In today’s episode we are going to be discussing limiting beliefs about money and how they are affecting your trading performance!
If you don’t think you have an issue with money, ask yourself this:
- Do you have a fear of entering trades because you are scared to take a loss
- Do you jumping out of trades with little (or no) profit
- Do you beat yourself up after taking a loss
- Do you revenge trade to make losses back?
- Do you lie to yourself and others about your trading performance?
These are all associated with your beliefs about money that you learned a long time ago.
If you have never done any mindset work, then you are walking around with the beliefs that you held since childhood ( seven years old)
The mindset about money that you bring into trading is NOT the mindset that will produce the results that you want! You might be wondering if I know how to trade, then why do I always seem to drop the bell when the money counts?
We see it all the time – traders that have a great knowledge and understanding of what to do, but when it comes time to apply their knowledge in the live environments they seem to fall apart.
Intellectually they may be top of the totem pole but when put under pressure, all of that knowledge seems to escape them just when they need it most – why might you ask?
Simply because they are blind to the beliefs that they currently hold about money.Click To Tweet
What is a belief?
An acceptance that a statement is true or that something exists.
You are born into an environment and circumstance where your brain organizes you to survive – you are not born with beliefs, you inherit them from family members, and experiences – they become the lens through which you see and interpret the world and this holds especially true as it relates to your relationship with money!
Common Limiting Beliefs About Money
- “Money doesn’t grow on trees”
- “Only smart people make money in the markets”
- “I probably won’t make money but I’ll give it a try”
- “If I’m not good at this, it’s not for me”
- “I can’t afford this”
- “We aren’t part of the wealthy”
- “You need money to make money”
- “I’ll never be rich or successful”
- “The rich get richer while the poor get poorer”
- “I can’t ever make millions of dollars. It’s impossible”
- “ You have to work hard to get wealthy”
- “ I’m just not good with money”
- “Money can’t buy happiness”
- “Only materialistic people want to make money”
- “Rich people think they are better than everyone else”
The Truth About Money
- Money is nothing more than a medium and we give it too much importance and too much power
- If you want to do good and make a real change: you need money
- Do you think plants say: water is the root of all evil? No, they use water as a tool to grow!
- Money is the same thing… a tool!
- The universe does not know money – it’s man made
- You DESERVE to be abundant, to have anything you want
- You ARE already abundant
- If you are living, you are growing
- But there is a law… you only get what you want..
- If you want to be broke, you will receive
Steps to Change Your Limiting Beliefs
- Identify your limiting beliefs first
- List the way the limiting belief is limiting you and decide how you want to be/act/feel
- Create a new belief or affirmation and repeat these affirmations!
- Connect with our community online: Trade Pro Academy
- Catch up with our earlier episodes: Mind Over Markets Podcast
- Enjoying this podcast? We’d appreciate if you can drop us a rating and review on iTunes here