Setting goals for yourself is better than nothing, but does not guarantee that you will achieve them. And even if you really, truly want it, you’ll probably talk yourself out of taking the necessary steps if your mind doesn’t back your great aspirations for success. 

Despite the millions of articles written every year offering advice on how to keep your New Year's resolutions, nearly 80% of respondents admitted to giving up on their goals by the end of February, according to Forbes. Which means that very few people achieve their goals.

If you are a trader, statistics like this should not come as a surprise. After all, you know how difficult it is to keep your promise to yourself. The most frequent problems that most traders encounter are breaking their trading rules and failing to stick to their trading plan. 

In this article, I’ll provide you with 5 mindset-related tips to help you not only keep your New Year's resolutions but also cope with mental obstacles getting in the way of your trading goals.

Tip 1

Embrace the challenge

Trading can be a very demanding activity - mentally, emotionally, and at times even physically. Your mind state is key to overcoming the mindset obstacles in your way. We frequently consider an obstacle as a problem. As something undesirable that needs to be eliminated. And often we feel stuck because we either freeze or cramp up when an issue arises.

I invite you to start seeing everything that occurs as a circumstance that is created for you rather than something that is happening to you. Accepting the challenge will change the way you see the problem. The problem will now present a chance to grow and advance. Ask yourself, “What can I learn from this?” repeatedly.

Keep in mind that resistance is necessary for building strength. You are getting the resistance you need to get stronger from the difficulties and barriers in your path. By doing this, you increase your resilience and learn to deal with your emotions, failures, and accomplishments without letting them influence your judgment. This is your opportunity to become stronger and grow. Don’t be afraid to face it. Embrace it.

Tip 2

Focus on effort and never the result

You must take numerous steps if you wish to climb a mountain. And if you are not cautious at every turn, you might never make it to the top. You may occasionally need to detour or pause to rest. You must take the right action at all times if you want to arrive at your destination. 

Ask yourself: When you trade, do you concentrate more on the results – that is, the money–or on your process? Because if you don't focus on the latter, you're hurting your chances of success. Building consistency of profits becomes challenging if your attention is constantly focused on winning or losing money when you make trading decisions.

Achieving consistency in trading requires consistent actions that can be measured over an extended period. Consistent actions means following the same strategy and the same process. Focusing on money, however, will most likely drive your actions to be based on emotions. The hope of making money and the fear of losing it will cause your behavior to be irrational and rather random. Focusing on the result in trading usually leads to getting yourself stuck in a vicious cycle of making money and then losing it all.

Tip 3

Be at peace with imperfection

Many people aim for perfection in their lives, which frequently leads to stress and frustration. When they make mistakes, they are unhappy, and when they fail, they are quite critical of themselves. 

What many traders do not realize is that the path to perfection entails numerous attempts and failures. Without making mistakes, you won’t discover what isn’t working. Mistakes serve as feedback to keep you on course. They are there to show you the right way to move forward. 

You will understand that perfection as a goal does not exist if you can accept trading mistakes and learn from them. Because there is always room for improvement, a teachable moment. The journey itself then becomes perfect as a result.

Tip 4

Keep asking the question HOW

Where there’s a will, there’s a way. And we are the largest hindrance to achieving our objectives. Every day, we choose between what is and is not feasible for us. 

Consider the choices you make when you trade. How many times have you gotten out of a profitable trade because you thought the price could not possibly rise further? Or think of a trading habit you'd like to give up. How often have you told yourself, "I want to change it, but I just can't stop myself"? 

All day long, we converse with ourselves. That is, in our heads. We can talk our way into situations as well as out of them. We act on the beliefs we have created for ourselves, and many of these beliefs are limiting. They restrict your potential and sabotage your goals.

Nothing is impossible. The word "impossible" consists of “I’m possible”. Therefore, if you believe you can do something, it is within your reach. So, stop second-guessing your ability to stick to your resolutions and keep asking yourself "How can I make them happen" instead.

Tip 5

Enjoy the journey

The now is where life is happening, not the next day, not a year from now. And just like in life, achieving your goals is more about the process than the final destination. Because there will be another goal once you accomplish your first.

Every journey offers a lot of enriching experiences along the way. If you begin to recognize them and value them you will enjoy every step. And doing so will make reaching your goals more simple and enjoyable.

Due to the absence of instant results, many people give up on their resolutions. Are you one of them? Forget your expectations. Set your mindset on intention to enjoy every step and you will always find something you can be happy about and proud of. You’ll feel energized and motivated to stick to your plan and continue the journey. 

After all, you want to be able to say “It was well worth it”, when you reach your destination, right?

Focusing your mindset on these 5 tips every day will help you stay disciplined and stick to your resolutions. Because your mind is where the discipline (or lack thereof) begins.

Mastering the discipline of your mind means being able to follow through on your plan consistently, which results in consistent results. Consistency can be helpful in any area of your life, but trading is not an option. If you want to succeed that is. 

Curious to discover how to master your mind and develop the discipline required to generate consistent income from trading? Schedule a Mindset Mastery call now. It’s free!