Everyone is a little afraid of losing. It's natural. You've worked
hard to earn enough capital to trade, and it is reasonable to worry
about losing it. But winning traders are objective when it comes to
trading capital. Losing doesn't faze them. Some of the biggest winners
are fearless. In her book, "On Becoming Fearless...in Love, Work, and
Life," Arianna Huffington offers advice on how to become "fearless
about money." Ms. Huffington astutely observes, "It is impossible to
be fearless about money if we don't value other parts of our lives and
ourselves more than we value our bank accounts."
Market observers have long observed that when traders need to make
profits to maintain a highflying lifestyle, they usually choke under
the pressure. Winning traders learn how to look at trading capital
coldly and objectively. But as Ms. Huffington notes, "it's hard to be
fearless about something that is so elemental, so wrapped up with
survival." Not only are some people unable to view money objectively,
they have deep seated psychological conflicts about money. For
example, "poverty consciousness" is a problem for many. Poverty
consciousness is the fear that no matter how much money you have, it's
never enough. The idea of possibly losing it all can "fill us with gut
wrenching terror," according to Ms. Huffington. Poverty consciousness
can at times act as a motivator to drive us to accumulate so much
wealth that we will never face poverty again, but many times, it is a
constant source of anxiety.
For people with poverty consciousness, money takes on symbolic
meaning. Money may act as a social barometer of how well we are doing,
or it may become associated with security, freedom, and choices. As
true as this may be, it is the root of fear. It's hard to stay
objective when significant psychological meaning is placed on money.
For some people, the pursuit of money reflects a way of coping with
fear. The quest for money may represent emptiness in one's life. When
money has such symbolic meaning, a person can never have enough money.
How do you overcome your fear about losing money? "True fearlessness
about money can come only when we are not driven by an insatiable
desire for security," according to Ms. Huffington. Instead, a person
must live a life driven by passion and purpose, regardless of
financial circumstances. When you are passionate about something, it
will override your fear of poverty. If you have abundant passion,
abundant optimism, and abundant nerve, you will overcome your fear of
losing.
In the end, our happiness depends on whether or not we find our lives
meaningful, or at the very least, inherently rewarding. We must do
something significant with our lives. It doesn't necessarily have to
be significant like becoming the leader of a country or an
inspirational guru, but in our own way, we must make some sort of
contribution. We must believe that we have our own place in the world
and that it is important. Money isn't everything. It's the process of
how we live that matters, not the prize. It is much more satisfying to
pursue objectives for the pure joy of pursuing them, regardless of how
much money you can make. Winning traders are motivated by the inherent
rewards of trading rather than profits. It's common to hear winning
traders say, "I love trading so much that I would do it for free if I
had to." They find trading personally meaningful. The markets
fascinate them. Market action is intrinsically interesting. It is a
rewarding intellectual challenge to devise innovative new trading
strategies, and seeing how well your ideas pan out is exciting and
enjoyable, regardless of whether you win or lose. Viewing trading from
this perspective can act as powerful motivators. Individuals who
pursue trading in this way are more likely to feel satisfied and can
more easily manage the extreme stress the market is infamous for
producing. When you aren't focused on the profits, it's easier to stay
calm and focused. The money, and possible losses, is either secondary
or not an issue at all. Successful traders love the challenges the
markets offer and view their work as meaningful. And because they are
doing what they love, they are fearless.
MITUL SHAH
9879586722
8128988722
No comments:
Post a Comment