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[PTC Man]

Excuses



By Adrienne Laris Toghraie, MNLP, MCH

Current market conditions have certainly provided traders with a multitude of good excuses for losing money. But whatever your excuse, there are those traders who are consistently making money in any market. A top trader recently called me and said that for him trading was like going to the bank to withdraw money. "Even in these markets?" I queried. To which he answered, "Especially in these markets."


Processing Excuses
For some people, excuses become a way of life because there is a big payoff. With excuses you get agreement, sympathy and stories to justify your position. For example, here is a typical conversation between traders: "This market is difficult. My system isn’t working very well in these market conditions. I just cannot follow my rules when the market is like this," said one trader to another. "I’m finding the same problems in making money in these conditions. I know how you feel because I’m feeling depressed about the markets most of the time, too. My wife and I were counting on continued profits from the market for an early retirement. My 401k is now a 201k headed to a 101k."


Ask yourself these questions.
1. Is my conversation more about why something cannot happen than why it can?

2. Do I underachieve for my level of ability?

3. Would I have more success in my life if I gave up excuses and acted on solutions?

4. Is passion and motivation to act on a plan of action difficult for me to feel?

If your answer to any of these questions was "YES," you need to work on solutions to your excuses if you want to achieve more success in your life.

Some people use excuses that result in a temporary setback. They find that the solution lies in the excuse itself. For example, "I can’t do this because I don’t have a plan." Let’s listen in on an interaction between two traders who handle their excuses by acting on their own solutions:

"I’ve had to make major adjustments in the way I trade because of the changes in the market conditions. I knew it was necessary for me to back off in trading until I could come up with a plan that would work in these awful markets. I’m in the process of testing my theory," said one trader to another. The response: "That’s what it took for you to become successful in the first place. I’m sure that you are headed in the right direction. Would you share some of your ideas with me?"

The traders who are constantly making excuses are contending with traders who strive to plan for every market contingency, so they know how to adjust their trading systems as the markets change. These traders don’t have to deal with the excuses because they have already planned for changing market conditions.


Are Excuses Running Your Life?
On a daily basis, we all give ourselves excuses for not doing things. This is a part of how we function as humans. In order to be successful, you must give up your excuses for why something cannot be accomplished and focus on why it can. People who reach their goals and have fulfilling lives know how to balance time, energy, and the right psychology in life. There is always a price to pay for higher levels of success. Are you willing to pay the price?

History Is Filled With Those Who Did Not Let Good Excuses Keep Them From Accomplishing Their Goals

· Demosthenes stuttered. So, he taught himself how to be the finest orator in ancient Greece by speaking with marbles in his mouth.

· Julius Caesar was epileptic, but he still conquered the world.

· Darwin suffered from a sleep disorder, so he used the time to write the


Origin of the Species.

· James Watt, the inventor of the steam engine, was too weak and sickly to go to school as a boy. However, the lack of formal education and illness did not prevent him from succeeding as an inventor.

· Cornelius Vanderbilt built most of his railroads and made his fortune after he was 70.

· Claude Monet painted his great works in his 80’s - Titian was in his 90’s.

· Ludwig van Beethoven was deaf and still composed his great symphonies.


And In More Recent History, Traders Who Did Not Let Good Excuses Get In Their Way Of Success

· A quadriplegic trader who has to get up three hours before the market opens and does not give excuses as to why he cannot be successful.

· A trader, who has only a high school education, started with no money, has Attention Deficit Disorder and is Dyslexic, now at 35, is a multi-millionaire from trading his own account.

· Losing his entire family in a tragic car accident and then losing a leg in Vietnam did not prevent a trader from having a successful trading career.

· A recovering alcoholic and drug abuser has not only conquered himself but has also conquered trading and has a happy life.

· Starting with no computer, no money, and no family support, a trader became a highly successful money manager.

· And there are those many traders that I have coached over the years. These traders have overcome their sabotage issues and are continuing to reach each next new level of success in their trading and in their lives.

So, what are your excuses for not being a trader or for not being as successful as you could be? I’m sure that they are compelling ones and would convince not only me but countless others. But, for as many excuses as you have, there are solutions.


Never Ending Obstacle Course or Path to Success
Is your life a never-ending obstacle course? Would a conversation with me sound like this, "In order to become a successful trader I have to finish school, get married, buy a home, start a family, save enough money for trading capital, develop a system and work a full-time job while I paper trade to build the confidence to trade with real money."

A conversation with someone in similar circumstances, but on the path to successful trading might sound like this, "While I am in school, I will develop a business plan for trading and save trading capital. In this plan, I will have goals for achieving each step and will seek out people who can help me to attain these goals. As soon as my theory is tested, I will start to trade and will create a time-table for the other areas of my life."

