The Value Of Protecting Your Confidence

When trading stocks – whether you’re an experienced trader with a several thousand dollar portfolio or you’re just learning the ropes of trading and still trying to figure out where to get started this is for you!

Trading stocks can be a nerve wrecking experience no matter how experienced you are. The inevitable loss is bound to happen to anyone and can definitely get frustrating and even stop some from continuing to trade.

John Balauat my assistant coach in my stocks & crypto trading group wanted to share a few thoughts on this topic and how you can continue to keep your confidence in trading even when you face loss.

 

The Value of Protecting Your Confidence

This week I want to talk  about the importance of protecting your confidence when it comes to trading. This principle isn’t only important in trading though … It’s important in learning anything complex and valuable.

If you wanna find consistent success, you have to have the right mindset and a big part of that is confidence.

You see, confidence gives you a firm footing in your beliefs and strategy. It prevents you from being shaken and overly emotional.

The more confident you are, the more focused you can be on what really matters so that you can make good decisions and act swiftly in the moment.

Oh yeah — and confidence helps you get back up after you’ve been knocked down. Without it, you’ll eventually quit when things get hard. Quitting isn’t an option if you want to be successful and change your life.

Here are some tips on how to protect your confidence.

Keep Your Big-picture in Sight
There’s a reason you started this journey — And you should ALWAYS remember it.

Maybe you’re tired of having a boss … Or you want another income stream. Whatever it is, you should have some ultimate goal. There’s gotta be a purpose for the pain you’ll go through.

The most valuable things need to be fought for and a good purpose will help you through the ups and downs.

Celebrate Your Victories — Especially the Small Ones

I believe one of the things that keep people from being successful is how they talk to themselves. When you are overly critical of yourself, you are destroying your confidence.

Build your soul up by celebrating your victories, especially the small ones. Make it a habit to encourage yourself so that you increase your faith and belief in what you can accomplish.

Go Back to What You Know
What do you do when you’re confused and don’t know what to do?

Go back to what you know.

The trading journey can be rough — just like any other worthwhile business or career — and there’ll be times that you might be confused.

Remember that there’s a reason you made it as far as you have. When you don’t know what to do, go back to what you know and do that until things become clearer.

Know When to Step Away

Finally, know when to step away from trading. If you hit a bad rhythm of losses, break it up by doing something fun.

The truth is, this type of thing should be a habit. Your soul — and confidence — will flourish if you do something you love regularly. This could be working out, watching a movie, or spending time with family.

Conclusion

Confidence isn’t a quality that just shows up. You have to be intentional about developing it.

Make sure to keep this in mind and make it a priority in your trading journey. Your bank account will thank you.

– John Balauat

Do you want to become a better trader? Come join our Stocks, Trading & Crypto group. We meet every morning at the trading bell so that everyone can learn faster and more effectively. We’d love to have you join us!