Trading can be draining both mentally and emotionally. What do you consider as signs that you’re mentally “tough” and what are things we can do to develop this (aside from actually trading)?
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The issue here is money, which is the root of all evil and causes lack of emotional control, especially with newbies who enter this site with social media marketing hype that convinces them they just have to press a few buttons to make unlimited amounts of money overnight…
On the same theme - apologies - I’m mentally tough when I can leave a trade to run overnight without looking at the charts. However, I have a great emotional management tip which actually works - for me, that is.
On one laptop I use Heiken Ashi candlesticks. The relative smoothness of the price movement candles is like playing soft music - which I also do to get in the zone before trading. It has a psychological calming effect because it just does.
Hope that helps - and apologies of not reciting how I overcome my whole life agonies…
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A great sign for me is when I can close a trade and not look back at the chart.
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I think determination, patience, risk taking attitude and flexibility are the most important mental aspects one need to have to be successful in trading.
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I feel mental toughness is balancing your emotions and not falling in a trap of greed.
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successful trading depends on perfect money management , without Mm the result of trading always be useless.
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Interesting! I’ve never thought of them that way!
For sure. I’ve had days where I check on trades I’ve made two months ago to make myself feel bad that I closed them too soon lol. A completely detrimental activity.
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To be mentally tough while trading, one should develop the habit of positive thinking and become more resilient.
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Mental toughness personally I think the mental strength to prepare and handle a huge loss and have the understanding of the risk that you take every time you trade is mental toughness. It is when you can handle the situations mentally well. You should stick to the process of trading and forget about the outcomes. Profits and losses are part of trading, so always be prepared for any outcome.
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Your habits determine your mental toughness. It’s all about doing the things you know you should do on a more regular basis. Commitment to regular practice and the ability to keep to a routine is the key. Emotions are, in fact, one of the most crucial characteristics a day trader can possess. Many of those traders have lost everything as a result of their irrational reactions to losses or bad news. Never do emotional trading.
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In my opinion, you should not get swayed by your emotions while trading in forex.
Trading should be done with a positive mindset, and one thing that helps me stay calm is that when I close a trade, I prefer not to look back at the chart.
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Mental Toughness !! - the majority of people, when they make a mistake will pretend it never happened or
they try “to gloss over it” . Whilst a trader will forensically dissect the losing trade and LEARN FROM IT.
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In my opinion, keeping anxiety and greed aside and being consistent is the key to having a toughened mind. Practising with a demo account with steadiness will help you to manage emotions while trading which tunes your mind to apply better strategies.
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One becomes mentally tougher after experiencing all what life throws at them, rather reacting negatively or self destructive behaviour,turns the corner and lives in the here and now, not talking about extremity here
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A sign of mental toughness is not losing my patience. yes, I felt frustrated while making losses but I learn from it and try not to repeat that. I am able to establish these habits through meditating and reading good books.
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That is absolutely right, trading is the game of mindset and if you play it with a positive mindset, then you have better chances of tasting success or overcoming losses. Controlling your mind definitely holds the key.
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Emotional stability is not helpful in trading but also in real life too. Changes in lifestyle can help in stabilising the emotions. Consider going for walks, doing breathing exercises and meditation. Trading under the influence of emotions can hinder the ability to make right decisions and result in losses.
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We will need to learn and use our Emotions in doing the trades so that we can get the income.
A great sign for me is when I can close a trade and not look back at the chart.
Mental toughness is defined as a measure of an individual’s resilience and confidence. You can strengthen it by managing your emotions and not letting the emotions such as greed, fear, and anger overrule you. If you’re tough mentally, trading is much easier for you.
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