The Magic of Thinking Big
Today we want to talk to you all about a really impressive book that has been influencing individuals to expand their realm of possibility and lives for decades now. For anyone who is hungry for more out of life, a bigger identity, and to build their legacy, we definitely recommend this book, The Magic of Thinking Big by David Schwartz as our next Must Read!
This book is definitely timeless! First published in 1959, it is incredible how profound nearly all of the points are to even this current year and to the lives of Kendra & Becky. The topics and perspectives within this book are powerful now, just as much as ever, in the sense of changing your person to truly believe and work relentlessly toward your power pursuit. In this best-selling masterpiece, Schwartz proves you don't need superhuman talent to achieve all your biggest goals, but you do need to understand the habit of thinking and behaving in ways that will get lasting success. The easy stories and anecdotes put you on the road to changing the way you think, helping you work more effectively, manage smarter, earn more financial success, achieve your biggest goals, and, most importantly, live a fuller, happier, holistic life. This book is truly a well-written guide to whole life success and limitless possibilities.
“Let your major goal be your automatic pilot. When you let your goal absorb you, you’ll find yourself making the right decisions to reach your goal. Achieve your goal one step at a time. Regard each task you perform, regardless of how small it may seem, as a step toward your goal.”
Check out our full discussion in the podcast below, including more of our favorite quotes and how we’ve adapted the advice into our own trading journeys and lives.
Let’s get into some of the parallels we drew in regards to fear that we found applicable in our trading journeys. One killer quote about fear is: “Action cures fear, indecision and postponement fertilizes fear.” Goodness, this makes so much sense in general but also with taking the leap into trading. A path as bold as becoming a day trader is quite audacious for most, and maybe especially for us mamas. However, we are forever grateful that we went all in when we decided to learn to trade and have not let up since. Our consistent day to day action of studying and trading in the market makes it “normal” for us now, but just over three years ago, neither of us had any idea of what was in store. This reminds us of our very first Market Mamas episode “How to Just Start.” Choosing that deliberate action has continued to show us that we can and will conquer all the things we set our minds to. We have gotten better at facing our fears head on and leaning into the uncertainties and risks that are woven into this game we love so much. We are busy each day with the task of designing our lives on our own terms and we take action even on the struggle days when we don’t feel like it, because we’ve decided we’re worthy of the work it takes to bring about all our successes.
The section in the book regarding luck was particularly powerful. It is such a common behavior of most people to see someone who has everything and label it as a lucky break that they landed with so much success. But, we have grown to understand that’s very rarely how people with serious success got to where they are in life. A quote on that in this book reads: “Accept the law of cause and effect. Take a second look at what appears to be someone’s good luck. You’ll find that not luck, but preparation, planning, and success producing thinking preceded his good fortune.” This resonates so much with us on our day trading journeys. We know we are successful day traders and there is no ceiling on how far we are taking it. And we also know that it is because of countless hours of studying, practicing, dialoguing, reflecting, and working relentlessly. That is the how of the success we are building. There is zero luck involved.
Schwartz says this about having a fear of what other people might think and say, “Make sure that what you plan to do is right, then do it. No one ever does anything worthwhile for which he is not criticized.” THIS!!! It’s so true and we really believe that what is for us is for us. It’s not meant for other people to understand or even respect for that matter. We’ve embraced the fact that most people have no clue what we do, how, or why we’re doing it. And we like that aspect because if they did, then we’d be doing what everyone else is doing. As day traders, we’re doing some very tough work, exposing ourselves to conditions that are not part of a typical lifestyle. Yes, it’s extremely taxing at times, but we know it’s the right plan for our lives and we are doing it regardless.
When this author talked about the influence of what we give our thoughts to and how that impacts our lives and outcomes, that rang so true for us and in correlation with what many of the great thinkers also say. He advises readers to really cultivate a positive memory bank, the reasons you are glad to be alive, and all the wonderful things that happen in your life - that’s where we should be placing our energy and thoughts. Regarding the inverse of that, he states: “It is clear that any negative thought, if fertilized with repeated recall, can develop into a real mind monster. Breaking down confidence and paving the way to serious psychological difficulties.” And “You take a big step forward toward conquering fear when you refuse to remember negative self deprecating thoughts.” We really liked these points and have reframed our mindsets a lot in the past few years to prioritize the positive and helpful thoughts, and quiet the negative and worried concerns that we could and previously have perseverated on. We loved how he emphasized focusing on your goals and the you that you are creating and growing into instead anything less than that. This is a growth mindset attitude and it makes so much sense.
