As human beings, we attach to things easily. And that is what happens when we experience losses and wins. We get so indulged in them that we forget that forex is a game where you can’t always win.
As long as we cope up with this, we all can strengthen ourselves. Moreover, there is a whole world out of trading. There are other ways to make trading and let’s try to be happy. I’m sure there are things that excite you other than trading.
Mental toughness entails remaining alert, active, and disciplined throughout the zigzag trading journey. Traders need to cultivate the right mindset in order to achieve long-term success in the industry. This mindset will assist traders in becoming more proficient over time.
What are things one can do to strengthen the mind?
There is a saying in my country…
“A quien madruga Dios le ayuda”
Indeed, trading is a very draining business.
Best thing to do… Wake up very early… do some exercise… then hit the charts… wait for the very best Signal… enter… manage… exit and call It a day. You want to trade more… reduce your risk. Don’t overtrade.
If you take 2 losses in a row… come back Tomorrow
The rest of the day… forget about charts… do fun stuff with Friends and family.
One should develop a habit of positive thinking and become more robust in order to be psychologically tough while trading.
I believe that consistency and putting fear and greed aside are the keys to developing a tough mind. You can train your mind to use better strategies by steadily practicing with a demo account. This will assist you in controlling your emotions while trading.
Mental toughness is all about staying calm and poised even amidst great trading crises. If you are able to remain calm and positive during trading, then you can become successful not just in trading but any field you opt to take part in.
The ability to handle pressure and temptation while remaining disciplined while trading on the market is essential for success in forex trading. You must have a strong mentality if you want to be a successful trader and consistently profitable.
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I like that your minimum number for losing trades is low. Less chances of a long losing streak!
With every trade that I place, I make up my mind not to be too excited if I win (I just accept and rejoice in the fact and move ahead) and not to feel sad or agonised about the loss in forex.
That is the key to mental toughness in forex, in my opinion, i.e. not being carried away by emotions in any situation. This is a skill which will develop over time.
Newbies think it is easy to trade and make profits in forex, though unbeknownst to them that forex is not as easy as they believe it to be. They need to put in the effort, without which they won’t be able to achieve the results they have dreamed of.
Agreed. I think it was @Johnscott31 who said you need to have other things going on in your life other than fx trading so that your energy is more “dispersed” and every win/loss is not the sole highlight of your day.
Mental toughness is the ability to stay sane and not get carried away by the intense emotions you feel while trading. Being emotionally strong is very much needed to become a successful forex trader. It is a part of the skill set one must have as a trader to become profitable in the long run. It is not that you don’t get affected by losses or bad trading days. You just learn to move on from them so that you can trade with a fresh mind later on.
Reading some of the post you think it was trench warfare not trading,some of the things people have to endure in life , trading just about maturing.
Sage advice that can be used for even non-trading activities.
I believe consistency and putting fear and greed aside are the keys to developing a tough mind. You may train your mind to use better techniques by steadily practising using a demo account. This will assist you in controlling your emotions while trading.
Mental toughness is built over time with experiences and I feel that trading sometimes can be exhausting when overdone as excess of everything is bad but you can create a balance with other tasks while managing to trade so that it acts like a skill to make you happy in return increasing the emotional stability.
Before starting to trade, a trader must learn how to control emotions. When a trader knows how to remain cool under pressure, a trader can trade successfully. Being ready for any outcome - good or bad will help traders control their emotions.
True that. One should not jump directly into the new hot thing. Firstly develop your plan and then follow it.