analyst75 Posted December 2, 2016 Share Posted December 2, 2016 REWARD VERSUS MEANING Trading success does not follow a linear trajectory, success ebbs and flows with good times and bad times. If you trade for long enough you there eventually will come a time when you question the decision you have made to become a trader. It all seemed so easy initially and there was never any consideration as to what could possibly go wrong. This is a natural part of the journey and it is a watershed moment because those who understand their own motivations will have sound concrete reasons for continuing. Those who do not or whose motivations could be termed shallow or materialistic in nature do not and it it those who do not who will most likely give up. Often when I ask people why they want to trade I get the overwhelming and immediate response – MONEY. After all this is a money profession – the aim of trading is to accumulate wealth through whatever approach suits your personality. It could be options or FX trading, or position trading equities. This pursuit of wealth as a sole driver is the reason why advertising in this industry is directed to switching on this particular hot button. Money or the accumulation of wealth has always been a strong societal driver. In technical parlance money is known as an extrinsic motivator – that is you do something right – you get a reward. It is a very Pavlovian arrangement. This arrangement is after all is the basis for capitalism. Traders are often caught in this trap believing that this is an exchange for labour profession when it is actually an ideas profession. This is a natural mistake because of all of our socialisation has lead us to this point. We have been lead to believe that labour be it in whatever form it takes is exchanged for money and money is the extrinsic motivator. Granted, some are highly motivated by such rewards since careers are built on this sort of behaviour manipulation but trading is not really a career it is in my eyes more of a lifestyle choice. Unfortunately many fail to see beyond this as an initial motivation. The issue with money as a motivator is that the subconscious cannot recognise what this means so it has no context for it. Therefore it cannot be integrated into ones psyche – it remains if you wish an outsider sitting on the sidelines attempting to steer what you do. But no matter what import you give to it as a motivation it is still an outsider and cannot directly influence the trajectory of your behaviour. The issue with this lack of integration is that eventually it will trip you up – the subconscious has a remarkable ability to go in the direction that it wants to go in. Not in the direction you think it should go in. And you and your trading suffer the consequences of this. In part this disconnect relates to the notion of the shadow which is an integral part of Jungian psychology. Essentially the shadow is the darker more destructive parts of ourselves which our conscious mind does not identify. And it these parts that often brings traders unstuck – the expression that is often bandied about is snatching defeat from the jaws of victory. Over the past three decades I have lost count of the number of traders I have seen who have been on the cusp of making it only to do something stupid. Sometimes the better angels of our nature lose the battle. To be successful at trading there is a need to integrate all of our beliefs, desires, and motivations into a cohesive whole as opposed to a jumble of vague ideas which revolve around money. Money as a motivation will fail to survive the first set back you have and there will be set backs since these are also part of the game. It is only deeper motivations that enable us to move on after being literally put on our arse by the market. To think that this will never occur is naive in the extreme but once again the industry itself is to blame since it only promises the new Ferrari not that you might end up actually catching the bus. A deeper reflection on why people want to trade reveals something other than money. And these answers reveal the true nature of the trader. Some relate to control of one’s life, others to time and having more of it. Others to what they will be able to do in the long term with their family. Such motivations are intrinsic; they are part of the fabric of the trader. Trading is merely a vehicle to fulfill these deeply held aspirations. The motivations that each person brings to a certain endeavor or choice is idiosyncratic and will not translate to someone else. Your goals only have meaning to you but this is the central issue, they have to be your goals and not someone else’s and this clashes directly with the way we have been brought up. The structure of our lives is largely built around fulfilling the goals others, be it doing what you we told at school through to following the instructions of your employer. Getting rich was often the payoff for following someone else’s instructions. It is not a value or meaning in and of itself. This is an important distinction because true motivations are based around meaning and not reward – Both Great change and great resilience comes from internal motivations and the strongest of these spring from the search for meaning. This means that the search for meaning is an internal search. You do something because you want to do it not because you will get a reward for it. Internal motivation brings about meaning and purpose and therefore adherence and dedication. Finding purpose in your own goals is a new experience for many since it is reflective of what you want from your life not what someone else’s either wants from you or wants for your life. This means that you have to undertake the hard task of writing down your meanings – what is your purpose in wanting to follow a certain path. It requires you to have your own philosophy and to be able to articulate what this is. This is the hard part – articulating what you want and you should be able to do this even if it is a struggle. Meaning has its own motivating qualities. I firmly believe that it is impossible to motivate someone irrespective of what the industry that has sprung up around positive thinking will tell you. Motivation and therefore reliance stems from meaning since true meaning cannot be dimmed by external events whereas simply being driven by a desire to have a Porsche by next Thursday will not survive the first hurdle. Author: Chris Tate Article reproduced with kind permission of http://tradinggame.com.au/ www.tallinex.com wants you to be a successful trader Quote Link to comment Share on other sites More sharing options...
