My Advice: Turn on the TV for More Inspired Trading | The Lazy Trader (2024)

Well, as it happens, today marks the opening ceremonies of a global sporting event that the collective eyes of the world will be watching throughout August and beyond. (And one that, believe it or not, only paying sponsors are permitted to reference by name at this time!) Traders, though, should use the, shall we say, matches—and especially the individual stories of triumph, redemption, and resilience that emerge from them—to create perspective, restore hope and passion, and to bring about more inspired trading.

Yes, you're reading this correctly: For once, I'm actually advising traders to turn on the TV. And, as you do so this month, enjoy the competition, and revel in the sportsmanship and the compelling stories behind those who participate in this worldwide sporting event. While watching, though, derive inspiration from wherever you can, and strive to emulate certain qualities of the competitors. Those qualities include:

An Unwavering, Long-Term Commitment

Notice how those competing for perhaps their sport's highest honour didn't make their debuts just this year, or last, or the year before. Instead, what you're watching is the result of a lifetime of dedication, hard work, and preparation, which makes every triumph all the more rewarding. Just look at the competitors' faces and some of the most emotional reactions you'll witness all year for undeniable proof of that.

For new traders, this is as good a reason as there is to throw away any sense of entitlement or lofty expectations from the get-go. This week, it's easy to witness what it will look like, and how rewarding it will feel down the road when you realize that you've (finally) earned it, and that in itself should ignite your inner fire and give rise to more inspired trading.

Purposeful Practice

I think this is the most crucial lesson of all: Success in competition only takes, in some cases, seconds or mere moments to occur. That success, however, is the result of countless hours—or more likely, many years—of preparation and practice…and not just one-dimensional practice, either. Competitors work purposefully and methodically on all facets of their game, developing new skills and working to hone their existing ones, and also taking time to correct flaws and faults they may develop along the way. Some even overhaul their entire technique at one point or another, as do many traders, especially those who struggle while trading short-term and intraday time frames or using overhyped, but under-producing methodologies.

Many competitors will even acknowledge the fact that although the glory comes from competition, it's the extent, and more importantly, the quality of their practice, that set them up for success in the first place. Take that advice to heart, and don't just pursue more inspired trading when it's "game time" in the markets, so to speak. Use what you see this week and beyond to take an honest assessment of your "game" and impart more purposeful practice designed to address weaknesses, tighten up risk, improve money management, and become a better all-around trader.

Resilience in the Face of Repeated Failure & Obstacles

Some of the most heart-warming stories you'll see throughout the TV and media coverage will focus on those who earn redemption after experiencing crushing defeat, injury, and/or past failures. The world loves a good comeback story, afterall, and part of why the world's best have earned their high standing is because they handle failure differently than most…and so should traders!

You see, world-class competitors regard failure merely as a teachable moment that makes them smarter and more prepared by revealing what doesn't work. It helps re-focus their attention and create purposeful practice, and in what is a decidedly different response than most would have, failure acts as a motivational tool that propels them to work harder.

See related: How Do You Recover from Losing Trades?

Perhaps needless to say, for most, trading losses and struggles tend to have a very different effect, and that's why now can be a fine opportunity to reverse that pattern by borrowing cues from some of the world's best competitors. So watch as the stories of redemption and resilience unfold throughout the weeks to come, and when you next face adversity in life and/or the markets yourself, use it as a sound reminder to be humble and resilient, and don't let periodic or even repeated losses, struggles, and doubts hinder your efforts. Like world-class athletes, elite traders have an ability to turn negative outcomes into fuel for more inspired trading.

Gratitude to Those Who Have Helped Them Along the Way

Lastly, as you watch the many emotional celebrations that take place among winners, notice the first people competitors run toward, or the first ones to whom they gesture following a triumph. Consistently, it will be their families, their coaches, perhaps teammates, and even their peers, who will share in their elation and joy the most. These people have stood by them through it all, even humble beginnings and struggles along the way, and the athletes will thank them publicly, always acknowledging that they "Couldn't have done it alone."

For traders, this raises another interesting point: That sport, much like trading, is typically an individual endeavour, yet the best never go it alone. They enlist the help of qualified individuals, and so, too, should aspiring traders. So if you currently have a network around you, take time to express your gratitude and share your successes with them. And if you don't, well then, perhaps it's time to consider adding a coach or mentor to ensure your own, continued development.

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