Introduction
Welcome to the Mind Over Market segment with your host Louise Bedford. In this segment, Louise aims to help traders achieve mental clarity and reach their goals in the market. In today’s episode, Louise discusses the importance of achieving success in trading and life by finding the perfect balance between passion, skill, and money. She is joined by Jordan, a fellow trader, to share their insights on this topic.
Finding Balance: Passion, Skill, and Money
When it comes to achieving success in any field, including trading, having a balance between passion, skill, and money is crucial. Louise mentions the book “Market Wizards” by Jack Schwager, which highlights that the best traders are those who have a well-rounded life and possess a growth mindset. These traders do not compare themselves negatively with others and are able to monitor their self-talk effectively.
Louise then brings up a point from her new book, “Investing Psychology Secrets,” where she talks about the importance of traders believing in their own levels of superiority. She suggests that traders need to think that they are good enough and even better than the majority of people. This belief in their own abilities can give them the confidence to excel in the markets.
Jordan agrees with Louise’s point, mentioning examples from the world of sports, such as Lewis Hamilton in Formula 1, who had to believe he is the best driver in the world to achieve his success. Jordan emphasizes the importance of unwavering confidence and self-belief in becoming the best in any field.
The Bliss Zone: Passion, Skill, and Money Intersection
Louise introduces the concept of the Bliss Zone, which is the intersection of passion, skill, and money. She explains that finding this zone is the ultimate goal for traders as it signifies a perfect balance between their love for trading, their proficiency in the markets, and the financial rewards it brings. Louise uses a ven diagram to illustrate the different scenarios traders can find themselves in.
Passion and Skill without Money
Louise points out that having passion and skill without making money can still be fulfilling as it becomes a hobby or a personal interest. She shares her own hobby of creating clay figures, which brings her joy and satisfaction but is not something she expects to make money from. Jordan also mentions his hobbies of video gaming and sports, where he has passion and skill but doesn’t plan on making money.
Money and Skill without Passion
On the other hand, having money and skill without passion can lead to a lack of fulfillment, as people may find themselves in jobs they don’t care for. Louise explains that many individuals reach a point in their middle age where they realize they lack passion in their work, leading to a sense of unfulfillment. She warns against chasing materialistic goals, such as buying a Ferrari or dating a supermodel, as a substitute for true happiness.
The Bliss Zone: Passion, Skill, and Money
The ultimate goal for traders is to be in the Bliss Zone, where they have passion, skill, and money. Louise emphasizes that being in this zone ensures both financial success and personal fulfillment. She mentions examples of successful individuals like Jerry Seinfeld, who honed their skills and combined passion, skill, and money to achieve great success in their respective fields.
Developing Your Purpose and Mission
Louise highlights the importance of having a clear purpose and mission in trading and life. She suggests several steps to develop and align your purpose with your passion, skill, and financial goals.
1. Write Down Your Objectives
The first step is to write down your objectives and why you are trading or pursuing a certain career path. Louise encourages traders to think about their personal goals and the bigger picture they want to achieve in life. She recommends considering the impact and legacy you want to leave behind.
2. State Your Current State and Desired State
Next, Louise advises stating your current feelings and where you want to be in the future. By acknowledging your current state, you can identify the gap between where you are now and where you want to be. This self-awareness is essential for creating a clear path towards your goals.
3. Be Gentle with Yourself
Louise emphasizes the need to be gentle with yourself and forgive yourself for past mistakes. While it’s important to hold yourself accountable, it’s equally important to learn from your mistakes and move forward. Louise shares her own approach of analyzing mistakes, developing action plans, and focusing on growth rather than dwelling on past errors.
4. Write Your Mission Statement
The final step is to write your mission statement, which encapsulates your purpose and what you aim to achieve. Louise shares her own mission statement from when she was 19, which focused on inspiring others, creating wealth, and helping others discover their true energy. She encourages traders to think about their personal mission and how they can align it with their trading goals.
Conclusion
In conclusion, achieving success in trading and life requires finding the perfect balance between passion, skill, and money. Traders need to believe in their own abilities, have unwavering confidence, and develop a growth mindset. By aligning their purpose with their passion and financial goals, traders can reach their Bliss Zone, where they experience both financial success and personal fulfillment. Remember to be gentle with yourself, learn from your mistakes, and keep working towards your mission. With the right mindset and dedication, success is within reach.
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