How do you define success? All of us want to be wealthier, more secure, and happier. And we all want to be successful in our trading. Instead of thinking about what makes some binary options traders successful and other binary traders fail, why don’t we take some time to talk about how we define success? In my experience, that definition is in itself an important ingredient in achieving any victory.
Have you ever sat down and really asked yourself why you trade, and what you hope to gain from your trading? The easiest answer is, of course, “Profit. I want to be rich.” But what does that mean to you, and why do you want it? Do you want to be rich because money is good and more is better, or do you have a goal in life that money would help you to achieve? Do you have a plan for what you would use that money for?
And what about personal success as a human being? If you are trading arbitrarily and counting on Lady Luck to bestow those riches on you, you certainly won’t become particularly accomplished in the process. Any success given to you will be just that—a gift, and not something you have earned or could replicate. If however you depend on yourself, and develop your skills and discipline as a trader, you would have earned your trading riches. And that is another type of success.
Traders who define success according to not just the ends, but also the means, are far more likely to make it in the long run.
There are two reasons for this.
1.Traders who trade with discipline and develop their skills are more likely to win and less likely to lose, particularly over time.
2. Traders who trade with discipline and skill are more likely to be able to keep winning even after they get rich.
Did you know that a large percentage of lottery winners blow all their winnings within just a few years, and actually end up declaring bankruptcy? This is because they got rich without having to put any effort into it. While it’s great to get lucky, in some ways it can be a detractor from long-term success. Those lotto winners didn’t have the money management skills or spending discipline to hang onto their winnings or grow them with new investments, or spend them on meaningful pursuits. Without that discipline, they ultimately went bankrupt. This happens to people every year.
Here are three new definitions of success to consider in your trading and your life. Notice that none of these definitions is “getting rich quick.” For more on why that is not a realistic definition for success, read this article.
1. Success is measured according to personal growth.
What if you learned to trade binary options not to get rich, but to cultivate personal qualities like discipline, intelligence, patience, determination, and consistency? Instead of focusing on getting rich as quickly as possible, you’d focus on using your trading as a tool to become a better person. Since discipline, patience, and other qualities which determine monetary success would be your driving motivation, you would end up making decisions that would make you money. And in the process, you would develop the same qualities that would prevent you from going bankrupt overnight after you did get rich. Moreover, those same qualities would play out in other areas of your life, making you more successful in your relationships, hobbies, and other pursuits.
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2. Success is measured according to meaningful values and activities.
Long before you get rich trading, there is immeasurable value that trading can give you in the form of time and freedom. If you learn how to trade well enough that you can trade for a living (which, by the way, is a far more realistic goal than “getting rich”), trading can free up your time. You can spend more time with your family and doing activities that mean a lot to you. You waste less of your valuable time commuting or sitting in an office doing work you do not care about. But you are not going to achieve this kind of success by relying on luck to give it to you. Consistency alone lets you trade for a living, since it is something you rely on day after day.
3. Success is measured by what you can give yourself and others.
This is all about asking yourself the question, “Why do I want to get rich?” Money is such a useful thing that there is no question that rich is better than poor, all else being equal. But if you do not have your eyes on a solid, definable goal, you are going to have a much more difficult time getting through the rough patches in your trading life (and your life in general). Is all that money going to sit in a bank account someday collecting dust? Or do you have big plans? Is there something you could build or create? Is there a charity you want to run or contribute to? Are there ways you could use your money to help others? Could you pass it down to your children and their children? How will you contribute to the world and enjoy fulfillment through becoming rich? Having a concrete goal will keep you focused when you feel your resolve failing.
Redefining success is a big step in becoming a mature binary options trader. It will get you away from the “get rich quick” mindset which is the undoing of so many new traders. You will be more likely to take the time and effort to develop real trading skills and use those skills to succeed now and in the future. Instead of short-term success, you will have a shot at long-term profit and personal growth.
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