Money
A interesting excerpt that arrived today:
“Money isn’t everything. It’s the process that matters, not the prize. It is much more satisfying to pursue objectives for the pure joy of pursuing them, regardless of how much money you can make. Winning traders are motivated by the inherent rewards of trading rather than profits. It’s common to hear traders say, “I love trading so much that I would do it for free if I had to.” They find trading personally meaningful. The markets fascinate them. Market action is intrinsically interesting. It is a rewarding intellectual challenge to devise innovative new trading strategies, and seeing how well your ideas pan out is exciting and enjoyable, regardless of whether you win or lose. Viewing trading from this perspective can act as powerful motivators. Individuals who pursue trading in this way are more likely to feel satisfied and can more easily manage the extreme stress the market is infamous for producing. When you aren’t focused on the profits, it’s easier to stay calm and focused. The money is either secondary or not an issue at all. Successful traders love the challenges the markets offer and view their work as meaningful. But many novice traders focus on competing with others, beating them out of profits, and winning bragging rights. Such an approach may satisfy a trader initially, but over time, it’s unlikely to be sufficient. Pursuing trading as a passion is a healthier, more satisfying way to approach trading. It’s more useful to focus on pursuing goals that are intrinsically interesting and personally meaningful.”
Innerworth.com
Now of course, the goal of trading is to make money. No money and you will not be around long. But this excerpt is a reminder that great traders don’t wake up each day stressed that they must make money. He wakes up and says he is going to follow his process — which leads to money. Also for many of the great traders, money is a way to keep score, not a means to buying “stuff”.
