Psychology Of Trading Forex - Keys To The Winning Mindset
When it comes to trading Forex, your mindset is the most critical aspect on which to focus
, but what specifically does that mean, and how do you go about it? Most traders I work with have that question initially, and it is very worthwhile to pursue because EVERYTHING depends on your state of mind when you are trading.
Okay, so what does 'mindset' mean in practical terms?
Your mindset is the set of expectations, beliefs, attitudes, doubts and desires that you bring to trading. Yes, this sounds like a pretty broad list, and it is - your mind is not a simple place. It is quite complex. Yet at the same time, getting your mindset right for good trading does NOT have to be an overwhelming task.
First thing to understand that much of your mindset is determined by a handful of perceptions. These perceptions include what trading is all about, your relationship with money, and your self-image.
The reason that so many very intelligent and otherwise successful people struggle when it comes to trading is because they underestimate what trading is, what all is involved in successful trading, and what it takes personally to make it as a self-directed independent trader.
They struggle NOT because it is such a complex or inherently difficult occupation. They struggle because they fail to take the simple steps to make it a successful pursuit.
Why do so many people fail to approach trading in a more realistic and healthy manner?
One reason is primarily lack of proper guidance. There are numerous large companies trying to lure people into trading with an 'easy money' presentation. Some even have multi-million dollar television ad campaigns that have been running for years.
Partially due to the presentation, but mostly due to lack of general education, trading is perceived as rather a simple endeavor that many think that can be learned "on the job". Many attempt to get their education on forums, online videos and in articles. While these can be helpful, this is one of the most difficult ways to learn a profession, which trading is.
Those that at least partially recognize that trading truly IS a business, albeit one with low barriers to entry, give themselves a HUGE advantage.
How is that?
Because the simple act of recognizing the nature of the activity brings with it a host of perspectives, attitudes and expectations that put you in a very advantageous mindset - the right mindset to win.
This is why the trading wisdom, "Treat your trading as a business" is SO crucial and more important than most realize.
When you treat your trading as a business, you inherently shift the odds of making it away from failure and towards success. The business-like approach and mindset bring a calculated approach to your trading.
by: Brian McAboy
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