Everyone knows that emotions are the death of any trader. But the downsides of emotions go beyond placing actual trades.
Have you ever jumped from trading strategy to trading strategy but never really found one that you feel suits you?
Yet, after all that time moving from system to system, you never managed to make real money trading.
It’s ok — a lot of traders (and people outside the trading world) are guilty of it. You aren’t alone.
But this phenomenon — called “Shiny Object Syndrome” by many — kills the careers of most traders before they even start.
See, the traders that fall victim to this get that fire in their belly when they come across a brand new system they’ve never heard of before.
You can almost hear the cash register ringing in their brain and see the dollar signs flashing in their eyes.
But a couple weeks or months later, the money isn’t flowing in as fast as they expected. Or maybe it is, but the thought of making money trading has lost its luster…
Until one day, they discover a brand new strategy.
The fire comes back.
They splurge on this new membership or course, eager to make money.
Until the cycle repeats…
Today, I want to offer a few tips to break the cycle. They aren’t automatic fixes — ultimately, it’s on you to stand firm with your current system and resist the novelty of the new one.
But I think these tips can help.
Before you jump over to that new system or strategy on impulse, slow down and think about it. Instead, be skeptical and even suspicious of it.
When I feel the Shiny Object urge come on, I’ll sleep on it. After all, sleeping lets your brain clear things out and helps you think more rationally tomorrow. Plus, it removes the urgency of the decision.
It’s easy to get impatient when you haven’t made a ton of money right away after starting with a new system.
But there’s no get-rich-quick in trading. There’s only get rich faster or slower.
So instead, mentally reframe: look at what kinds of progress you’ve made already. Consider what you’d lose if you gave up on your current strategy for something brand new.
Of course, this doesn’t mean stick with your current system no matter what. It just means to weigh the costs of leaving against the benefits of staying.
It’s good to have concrete trading goals. They serve as markers of your progress and growth.
But more importantly (at least for the purposes of this article), they yank you back on track if you evaluate them in conjunction with taking stock of your progress.
See, without clear goals, you’ll easily fall for the next Shiny Object. Having those goals helps you avoid doing that because:
So make sure you set good goals and refocus on them if you feel yourself drifting toward a new Shiny Object.
Successful trading brings its own reward — money!
But even then, you get used to making a certain amount of money with your new skill. That fire you had originally can burn out.
At some point, trading success gets boring. It’s supposed to be boring. Boring trading often wins.
So reward yourself as you hit milestones. Treat yourself to dinner. Buy yourself something on your wishlist.
If you make trading enjoyable, it’s much easier to stay on track when an attractive new idea appears.
Now, there is one more tip that kind of fits in with tip #4 (the part about trading being “boring”): have a relatively passive trading system like my Profit Flow Group.
You can go about your normal life while making plenty of extra cash on the side.
No need to try and find a fun new Shiny Object, since you barely have to do anything in the first place. You have more time during your day-to-day to do things you actually enjoy.
I bet that once you join Profit Flow Group and take some of our trade alerts, you’ll be happy to stay for the long haul, too. Maybe you’ll want to try something new down the road, but I doubt you’ll want to leave Profit Flow Group behind.