Sininfinity Posted February 7, 2017 Share Posted February 7, 2017 Well I don't hide behind any reason. My aim was to enter the forex market was gaining financial freedom. It seemed easy back then. But reality turned different. But I am still sticking to that aim. It will take time but I will gain it. Quote Link to comment Share on other sites More sharing options...
myregister Posted February 15, 2017 Share Posted February 15, 2017 What's wrong with money as my motivation to trade? That is nothing to hide just like sininfinity. I love being forex even as semi part time job for me. I can earn from here and want my job like this. Well, not a stress free but i can spend anything just at home, i don't have to go here and there, stuck at traffic jam and so on with the lists. No hidden reason here, my reason is clear as crystal. Quote Link to comment Share on other sites More sharing options...
radex78 Posted February 17, 2017 Share Posted February 17, 2017 I am trading forex because this still giving opportunity to make money online, and also one advantage forex for me is market open 24 hour 5 day a week giving opportunity to treat forex as part time business and also this business can done at home only with using computer that connected to internet Quote Link to comment Share on other sites More sharing options...
pepy Posted February 20, 2017 Share Posted February 20, 2017 FIrst of all i want to know why there should be hidden reason for someone to be a forex trader? I don't see any reason why there should be like that, in fact it is clear that people want to be a forex trader because they are pursuing the profit, that's all nothing more. Quote Link to comment Share on other sites More sharing options...
myregister Posted May 27, 2017 Share Posted May 27, 2017 There shouldn't be any reason for traders to be a trader but there are some people who said it is maybe hobby or something like that. the clear reason here is that you want more profit and make money, that is the one and actually mostly traders want to make money in this business. Quote Link to comment Share on other sites More sharing options...
alextrader79 Posted June 13, 2017 Share Posted June 13, 2017 Honestly saying, I'm trading Forex cause I CAN Quote Link to comment Share on other sites More sharing options...
pepy Posted July 16, 2017 Share Posted July 16, 2017 @myregister: LOL I also think that there shouldn't be any kind of reason why the trader should trade in forex because of something aside from Money/Profit. As long as forex stays lucrative people will love and want to trade inside of the market even the risk is presently high. Quote Link to comment Share on other sites More sharing options...
myregister Posted July 17, 2017 Share Posted July 17, 2017 Of course why somebody should do that, i also starting to wonder is there really a person who trade in forex for the sake of hobby? If yes i think it would be just in demo account and not in real account, since this is hobby after all. Why you should waste your money while you have the same effect in demo account. There is no main reason and the only reason is Money. Quote Link to comment Share on other sites More sharing options...
Sininfinity Posted July 25, 2017 Share Posted July 25, 2017 Honestly saying, I'm trading Forex cause I CAN So you don't have a vision or anything? Like what you want to achieve in the long run from forex. Or where you want to see yourself after 5 years as a trader? Quote Link to comment Share on other sites More sharing options...
myregister Posted July 29, 2017 Share Posted July 29, 2017 I am trading forex because this still giving opportunity to make money online, and also one advantage forex for me is market open 24 hour 5 day a week giving opportunity to treat forex as part time business and also this business can done at home only with using computer that connected to internet Yes, couldn't agree more with your reasoning. The opportunity forex gives to us is way bigger, the vast market with trillion turnover just from spot trading. Imagine just few percents that we could get per month? That would be a great way to make money, but besides there is a risk for that. Quote Link to comment Share on other sites More sharing options...
pepy Posted September 11, 2017 Share Posted September 11, 2017 Yes, couldn't agree more with your reasoning. The opportunity forex gives to us is way bigger, the vast market with trillion turnover just from spot trading. Imagine just few percents that we could get per month? That would be a great way to make money, but besides there is a risk for that. By the way why we should have some kind of hidden reason when our real reason to trade in foreign exchange is actually for money. This is not so hidden if you ask or investigate someone secretly you will find this is their motivation, so i think there is no such a hidden reason to be a forex trader. Quote Link to comment Share on other sites More sharing options...
gds221 Posted October 15, 2020 Share Posted October 15, 2020 For me, the most important reason was that trading makes good money. In addition, this type of work allows you to work remotely. Quote Link to comment Share on other sites More sharing options...
Gidencenti Posted January 8, 2021 Share Posted January 8, 2021 for me this is both a hobby and a good income, so I'm glad that I made a choice in this direction Quote Link to comment Share on other sites More sharing options...
Vaabum Posted November 1, 2021 Share Posted November 1, 2021 It's pretty simple - I want to make a good profit from remote work. Quote Link to comment Share on other sites More sharing options...
Dora Wi Posted November 2, 2021 Share Posted November 2, 2021 You are right, money is always the main motivator on the surface, but it is great if you focus on other aspects of trading and have different goals. For example, in a way I like how there is always room for improvement, because becoming a good trader takes a lot of personal improvement, not just knowledge related to the markets. Quote Link to comment Share on other sites More sharing options...
Vaabum Posted November 6, 2021 Share Posted November 6, 2021 As for me, now trading is a really interesting option for work. At least with the right approach, you can make really good money. Quote Link to comment Share on other sites More sharing options...
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