the markets for the first time, primarily as graduates at investment banks or on training programmes at proprietary trading groups. Almost every new trader I have worked with has told me that they are motivated, often highly motivated, to achieve success in trading. Most tell me that they are willing to do “whatever it takes”.
Motivation is wanting to be successful. Commitment, however, is actually doing what is required to become successful.
Motivation is a feeling. It certainly mobilises energy for taking action, but it is transient – it comes and goes.
So what happens when our motivation is low, perhaps during a period of drawdown, or in quieter or more challenging markets? How will this impact taking effective trading action?
Consider these two questions.
1 For the rest of your trading career you only take the specific actions that are required to maximise your chances of success in trading if you are feeling motivated – you are in the mood, trading is going well, you are making money, you are psyched-up and feeling good.
2 For the rest of your trading career you take the specific actions that are required to maximise your chances of success in trading – whether you are motivated or not, in the mood or not, whether you feel good or bad, whether you are making money or losing money, optimistic or pessimistic, calm or anxious, relaxed or fearful, energetic or tired, confident or not.Which would you choose?Many people link taking specific action to being in a particular mindset, mood, or having a required level of motivation. In trading, however, it is often the case that action will need to be taken even when the desired internal experience is not present. Traders have to be able to take market opportunities that present themselves, even though difficult thoughts and emotions around losing may be showing up following a previous losing trade or a string of losses. Traders need to be able to stay in winning trades, even though thoughts and emotions around the potential for future regret may be showing up. Traders have to be able to take losses, even though difficult thoughts and emotions about taking the loss and the possibility of the ‘market coming back’ may be showing up.
It is commonplace for traders to have to take effective trading action while co-existing with difficult internal thoughts, emotions and physical sensations.
From motivation to commitment
Commitment is about being action-focused. It is about taking action, doing what is needed, even when motivation is low, or you are tired, or you are feeling anxious. Or, in fact, when you are having any difficult internal experience.
Commitment is long lasting. It cuts through motivation. It doesn’t require you to feel a particular way; it just requires you take effective action in that moment.
When you take action you create shifts in your mind and body. Taking action in itself can lead to increased feelings of motivation. Action can actually be antecedent to motivation.
Act first, then feel as a result.
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