Updated: Dec 28, 2021
I am a big fan of Super Trader mindset suggested by Van K.Tharp and for those who know me, I have been stressing about it heavily in my trainings.
It is a well-known fact that a trader's success is 60% based on his mindset, 30% on his position management, and 10% for the systems/trading strategies he uses. In Super Trader book, Van K.Tharp stresses three relationships that need to be in place to have a trading mindset
Relationship with yourself
Relationship with Money
Relationship with markets
In this post, I want to share how I worked on my relationship with money to achieve the trading goals I desired.
I grew up in a middle-class family and was well provided for basic needs and education. However, there was always a tab kept on where the money was spent and would hear the phrases from friends and family such as
"Money does not grow on trees. You need to work hard"
"Money is the root of all evil"
Have you heard them? I am sure you would have.
I was blessed to get a scholarship to do my master's in the US and have settled down here. Deep down, I always wanted to be on my own and was introduced to trading & technical analysis by a good friend of mine. I was excited about the potential and spent most of my free time learning the trade.
Thanks to my upbringing, I was very frugal and was able to save a lot of money in less amount of time. I could see myself as a multi-millionaire through the vehicle I had chosen ( trading). However, something was amiss. I was losing my capital steadily while making money here and there. I had no clue what was happening and was desperately looking for help.
That is when I stumbled upon Super Trader book. I began to understand that I have to build the belief in myself before I can be successful (Relationship with myself). I began reading a lot of positive mental attitude books ( PMA) that slowly increased my belief. I also began to understand how markets work, understood what kind of a trader I am, and worked on building the systems that I could trade with conviction repeatedly.
So, I was able to work on myself and markets but still was not finding the success I was looking for. I thought I understood how money works and I did not have to work on it. But, just like how vending machine gives you an item only if you put the exact amount, Success will elude you until you work on all the principles.
At around the same time, I was associated with Joe Vitalie ( nickname is Mr. Fire) and was getting his emails daily. In one of the emails, it was mentioned that "money is just a tool for providing value". He also mentioned that " Do not develop an attachment to money but to the process involved in providing value. Money, prosperity, and abundance is just a by-product for providing value"
That was an eye-opener for me. I was so focused on the monetary value I wanted to make and was not focused on becoming the person that earns so much money. I studied the rituals of successful traders along with their trading plans diligently and customized them for my personality.
Here are three steps that I do to attract abundance and prosperity my life
I Invest in myself by reading books and following successful entrepreneurs. I always believe I know very little and there is a lot to learn. At the same time, I believe I am a game-changer and have unlimited potential.
I understand that money is not the root of evil. It is just a way to appreciate for providing value. What are some of the ways how I practice focussing on value rather than on money itself. When I write a cheque for a service provided, I write " Thank you for the service provided". For example, when I write a cheque for my lawnmower, I write "Thank you so much for keeping the lawn tidy and neat" and then fill in the amount. It is also a great idea to send Thank you card appreciating the services provided by various vendors.
I make it a habit to give regularly. The more I give, the less attached am I to the money which results in me attracting more abundance and prosperity in my life.
It is very important to have a healthy relationship with yourself and money to attract abundance and prosperity. Above, I have mentioned a few ways that I have used to get detached from money and focus on the process of providing the value which in turn attracts money. Would love to hear your thoughts and experiences about attracting money.
If you like this post, you might also like the law of attraction- does it work?. Also, did you know that Breakout trading strategy is one strategy that can be used for trading cryptos, stocks, options, and other derivatives and gives you the best risk-reward ratio (RRR) for the trades placed?
If you want to have fun trading, get some live feed about what I trade along with technical analysis, connect with me on https://twitter.com/InvestorTechie
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