The only wisdom in trading is knowing that you know nothing at all - only hen you’ll start making money!
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.
- Be Fearless.
- Stand-up For Yourself.
- Follow Through.
- Think Long-term.
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.
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.
I feel this so much.
It is about being mentally strong and having a sound mind. Mental toughness is the ability to think beyond your emotions and make decisions based on rationality and logic alone. Feelings, emotions and thoughts will keep popping up in our mind. But we need to fight the urge to act based on these momentary impulses. Do what can help you in the long run instead of giving into the voice in your head that asks you to jump into decisions. We have this tendency to seek instant gratification and look for shortcuts to do everything. This will only create problems later on and we will be in trouble.
Trading involves a significant amount of uncertainty and risk. Always winning is not an option. It’s possible to lose on a regular basis, even if you’re the best. Experiencing it can be emotionally and mentally draining. An investor must therefore be mentally tough so that no downturn can again beat you.
Ability to handle huge risk and trade with a cool and composed mind under stress and not letting your emotions get the best of you. It took me months to separate my emotions from my trades but it was worth it.
Were there specific things you did to help you do this?
To strengthen your mental capability of accepting loss and dealing with the escalating risk levels, one must adapt and build patience by meditating frequently and staying clear headed. Once you identify your weakness, you create room to grow out of it and then, you grow stronger. This helps you rationalise, strategize and analyse every decision before you make it happen. Also preventing unnecessary decisions. You stay focused and mentally ready to face any storm the market throws at you.
I think mental toughness in trading is something we build after being hit with several losses one after one. Don’t get me wrong, I am not saying one has to start chasing losses to build mental strength. In fact losses will come looking for us no matter how much we try to avoid them. But it is true that we have to accept the harsh reality by experiencing it ourselves. Losses will be painful no matter how much experience you get. But realising it’s not the end of the world is what keeps us going. Yes they can be the end of our trading journey if the losses are too huge but still getting used to losses will give you a better idea on how to manage your emotions while trading. You will learn a lot and you will find the right method only by going through the wrong ones. A toddler never gives up on walking no matter how many times they fall. We need such a mindset in trading as well. Just keep trying until you learn to balance yourself and that will make you a strong person not only in trading but in all aspects of life.
The key to having a toughened mentality, in my opinion, is putting anxiousness and greed aside and remaining consistent. Practicing consistently using a demo account will help you regulate your emotions while trading, allowing you to use superior techniques.
Keeping anxiety and greed at bay and being consistent is key to mental toughness. Mental toughness is preparing for a huge loss and understanding the risk you take every time you trade. You can mentally handle the situation. Stick to the trading process and forget about outcomes. Trading involves profits and losses, so always be prepared.
Get use to losses will help
A trader needs to have a strong will to survive. To make it in the volatile world of trading, individuals must possess a specific set of skills and traits. Like perseverance, self-control, and an openness to new experiences.
When a trader works hard despite ugly ups and downs and unwelcome obstacles. Then you can categorise this person as mentally tough.