Traditional advice tells you that all you need to do is work hard, hustle, and you will eventually get what you want in life. How many times throughout school were you told to just study harder to get better results?
The top 10 richest people in the world have more wealth than the bottom 3.5 billion combined. So what are these people doing differently? They have the same 24 hours every day as us. The difference is not that they work harder.
Working hard is important. But without direction and efficiency in your efforts, they go to waste. This article is not saying that you shouldn’t work hard. But working hard isn’t as hard as important as working efficiently. Neither alone will get you to your goal, but there is nothing worse than working hard for a while to find out you chose to take the slow lane to your destination.
Working Hard vs Working Smart
Let’s imagine that you had to mow the grass of a 1-acre farm. You can use clippers to trim the grass, and you would certainly be working hard for a whole day. Or you could buy a lawnmower and get it done in 20-30 minutes. It’s the same result, but one took much less time and energy.
Succeeding in trading and entrepreneurship isn’t quite as straightforward. But it requires a similar type of mindset. Be on the hunt for the most efficient way to achieve the outcome you want. Don’t assume that the path you are already on is the fastest or the best way to get what you want. Don't assume that a path other people lay out for you is the best way to get what you want.
The path to success in trading is not quick or without hard work. But there are paths that have a much higher probability of leading to success in a shorter period. In a recent article, we talked about the 6 steps a trader should go through on their journey to success. This article will talk about how you can expedite this journey.
Are You Working Smart?
One of the biggest issues we see in struggling traders is that they don’t know why they are losing money. They understand they are failing, but they don’t know why, or what to do to fix it. They have no one to tell them how to work smart. Your friends and family will tell you are crazy for trying something like day trading, so they aren’t any help.
You can spend 5 hours a day looking at charts, but if you don’t know what to look for, aren’t you just wasting your time? So many traders want to study the markets a ton before they start trading. They read a ton of books, watch a bunch of Youtube videos, and even buy some DVDs. But they still cannot make money. They assume that just by learning more about any aspect of the markets, they will increase their chance of making money from the stock market.
What is "Working Smart" in Trading?
The best way to “work smart” in trading is to learn from a mentor with a proven track record. The right mentors will show you what you are doing wrong, and put you on a path to resolving these issues. Many traders waste time learning a bunch of different systems instead of focusing on mastering one. They try to learn it all through their own mistakes. This is the definition of taking the slow lane on the journey to successful trading. There no reason to make all the mistakes yourself instead of learning from others.
Getting mentorship in trading is not signing up for someone’s alert service or buying their DVD’s. It is joining a community of traders committed to helping you shorten your learning curve. It takes a lot longer to learn how to trade without personalized attention and feedback about your performance and system.
It is like going to the gym on your own, vs having a trainer who pushes you, corrects your form, and puts you on the right diet and work out regime for your goals. It is possible to get in good shape on your own, but is way easier and faster with a trainer. Our goal at BOWS is to provide not just an education for aspiring traders, but ongoing support and mentorship to keep them on the most efficient path to achieve their goals.
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If you want direct feedback on how to improve your trading results, click here to schedule a free trading consultation. We will go through all of your goals in detail, and give you actionable feedback on how you can improve.