Today we’re going to talk about lazy traders or people who are not doing much.
Can you call yourself a full-time trader if you’re not doing much or if you’re lazy?
Well, here we’re going to talk about that. We’re talking about this because we have a book Mindsets of a Master Stock Trader that every trader should read.
You want to learn more about the inner game. This book is focused on the inner game.
The inner game is about psychology and the mindset. It’s like when you’re playing tennis. You could have great strokes, and you could run quickly – that’s all outer game. That’s external stuff.
But if you fall and trip and you don’t get back up because you feel emotionally upset, that’s what the inner game is all about. And it’s in trading as well.
You need the outer game, and you need to be able to:
- read charts
- manage money well
However, you also need the inner game. You need to be able to stay focused and disciplined. You have to be able to recover from losses emotionally.
That’s what we’re going to talk about.
Most people feel like they have to do something.
Look at somebody at a party. It’s one of the few reasons why you see everybody holding a drink in their hand at a party. We feel like we have to be doing something. Maybe we’re not talking to somebody, but we’re sipping a cup. It doesn’t matter if it’s a cup of beer or a cup of alcohol. It could be a cup of water.
The same concept is at a social gathering. People often play with their cell phones. It’s pretty standard at doctor’s offices.
Take a look around. That’s just the way the world works, and it operates. People naturally want to tinker things. We don’t want to feel lazy. We need to do something.
You have that feeling. I’m going to do something. I don’t want to sit around here and do absolutely nothing. We’ve been trained to think that laziness is bad.
Why are you just sitting doing absolutely nothing? This is a bad thing…
When we look at this and start to wonder: Well, if I’m a trader and I’m lazy, or I want to be a full-time trader well, shouldn’t I be doing something? I need to be able to tinker with the trade.
As a full-time trader, you need to be doing something right.
If you’re looking to become full-time, you need to tinker with the trade, scan the charts, and adjust the trade.
The problem here is you have to realize and recognize your position as a trader. To be able to do absolutely nothing in humans, in our natural state is very tough. It’s difficult because to do absolutely nothing and looking at the wall is hard.
Even if you look at the wall, your mind starts to think and wonder. As you wander, even that is not doing anything. Still, you’re going to be starting to think about things. This is very tough to do – doing nothing.
On the other hand, when you have a job, there is a boss or a CEO or an owner. And then what happens is, for example, he distributes work to Suzy, John, and Adam.
This work is distributed to other people. It’s not that the boss doesn’t do any work, but their job is to manage these people. When we look at this in a financial context instead of you tinkering, scanning, and adjusting, you can hire them to do that work.
Remember, you are the boss when it comes to investments. You are the boss of your money. You have money that’s going to work for you.
Everybody has a different job and process. And you being the boss – you have the money that works for you.
Does that make you lazy if you’re not doing the work?
No.
This is what happens. In a job or boss-setting, you’re the boss. You have to manage your money accordingly. You have to make sure they’re doing their work the right way. And then you can tinker them and put them on new projects.
If you think that you’re lazy by just sitting around and doing absolutely nothing – that’s not the case.
Ordinary people go to work, and they work for somebody. In a trading setting, you are the boss, and you’re bossing or managing the rest of your money. I like to think of it as a team.
In our business, we use a team. Here is your team, and they’re working for you.
Do you still need to do the tinkering?
Do you need to scan charts?
Do you need to adjust?
Yeah, absolutely. You do need to do those things. But I don’t want you to feel lazy or think that you’re not full-time if out of the month you put on maybe two trades and it took you 20 minutes, and you made $20,000.
Well, does it matter that you only work 20 or 30 minutes?
No, because you were in charge to have your team do the work for you. That way, you could be successful and profitable. That’s the name of the game. That’s the business for you.
Take your team and deploy them to work for you. And in this case, your team is your dollar bills. It’s your money, and it’s the capital that you put to work on different projects.
That’s what’s happening.
Most people associate full-time with the amount of hours that work. Well, if you’re making the same amount of money, does it really matter?
I leave that to you and let you think about these things. Humans naturally want to tinker, but I want you to get away from that idea and concept. Instead, try to be a little lazier. Try to be a little more full time with less time and energy involved.
You are the CEO – chief of everything.
You are in charge of your team and your capital. And now, you deploy that capital on new projects at different stocks at different trades different positions through different strategies giving your business the result.
That’s what it means to be a full-time trader. You’re in charge of managing your money and your team correctly, and in this case, it’s your capital.
Being a lazy trader is not bad at all. It’s about you being in charge of your capital and your money and putting it to work and putting it on the right projects. That means you’re not necessarily lazy. It’s just you have a team that is working for you.
Don’t forget to get your book Mindsets of a Master Stock Trader and learn the inner game of trading.
You’ll master your psychology, thoughts, fears, and emotions. That way, you’ll manage yourself and become a disciplined trader.