That totally fits with this next great quote from the book too! It is: “When you believe something is impossible, your mind goes to work for you to prove why. But when you believe, really believe something can be done, your mind goes to work for you and helps you find the ways to do it.” This is a total manifestation of where your awareness goes, your energy flows! It’s an awesome example of one of the major teachings from this book which centers around the fact that it requires the same amount of energy to think big as it does to think small. Also, some may be familiar with the phrase “A man is as he thinketh”, and if you’ve ever been around a person who thinks very little of themselves there is usually clear physical evidence of that. We see it all the time when someone discounts an opportunity or dismisses an idea and is so quick to pull up a list of every reason why it can’t be done, or potential problems that “may” occur. The truth is choosing fear or faith both require believing in something that’s unknown, so why not choose to think in terms of what’s possible and best case scenarios?
Furthermore, he says: “The successful person doesn’t ask can I do it better? He knows he can. So he phrases the question, how can I do it better?” We really like this so much because it’s an action-based thought, it puts you in the driver's seat and takes ownership and accountability. It’s the opposite of being a victim and instead illuminates a path to be victorious. This is another example that correlates well to our trading. We certainly know we can always do better on any given day because there is no limit or ceiling to what we can achieve. Being humble to admit when we’re falling short and hungry enough to get after that improvement is how we continue to level up and rise.
A core of the book is really about this next section and it reads: “You are what you think you are, what your thought power directs you to become. Think you’re weak, think you lack what it takes, think you will lose, think you are second class; think this way, and you are doomed to mediocrity. But think, instead, I am important, I do have what it takes, I am a first class performer, my work is important; think this way and you’re headed straight for success. The key to winning what you want lies and thinking positively about yourself. The only real basis other people have for judging your abilities is your actions, and your actions are controlled by your thoughts. You are what you think you are.” Sums it up pretty well, right? If we truly believe in ourselves and want the grand life of impact, travel, and security for generations to come, then it is up to us to build it. Humans are capable of incredible feats, and there are countless examples of this in our history books and the world today. So, why not us? But, we must choose this faith in ourselves and be ceaseless in our pursuit of that life to make it a reality. And Schwartz really places a lot of emphasis in this book on mastering your thoughts around your success aspirations.
So, there was an exercise in this book that both mamas did the first time around reading this. It was a ‘build your own sell yourself to yourself commercial.’ It is just as it sounds - you state your best qualities in your own words and talk to yourself directly in it. After you’ve written it, you then practice it out loud, in private, in a mirror with full belief and enthusiasm at least once a day. You also have it written on a note or recording on your phone and read or listen to it often throughout the day, and especially before you need to perform. So, let me just state the obvious: this may feel a little weird to start because it’s kind of like tooting your own horn or being full of yourself, but that’s the point! We celebrate others so easily and buy into so much that is outside of us, but it’s so important to recognize that you are the prize! This is truly empowering and whatever your spiritual beliefs are about your creator, it also honors that as well, so doing this is an all around win. We would say especially in a very hard pursuit such as day trading, we have to sell ourselves to ourselves everyday to support the wonderful being that is realizing and actualizing all of our biggest dreams. This other part is also another favorite of ours, “The mind reflects what its environment feeds it, just as surely as the body reflects the food you feed it.” We all deserve to eat and eat well, mind and body!
This next part we need to mention is all about thought poison! So what about poisons in our day to day life - you don’t eat expired food or use products with known carcinogens, right? Why then do nearly all of us consume thought poison? Namely: gossip, negativity, whining, and comparisons. It’s garbage and we know it. It is so much better to cut that out of our daily exposure to keep our minds healthy. We loved how he describes it when we can “go first class with your thinking” if you want a first class life. Um, yes please!! We’ll take everything at a first class level please, and especially our conversations and the noise that gets space in our day. And the inverse of that is also very true. What we give to the world should also always be of a healthy and productive variety. Broadcast Good News, Schwartz says. This contribution makes you and everyone around you feel better and more positive and motivated! Now, we are human. So, if at times we encounter a challenge or hardship and need to vent, that will happen. But, most of the time, there is no good reason to put so much energy into the down side of things and it very rarely serves a purpose.
