look at Walter White from Breaking Bad. He became a modern-day tragedy just like King Midas.
Eventually, he was only driven by extrinsic motivation.
If you are ONLY driven by extrinsic motivation, you’ll just end up like a dog chasing its tail. All the money, sex, or whatever external object you chase won’t bring you what you are looking for.
That is why working on your intrinsic motivation is extremely important. You must focus on being at peace with your core values before you seek external things.
You must work on yourself internally while you work towards something.
Never tie your motivation to something that’s conditional or outside of yourself. If you are telling yourself…
“I won’t be satisfied until I’m rich” then you’ll only set yourself up for disappointment.
Remember intrinsic motivation is a must while extrinsic motivation is complementary. It is not the solution.
How to Stay Self-Motivated
With that in mind, you have to focus on how to stay self-motivated. It’s all about coming down to your why.
Your why should be tied to something intangible and valuable. Maybe you are self-motivated to be a day trader because you want the intangible value of freedom which is complemented by the tangible value of having more money.
And having more money so you can have more freedom will give you the life you want to live. Being able to travel, support your family, and bless all your loved ones with your presence and support.
You just want to be the hero of your own story.
Once you know your reason why, you can focus on smart and actionable goals of becoming a day trader.
In that regard, here are some actionable tips that allow for self-motivation
- Keep your why in mind: use constant reminders that drive your intrinsic values (your family, loved ones, and being valued).
- Simplify your life: remove distractions and habits that stop you from doing what you have to do. If you are surrounded by negative people and influences, you are jeopardizing your journey to being a day trader.
- Practice patience: The success you’re dreaming about is not going to happen overnight. You are in for a long and hard grind.
- Do the Work: Just do it. Being a trader means you are going to learn technical concepts, how to read charts and execute trades. You can reject or stop reading this the day you meet a successful trader who never made trades.
Self-Motivation is Simply Commitment
Self-motivation is simply a commitment to yourself. You essentially promise that you will drive yourself to do whatever it takes to thrive and prosper.
But you must start from a place of internal contentment. Do not let external things or another person’s idea of success influence you.
You can still go through life serving and bringing value to others but never at your own expense.
Remember to live for you.
Are You Ready to Make the Commitment?
If you’re willing to do whatever it takes to thrive and prosper, join the Big Energy Profits family!
You’ll get access to all the insights and information you need to make profitable trade decisions each and every day.