Do you have have what takes to be my next Millionaire Tading Challenge student?
If you do then you’re going to have be inspired to study your ass off and that’s why I post so many photos and videos like these:
This is my plea for you to #dreambig and then have the #patience to work your ass off for several years to actually make those dreams come true. Yes, it’s going to take a LOT of #hardwork and #time and #effort in order to be #successful so you had better love what you do and not be like the 75% of people who hate their jobs and then wonder why their lives are going nowhere. And also remember to get out there and go #exploremore as the world is a truly fascinating place, with amazing experiences galore and great causes like saving endangered species that the great charity @vetpaw does here in #southafrica a country that I have come to now love during my 3rd visit here! #tia #johannesburg #livingthedream #makenosmallplans #youhaveoneshot #momsspaghetti #makenosmallplans #dailymotivation #dailyinspiration #jewcandoit
Flashback to buying my #ferrari watch http://tim.ly/jewrari to see the whole experience as it should serve as your #dailyinspiration since I dreamed of owning a car like this ever since I was a kid and it was only after a decade of #hardwork in the #stockmarket that I was able to make it happen…like I always say, if #lovewhatyoudo and you #dreambig and #workhard and understand that #patienceisavirtue then all your dreams can come true! #fbf #flashbackfriday #ferrari458 #ferrarifriday #dreamscometrue #workhardplayhard #exoticcars #whatalife #jewrari
…because in any type of work, burnout can occur from time to time so you must stay inspired to stay the course!
And trading is certainly no exception. With the constant adrenaline rush paired with a necessary attention to detail at all times, it’s demanding work. Remaining inspired can be challenging. These tips are designed to help you get and keep your motivation as a trader so that you can find success in the long term and actually study hard enough and have enough patience to become my next Millionairestudent.
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1. Revisit your goals. One of the easiest and most effective ways to stay inspired as a trader is to revisit your goals. When you started out as a trader, ideally you set specific goals for what you wanted to achieve, be it money to send your kids to private school, funds to invest in a rental property, or something else entirely.
How’s it working out for you? Maybe you’ve already attained what you wanted, and you need to revise your goals to aim higher to stay inspired. Or maybe in revisiting your goals, realize that what you want has changed entirely. Revisiting and editing your goals to suit your current place in life can be a highly motivating practice, and can help you stay inspired as a trader.
2. Make a list of what not to do. Go ahead: tear up that to-do list (or rather, set it to the side for the moment). Now, make a to-don’t list. List all of the things that are wasting your time or holding you back. Don’t edit yourself: be honest about what is blocking you, be it long lunches or too-frequent Facebook interludes. Now, keep that list around so that it can act as a reminder not to engage in these time-wasting behaviors during trading hours. This can inspire you to revisit your actual to-do list with renewed energy and a sense of purpose.
3. Learn (or re-learn) the basics. One of the best ways to renew your passion for trading is to strengthen your foundation. In my Tim Sykes Millionaire Challenge, I lead my students through the basics of trading, but also offer new ways to approach the market. If you never took the time to learn the basics before starting to trade, you’ll be amazed by how much it can help. Even if you have an idea of how penny stocks work, it’s never a bad idea to brush up on the basics. You will always learn something new that can help improve your profits.
4. Get jealous. Take a long, hard look at the people who make you jealous. You know, the superstar traders who you want to be like one day. How did they get to where they are now, and what are they doing differently than you?
Now, use that envy to productively improve your own career. Evaluate how you could emulate some of their habits and skills to improve your own trading. Sometimes, a little jealousy can go a long way in terms of keeping you positively inspired as a trader.
5. Get out of your own way. Are you constantly blaming situations or other people for holding you back? If so, it’s time for a reality check. Other people and external situations are not holding you back from making money. It’s your faulty belief system that is keeping you from succeeding. So really take a hard look at where these thoughts are coming from, and try to reverse them. Know that you are capable of being successful, and that it’s your own hard work that will get you there. Let this renew you. Get out of your own way, and clear the road toward success and making millions.
6. Love the process. Anyone can make money by trading. But if you don’t love doing it and just go through the motions to make a profit, you’ll eventually fizzle out. If you learn to love the process as a trader, you’ll stay far more motivated and likely make much more money over time.
Really allow yourself to become fascinated by the process of trading. Learn all that you can about it. Developing a love for the entire process, including the ups and downs and even the nitty-gritty research, will make you a better trader, I promise.
7. Embrace risk. Increasing risk tolerance is an important part of my training with the Tim Sykes Million Challenge team. Ultimately, you’re always having to deal with risk as a trader, so it’s best to get used to it. However, by doing your research and learning the “rules” of trading, you’ll be better able to take calculated risks. Sometimes, the act of stepping out of your comfort zone and taking a risk is just what you need to get the adrenaline pumping and revive your inspiration and vigor as a trader.
8. Break bad habits. Everyone has bad habits. But that doesn’t mean that you should sit back and accept them. The fact is, your bad habits may be causing you to lose money and could be holding you back from attaining success. Millionaires tend to have a lot of good habits that they have cultivated with much practice. But less talked-about is how successful people are committed to banishing bad habits. Basically, they recognize when a bad habit is keeping them from gaining more success, and they work hard to remove it from their lives. Identifying and then working hard to reduce bad habits will improve your life, which will ultimately help keep you inspired as a trader.
9. Meet with a mentor. Meeting with a mentor can act as a huge source of inspiration for your trading. Particularly if you’re having a tough time, a mentor can advise you from further down the road. They have probably been through what you’re going through, and can advise how they moved past it. Hearing the accounts and experiences of someone who has been through what you’re going through and has time and perspective on their side can be helpful in getting you out of a rut. Regular check-ins with a mentor can motivate and empower your trading.
10. Do some good for the world. When you start making money, it’s time to give back. Charitable giving is beneficial in many ways. For one, many charitable donations are tax deductible, which means that come tax time, your good deeds will be appreciated and can cut down on your tax costs. But on an even larger level, giving back makes the world a better place. It improves the economy and the general state of the world. An improved world and economy means more opportunities for you to make money. So ultimately, by giving back you’re investing in your own future.
As a trader, it’s important to stay inspired. When you are engaged and have passion for what you are doing, you’ll do better work. By following the tips listed in this post, you’ll be able to stay at your best performance and avoid burning out or becoming complacent over time.
How do you plan to be an inspired stock trader? Leave a comment below and let me know if you’re inspired to really push yourself and see what you can become!