Let’s keep that positive energy at the forefront of every day and every relationship for sure. It plays right into this next great point from the author: “How you think when you lose determines how long it will be until you win.” This is so true, and with trading, this has been an area of growth for both mamas. It took some time and maturity to see a negative P/L day as just a lesson day. To not blame or hate in those moments, but to own our outcomes with humility. To accept and study the lesson instead of hide and hate the loss. Not only does this make our journeys a little less stressed and heavy, but it saves space for joy and expands our love for this game. This intentional effort injects even more faith in the confidence in our abilities as day traders. Schwartz similarly said: “When our attitude is right, our abilities reach a maximum of effectiveness and good results inevitably follow.” So good!
Is it right then to just only ever see the rainbow and deny the rain that preceded it? That is not what this author says at all. In fact, he wrote: “Being self critical is constructive, it helps you to build the personal strength and efficiency needed for success. Blaming others is destructive, you gain absolutely nothing from proving that someone else is wrong. Be constructively self-critical. Don’t run away from inadequacies. Be like the real professionals, they seek out their faults and weaknesses, then correct them. That’s what makes them professionals.” This is crazy true in pursuing success as a day trader. Miss Market is guaranteed to humble us on many, many occasions. We will be shown how we are wrong in any number of ways. The key, we believe, is to not berate yourself over losing. But use it! Study every failed trade just as much as the winners and use it to become your best self. In order to be exceptional at anything, you have to learn the ins and outs of every aspect of it! This means failing and then utilizing all your resources and figuring out how to fail a bit less the next time. It’s the fine-tuning of a skill and it never happens over night. Practicing self love and appreciation for the dynamic turbulence of the journey and the awesome views along the ride is a much more wholly beneficial approach, and one that we are really starting to get better at ourselves and really see the value in.
This next section of the book was so applicable to trading as well, check this part out: “A good idea, if not acted upon, produces terrible psychological pain. But a good idea acted upon brings enormous mental satisfaction. Got a good idea? Then do something about it.” We love that trading gives us a fresh opportunity each day to exercise this ability to think up good ideas about the potential opportunities the market will offer. We believe approaching each trading morning with this attitude does bring us great mental satisfaction especially when we can align our actions and intentions. On the contrary, if we had a great idea or plan and did not follow through, it does cause some psychological pain. Again, this is all so relevant to growing skills and confidence as a trader even without this being at all a trading book!
This last part we have to mention reminded us so much of our ‘it’s always strategy season’ Market Mamas saying! Schwartz said: “Blend persistence with experimentation. Stay with your goal, but don’t beat your head against a stone wall. Try new approaches, experiment.” If this isn’t just the best advice for when you come up against resistance or a plateau in your trading! Stay persistent to your ultimate goal of being a consistently profitable trader. But, also experiment! Change something up, lead from a different time frame, different instrument, different time of day to trade, new indicator for more correlation, new mentor for a varied style... There are so many ways to shake up a journey and so much more to always learn. Instead of staying stuck, We’d much rather sort through a bit of unknown to see what else is out there that can expand our foundation to an even larger and stronger base once we discover it. It’s just like he also said: “We can turn setbacks into victories. Find the lesson, apply it, and then look back on defeat and smile.” Don’t let a roadblock or rough patch hold you back. Use it!! Be grateful for the lesson and what it teaches you. Glance back and say thank you to that period of defeat when you are at another major milestone farther ahead. That is so much more powerful and, quite frankly, enjoyable. This certainly makes sense to us, and is how we strive to behave in our personal moments of defeat.
Goodness, this was a long episode/blog! But, you guys definitely want to get this book if you are on a similar journey as Becky and Kendra! It’s excellent and written by an expert in high acheivement. And learning with humility from experts is really powerful if you are serious in your pursuits. In this blog are a couple links to help you out - we have the link to a hard copy of this book via Amazon or to Audible, if you are not yet a member and are interested! Yay for Market Mamas sponsorship from Amazon and Audible, we are so grateful!! Take Care and thanks for being a part of our Market Mamas community!
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