WHY DO YOU WANT TO BE A DAY TRADER? - CHAPTER 1

Chapter 1: The Power of Choice in Day Trading

In the high-stakes world of day trading, where fortunes are made and lost in the blink of an eye, the choices we make hold unparalleled significance. Every click of the mouse, every decision to enter or exit a position, is a choice that can shape the trajectory of a day trader's journey. These choices, however, are often influenced by two distinct motivational philosophies that can lead to vastly different outcomes: "I choose to because I want to, therefore I will," rooted in intrinsic motivation, and "I need to because I have to, therefore I must," driven by extrinsic motivation.

Intrinsic vs. Extrinsic Motivation

At the heart of these motivational philosophies lies the fundamental question of why we do what we do. In the world of day trading, where self-discipline, focus, and resilience are paramount, understanding the source of motivation is crucial.

Intrinsic Motivation: I Choose to Because I Want to, Therefore I Will

Intrinsic motivation is the inner drive that compels us to pursue activities for their own sake, driven by personal interest, passion, and a sense of fulfillment. When day traders operate with intrinsic motivation, they are guided by a deep-seated desire to engage in trading because they genuinely enjoy it. Their choices are motivated by the sheer pleasure of trading, the thrill of financial markets, and the intellectual challenge it presents.

Traders who embrace intrinsic motivation find joy in the process of analyzing charts, identifying patterns, and making informed decisions. They don't view trading as a chore, but rather as a fascinating endeavor that aligns with their aspirations. Their choices are not forced; they are chosen because they want to make them. This inner drive fuels their commitment and perseverance, even in the face of setbacks and losses.

Extrinsic Motivation: I Need to Because I Have to, Therefore I Must

In contrast, extrinsic motivation is driven by external factors such as financial rewards, societal expectations, or the fear of negative consequences. Day traders who operate under extrinsic motivation often feel compelled to trade because of external pressures or obligations. They may trade to meet financial targets, satisfy the expectations of others, or avoid adverse consequences such as job loss or financial ruin.

Traders driven by extrinsic motivation may find themselves trading not because they genuinely want to, but because they feel they must. This external pressure can create a performance gap, as they may be less likely to engage wholeheartedly in the trading process. Trading becomes a means to an end rather than an end in itself. The joy and passion that often accompany intrinsic motivation may be absent, leading to burnout and reduced performance over time.

The Performance Gap: Intrinsic vs. Extrinsic Motivation

The impact of these two motivational philosophies on day trading performance cannot be overstated. The choice to trade because one wants to (intrinsic motivation) versus trading because one has to (extrinsic motivation) can result in starkly different outcomes.

Day traders who choose to trade because they want to, driven by intrinsic motivation, tend to exhibit greater commitment, resilience, and a willingness to invest the time and effort required for mastery. Their choices are not influenced by external pressures or rewards but by an inner calling to excel in the world of day trading. This intrinsic motivation often translates into superior decision-making, emotional control, and long-term success.

Conversely, day traders who feel they must trade due to external obligations or rewards may find themselves trapped in a performance gap. The pressure to perform can lead to stress, anxiety, and impulsive decision-making. Their choices may be driven by the fear of negative consequences rather than a genuine passion for trading, leading to inconsistent results and a higher likelihood of burnout.

The Journey Ahead

In this book, we will explore in depth the implications of these motivational philosophies on the day trading journey. We will delve into the psychological, emotional, and practical aspects of embracing intrinsic motivation and the "I choose to because I want to, therefore I will" mindset. We will provide strategies and insights that empower day traders to make choices rooted in their passions and desires, ultimately bridging the performance gap and achieving success on their own terms. Along the way, we will share real-life stories and experiences of traders who have harnessed the power of choice and intrinsic motivation to thrive in the dynamic world of day trading.