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.
2 Likes
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.
1 Like
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
1 Like
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.
2 Likes
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.
3 Likes
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.
2 Likes
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.
2 Likes
For me mental toughness is being able to act and react based on the information in front of me rather than based on what I “want” to happen. And then accepting the outcome of that reaction either way. I think this comes with exposure.
2 Likes
Ah definitely a life lesson there not just for trading!
1 Like
The only wisdom in trading is knowing that you know nothing at all - only hen you’ll start making money!
1 Like
after 14 years of study and trading,im still “mentally weak” , but guess what ?making profit doesn’t have slightest things to do with mental,people just tend to blame their loses to something.
How to Get a Better, Stronger and More Confident Mind
Get Things Done. Confidence and accomplishment go hand-in-hand.
- Monitor Your Progress.
- Do The Right Thing.
- Exercise.
- Be Fearless.
- Stand-up For Yourself.
- Follow Through.
- Think Long-term.
2 Likes
Sounds mental to me.
Mental toughness is the ability to look a loss dead in the eye and not feel like you messed up or did something wrong. It’s a hard trait to cultivate, and varies from person to person, but it’s absolutely necessary in forex.
Mental toughness is very hard to come by. One may consume many an article on how to keep positive even in the most enduring of times but if one is fragile even for a fraction of a second then one may succumb to erratic decisions.
So for a sense of a definition, I would define it - for me at least - the achievement of conversing with a level head in dire situations.
Mental toughness is when you can take a trade without hesitation or expectation. When you are in full control of your emotions.
2 Likes
While I agree with that, however, the issue is that humans have evolved to avoid pain at all costs - and FX trading is not conducive to that.
Until the trade has been closed without any FOMO or nursing losing trades on the hope that they would reverse back in your favour you’re not in full control of your emotions throughout. And even then, beware of the revenge trades following up a losing one.
I think mental toughness is about acknowledging your emotions but not getting carried away by them at the same time. You should be in control of your feelings and emotions and not the other way round. Mental toughness is something that we build by facing difficult situations and gathering strength from them. Having mental strength is really important for a trader as riding on your emotions can have a negative affect on your trading decisions.