𝗪𝗵𝘆 𝘆𝗼𝘂 𝘀𝗵𝗼𝘂𝗹𝗱 𝘀𝘁𝗼𝗽 𝘁𝗿𝗮𝗱𝗶𝗻𝗴 𝗶𝗳 𝘆𝗼𝘂𝗿 𝗺𝗲𝗻𝘁𝗮𝗹 𝗰𝗮𝗽𝗶𝘁𝗮𝗹 𝗶𝘀 𝘁𝗼𝗮𝘀𝘁𝗲𝗱
Mental capital is the finite amount of “energy” to do something (whether it’s trading, exercising, studying, etc.).
And for you, your mental capital is at its peak when you just start trading. That’s because you experience hope, aspirations, and possibilities.
But as the years go by, your mental capital gets depleted.
You have thoughts like:
“This game is rigged and it’s not possible to make money from trading.”
“I’ve been doing it for years but still, no results to show for. I’m a loser.”
“I’ve blown up multiple trading accounts costing me thousands of dollars. This money could be better used elsewhere. Maybe I should stop trading…”
But if you haven’t reached this stage yet, then here’s what you can do…
#1: Manage your expectations
Trading is not a get-rich-quick scheme. It’s impossible to master it over a weekend and expect to be consistently profitable in a few months.
So give yourself time to build a strong foundation.
You’ll likely take 3 years (or more) to know what you’re doing and how this game is played. Plus, there’s no guarantee you’ll even make a single cent.
So, manage your expectations!
#2: Start small
When you start trading, your performance will be at its worst as you have no clue what you’re doing.
To compensate for your lack of experience, you want to start small — so you can reduce your “tuition fees” paid to the market.
This means you want to fund your account with as little money as possible, just to get your feet wet.
And even if you blow up your account, it’s not the end as it’s only a small amount of money which you can afford to lose — and that preserves your mental capital.
#3: Focus on the process, not the results
You’re probably wondering:
“What’s the difference between process and result?”
Well, the result is the outcome you want and it’s not within your control (like to make $10,000 a month from trading).
The process is the steps you’ll take to reach your goal and they are things which you can control.
For example…
- I’ll develop a trading strategy that has been backtested over the last 10 years
- I’ll execute 1,000 trades according to my trading plan without deviation
- I’ll risk not more than 1% of my account on every trade
Does it make sense?
So focus on the process and the results will follow (it’s cliché but true).
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