A scarcity mindset will never lead to an abundance of wealth
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It is not possible to be a successful trader without a trading mindset. And psychology is related to this mindset. If I work with the right mindset, Loss will not be able to harm my psychology.
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successful trader always take losses as an easy part , they think losses always teach us a good lesion. but generally beginners always fear in looses.
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All our psychological trading issues can be boiled down to one - the belief that there is never enough money.
So yes @Maroun4x sums it up very well with the neat little graphic.
If all of a sudden u thought u were abundant in riches beyond that of Solomon, do you really think you would overtrade, pull out of a trade too early, exit a loser too late, or the myriad of other problems we make for ourselves?
Nope, you would stick to the plan and your profitability would be all but assured.
But we don’t - we constantly get in our own way causing the very losses we fear so very much.
An abundance mindset may sound like a mystical, metaphysical, wacky, wishful thinking type of philosophy to many - I am not debating whether adopting such a mindset actually works in life or not ( I believe it does).
But if you can trick your mind into believing you do have an infinite source of abundance - then as far as trading goes - you would clear up all your bad trading habits in a minute.
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I think such a “setting” in our brain always interfere our trading activity. I wish all new traders understood that there is no big sums of money in trading at least on initial stages. They have to understand that to earn lots of money they have to work a lot on themselves and on their trading strategies/psychology and stuff like that.
Moreover, we should follow the fundalmental rules of trading in order to exclude the forming of such setting in our brains. Every trader must have do it. Of course it’s difficult, however we’re here to train/exercise/learn every trading day on such things like this one.
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mindset is everything in trading or real life , in spire of having most powerful analyzing trade knowledge the result of trading can be useless if there is no perfect mindset. so be careful.
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In general, it is really important for a trader to pay attention to this, otherwise, against this background, you can get not the most pleasant result of work.
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so to speak, finding yourself in trading is very important in order to achieve an understanding of how to work and what not to do, this is just the pinnacle
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Well said! With right mindset only traders can place good trades and carefully understand the forex market.
Absolutely, and a knowledge trader is confident enough to open a new trade position! So, knowledge is the foundation here!