Having The Right Mindset

Having the right mindset for sports trading

Sports trading is a game of the mind and not a maths game. You can have the best strategy in the world but, if you haven’t got the right mindset you will fail as a trader.

Having the right mindset for sports trading is key.

In whatever job or career you do there will always be a bottom 10%, a top 10% and the ones in the middle. To become a successful trader you need to be in the top 10% and to do that you need to have the best mindset as they always rise to the top.

Two types of mindset

I didn’t realise there was two types of mindset until I started reading the book MINDSET by Carol Dweck.

Let’s take a look at them both and see which one you need to be successful not just in trading but, in anything you do in life.

Fixed v Growth

Mindsets are just beliefs. They’re powerful beliefs, but they are just something in your mind, and you can change your mind at any time.

People with a fixed mindset believe their qualities are fixed traits and therefore cannot change. They think they were born with a certain amount of talent and ability and that’s all you have.

So people in this mindset worry about how adequate they are and fear they will look dumb in front of others.

They also believe that talent alone creates success—without effort. They’re wrong.

Whereas people with a growth mindset believe their abilities can be developed with work and dedication. They believe that everyone can become smarter if they want to.

They understand that no one has ever accomplished great things in life without years of passionate practise and learning.

 

having the right mindset

 

Which mindset do you have?

A question was given to two groups of people, one group had the fixed mindset the other the growth mindset. Here was the question: “When do you feel smart?”

Fixed Mindset answers

  • It’s when I don’t make any mistakes.
  • When I finish something and it’s perfect.
  • When something is easy, but other people can’t do it.

Growth Mindset answers

  • When it’s really hard, and I try really hard.
  • I can do something I couldn’t do before.
  • When I work on something a long time and I start to figure it out.

Can you see the difference? Having the right mindset for sports trading means you definitely need the growth mindset.

It’s not about having immediate perfection, it’s about learning something overtime, confronting a challenge and making progress.

How to change your mind

The good news is, if you are in the fixed mindset group you can change. Everyone can change, you just have to want it enough.

In order to develop a growth mindset, you have to be willing and committed to changing your beliefs about what you are able to do. This includes taking action and staying motivated, even when the going gets tough, by looking at the bigger picture of why you want to become a successful sports trader.

 

Here is a list that will help you develop the right mindset for sports trading and also other areas of your life:

 

#1 Commitment – You have to be committed if you want to achieve anything in life. Do not quit and do everything necessary to accomplish your goals.

#2 View challenges as opportunities – The more we challenge ourselves, the more opportunities we have to learn about ourselves.

#3 Persistence – Even when the going gets tough keep moving forward and improve.

#4 Make learning more important than seeking approval – Don’t worry about what other people think about you, and instead focus on bettering yourself for your own benefit.

#5 Focus on the journey and not the end result – One of the most important things about the journey of learning is the unexpected lessons that you may pick up along the way.

#6 Positive attitude – Having a positive attitude means if things don’t go your way, you remain positive and try and fix them. Having a losing day or week where you didn’t stick to your plan means staying positive and that you can be confident you will do better next time. Having a negative attitude means you put the blame on someone else and learn nothing.

#7 Needing to improve does not mean failure – Just because you need to improve in one area does not mean you have failed. It means that you are on the right track, you’re just not quite there yet.

#8 Never stop learning – You will never be completely finished learning. People with a growth mindset create new goals and stay motivated.

#9 Remember it takes time to learn – Nothing worth doing comes quickly and easily. You have to be realistic about the time it will take for you to learn sports trading. Things are constantly changing in the markets, this means the learning process may never be over.

 

The champion racehorse Seabiscuit

The story of Seabiscuit and his team are a perfect example of a growth mindset. Here was a horse who was so broken, he was supposed to be put to sleep. In fact most of the team was broken. The jockey, the owner and the trainer. Yet through sheer determination and against all odds, they transformed themselves into champions.

Seabiscuit and his jockey Red Pollard became hero’s and showed what could be accomplished with commitment, persistence and hard work.

So great was the story of Seabiscuit he has been the subject of numerous books and films.

 

seabiscuit

 

So are you ready for the journey?

Having the right mindset for sports trading alone is not enough to improve your results, you need to combine it with action.

If you have the right attitude followed by action then the results will come.

Once you start this growth journey you will be able to achieve anything you want to, as a trader and in life.


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Having The Right Mindset