The difference between the first trader and the second trader is where they each direct their intention and focus. The first individual is setting himself up for more excuses along the way and as a result, his other life activities will take priority over his becoming a trader. When you start acting like a trader, you are a trader.


When Do You Need to Give in to Your Excuses?

There are some high achievers who need an excuse to stop over-exerting themselves. Very often a person will subconsciously create a situation that is hard to ignore such as a broken arm, or an illness just so they can have an excuse to take a much-needed rest. In cases like these, listen for the message that the universe, the situation or your body is trying to impart to you. Individuals who are over-achievers that continue to push when they should back off very often create larger problems.

Bob, a colleague of mine who eventually became a client, was a talented football player when he was in college. He probably would have made it to the professional leagues if it had not been for an injury that he ignored. He was advised to push on playing through the season with a sprained wrist. If he had taken care of the wrist when it was originally injured, he would not have had to give up playing football.

Later when Bob became a trader, he pushed himself beyond what was healthy. He came down with a very bad case of the flu. I recommended that he stop trading until he had recovered, but he pressed on and in the process lost six months of profits. Bob finally stopped trading after losing seventy-five thousand dollars.


What is at the Core of Your Excuses?
Here are some typical excuses that traders give as to why they are not successful. I will give an example of what could be one of the underlying causes and then provide a suggestion for overcoming each issue. It is important to note that there are many interweaving issues that could be at the root cause of each excuse.

· Life excuses: My life is a series of losses.

Issue: Behind this excuse is low self-esteem and self-fulfilling prophecies.

Suggestion: Build small successes into big successes.

· Identity excuses: I’m not smart enough to become a trader.

Issue: Most people believe that high intelligence and having a college degree are necessary ingredients to becoming a trader. This belief needs to be changed, because it is not useful and is not true for many successful traders.

Suggestion: Read about the education of successful traders and you will find that many of them did not get beyond high school. Some of the best traders I know are referred to as "street smart traders."

· Value excuses: Trading returns no value to society. How can I feel good about myself as a person with this understanding?

Issue: Many people associate trading with gambling and do not look at the economic consequences if there were no traders in our capitalistic system.

Suggestion: Ask any professional trader what value his profession returns to society.

· Using others as an excuse: My wife thinks trading is gambling.

Issue: You need to educate your wife and yourself that trading is a viable business.

Suggestion: Until you develop a business plan, including a well-tested system and monitor your ability to follow your rules, you are a gambler.

· Environmental excuses: Until I get the right environment to trade, I cannot trade.

Issue: People use environmental excuses for being unable to do something because they are afraid that they do not have the necessary skills to accomplish what they say they want to do.

Suggestion: Take 15 minutes a day or one task a day to start creating the right environment. Slowly but surely you will become ready to start trading.

· Seasonal excuses: Every Fall I lose money.

Issue: You are probably ignoring a message or lesson. Perhaps, you did not take that much needed vacation and your body is letting you know.

Suggestion: Ask yourself, "Is there anything in my trading or business life that I need to address?" When the answer comes, follow through or give up trading in the Fall.

· Life Interruption excuses: Whenever my in-laws come to visit, I can kiss my trading goodbye.

Issue: Your in-laws do not take your business or you seriously.

Suggestion: You have to set rules not only for your trading, but also for the environment of your trading business. It is important to make sure that the people in your life understand and respect these rules. For example, no one is to enter your trading room during trading hours.

· Discipline excuses: I would make a killing in the markets if I could execute my orders when my system tells me to.

Issue: You are in conflict with yourself. Part of you says, "Go!" Part of you says "No!" The emotional part will always win.

Suggestion: The fastest and most effective way of letting go of the fear that is the primary cause of conflicts is through counseling.


Handling the "I-don’t-want-to’s"

In each excuse you give, there is something that you don’t want to do. Once you discover all of the "I-don’t want-to’s," make a list of them. For example:

· I don’t want to clean out the garage, room, desk, etc.

· I don’t want to call that person.

· I don’t want to do the research.

· I don’t want to put that plan together.

· I don’t want to read that book.

From my own experience, I have found that there are days when I can go down my list and tackle most of the tasks. Then, there are days when I cannot face one small task on my list. Sometimes, my strategy is to do one task a day. Just checking items off of my list is usually reward enough for small single items. However, I need a bigger reward, like a massage, to entice me to complete a full day of doing nothing but the dreaded list.

Develop a strategy for overcoming the "I don’t want to’s" in the excuses that work for you. Once you handle them, there is nothing left to do but enjoy the fruits of your labor.


Conclusion
The one thing that I have found to be true about excuses is that they are plentiful, but so is mediocrity. What is important for continued success in life is that you recognize what is holding you back. Very often, you will find the answer in your excuses. Decide what you must do to overcome the obstacles, and if the price is worth paying for continued success, then give up your excuses and take action.


The author can be reached at www.tradingontarget.com