Psychological (forex)
Success doesn’t come by accident. It comes from consistent hard work in pursuit of a dream. It comes from a passion that drives you and it also comes from constantly and diligently employing some key habits that position you for greatness. This success comes from an innate desire to win. FOREX is by far the hardest and toughest of professions out there! Do you know why?!! Because it evolves you controlling your emotions!!! And it involves controlling your thoughts when you’re in the zone and you’re down financially. Do you have the patience and skill to keep it together mentally when you’re losing so much, can you walk away and come back the next day just as strong and win twice the amount? See, when you lose your mind you lose your money! Big time! Surely there must be a winning attitude and habit that winners apply right? The difference between you or anyone else that has made millions from FOREX is their state of mind! They think and do things differently, they have that winning attitude! Richness comes from the mind not the pockets!!
Some Tips
Always trade alone let no one cloud your judgments (that way you have no one to blame but yourself). Trading is by far the hardest thing you will ever do if you decide to take it up seriously or if you like to win consistently. This is the golden rule: always, always trade by yourself.
Be selective
Do you know what happens when you trade more frequently? That’s just trading at its worst! It’s not calculated and you’re going to lose more often than not. Brokers, indices, spread betting companies love these types of traders!! Because they are the ones who lost the most! They hate those who do a few trade win and leave because they don’t make money out of those traders.
Go with Your gut
Trust your own instincts. Intuition should never be underestimated. Of course, you gather all the information that you can before making a decision, to trade. That’s why you should always trade on your own so that no one can cloud your judgment or influence you. Your gut feeling is not an empty sense; it’s based on all of the experiential knowledge you have gathered throughout your years. It’s your sixth sense. Trust it.
Never trade under pressure, any pressure
Time pressure, waiting for a friend, in a rush to be somewhere, trying to win any amount in a really short given time frame. You don’t need any of this! This type of pressure will make you lose the fastest in the shortest amount of time! There should be no pressure at all when you trade. If you’re out somewhere and in a rush to go somewhere. Do not trade!!
Be Frugal; keep records of everything
It pays to watch every penny. It’s important when it’s your livelihood that’s at stake, and it’s even more important that you watch what you spend as well as what you win/lose. This builds good discipline! Something you can’t buy in a shop! Money management is by far one of the most important habits/skills that you’ve got to look after. How do you know when you’ve become a millionaire if you don’t keep records? All professional traders write things down and they write it down daily if not more! You can’t remember everything!! Remember a habit takes 21 days to form but if you keep doing it daily for 21 consecutive days it then becomes a habit! A success habit that winners do! Yes it’s a pain to write it down daily what you win/lose and spend but if you don’t, how do you know where you’re going?
How do you know that you’re actually winning? Or spending? Or overspending? Be smart and disciplined, keep daily, weekly, month and yearly records of winnings/spending.
Have Good role models
Learn all the time but learn from the best! If they are making millions or hundreds of thousands of cash. What do they do? How do they think? You need to model yourself on them! Once you have good role models, learn what they do and do the things they do, you will gain their mentality and way of doing things. It doesn’t matter if they are in different fields or areas of expertise to you. You’re looking to adopt their mentality! In NLP this is called mirroring, and it works! If you wanted to be a professional trader, read more trading books of the best traders out there and learn their strategies. Why wouldn’t you?
Have Goals
Where are you going if you don’t have goals? What’s the point of winning if you’re not saving? How can you save if you don’t have a goal of saving a certain amount every week or month? Where else can you make that kind of money part time? Some days you can make £300 in an hour, so you don’t need to trade or go again till later in the week if you don’t have a goal of how much you want to win before you pull the trigger, what’s the point of your entry? The only point is to win! And to win, you’ve got to have a minimum goal of how much you want to make. When greed gets to you, you will end up losing! If you have goals it will keep your eyes firmly glued on your target or end result. Don’t deviate from achieving that goal.
Have a Laser-Like Focus – Be ready for battle.
Never trade when you’re tired it’s as simple as that! If you’re not 100% focused and concentrated it doesn’t matter if you have £1000 or £10,000! You will lose the lot because you don’t know what you’re doing! If you are 100% focused, have a strategy and in control of your emotions you can turn £60 into hundreds of pounds if not thousands! Richness comes from the mind! It is the way you can control your mind that will determine if you win or lose.
Do What You Do Best
Concentrate on your strength Understand and utilize your God-given talents. Don’t let success go to your head. Focus on improving the ability you have in your own niche.
When things aren’t going well, take a break
Do not chase your loses. Have a plan and strategy. Losses are going to happen and it’s how you cope with the loss that really matters more than anything else. Don’t get excited or happy when win or lose. Do you know why? You have taken the emotion out of it. So it actually becomes more of a disciplined way of calculation rather than a gamble.
No Nag talk – words have power
Just keep silent regardless if it does win or lose, focused be calm, not letting the pressure get to you. "Keep your ego at the door" people let success get to their head (when they haven’t even made it!), they start acting big shot and acting like they are pro or high roller and spending loads and some don’t even keep records! When ego gets in the way it can quickly go downhill.
"Two things define you, your patience when you have nothing and your attitude when you have everything" don’t let success go to your head. Success is a process not an end result. The truth is Trading is not for everyone, it requires far more discipline, patience, skill, persistence and determination then anything you will ever do!. Being persistent is a quality that cannot be over-estimated and if you want to make trading work for you, you’ve got to be persistent. Many people make the mistake of giving up at the first major setback. The one surefire thing I can tell you is that there will be many setbacks and many low points before you reach even a glimmer of success. The quicker you can dust yourself off and put one foot in front of the other, the sooner you will achieve your desired end result.