During your career, you may come to a point where you stop feeling motivated due to some losses you’ve experienced. Fear, frustration, and even self-doubt are things every trader experiences from time to time. At the most basic level, our beliefs are evolutionary. All these negative feelings are a part of our natural programming – a ‘fight-or-flight’ response that has evolved over thousands of years. From our experience, belief is also a huge part of success – namely, faith in ourselves. Generally speaking, the best Forex traders have a positive self-belief.
However, they weren’t born with it.
Most traders learn to develop this belief, as even the most successful market players can have their moments of self-doubt. If you occasionally feel down – remember that you’re not the only one. So when you look through the following list of five steps to bring back your self-belief – you will know that it comes from experience, specifically ‘trial & error’.
Discipline Equals Success
Long-term accounts require more rigid discipline. The key is to know when to trade, and when to avoid trading.
Usually, smaller accounts need more significant risks and more trading…
…whereas bigger accounts require smaller risks and less trading.
We always put extra effort toward providing accessible, factual analyses. The point of these analyses is to give you excellent trading opportunities and, as the saying goes, to “teach a man how to fish”. In time, you will also learn price action – hopefully, our materials will prove helpful. It doesn’t matter if you trade systems or prices, you will surely benefit from price action. All you need to do is follow the tripod of successful trading – it won’t be long until you begin to see positive results.
Release the Feelings
Every trader comes across a situation when there are trapped feelings inside, trying to break free. It may sound a little overly poetic, but it’s true. Being a good trader means being able to release those feelings. The way to do that is to turn the traditional way we react to negative thoughts on its head. Instead of resisting a belief, you need to feel it entirely. Eventually, it will dissipate the negativity – and after some time, it just fizzles out. Bottom line is this – even if you don’t fully believe you would succeed, act as if you do.
A positive affirmation can work wonders for your confidence…
..but don’t forget that there’s more to it than just believing.
After all, actions do speak louder than words – but they also speak louder than thoughts.
Trade What You See
The beauty of Forex trading is that there are so many trading opportunities, so you will never feel void of setups. Let’s say you have difficulty finding good positional trades or countertrade opportunities. Why not trade breakouts instead? We’ve come across traders who only trade breakouts – and they’ve had great success with it. However, keep in mind that you can only switch to breakout trading at a specific time of the day.
Resist the Spiral of Doom
If you fall down the negative spiral, you will spin endlessly – one bad trade after another.
It will be a never-ending cycle of you hoping for a good trade…
…and resorting to revenge trading to get your money back.
In the end, you may possibly blow your account in a matter of days – or even hours. Maybe the reason for your loss is a spiral of doom? If so, what you need is a positive spiral. To bring back belief in your trading, you need to organise a daily routine. When you set aside time for deliberate practice, you reprogram yourself. In time, this practice will become your second nature.
Moreover, when that happens, you’ll reap the sweet fruits of your labour.
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.