Hello readers, welcome back. I have been operating on a very tight schedule lately. I finally got a chance to share one more tip here. Today’s topic is about the importance of unlearning in order to learn.
About 10 years ago, I embarked on this journey of learning how to trade. At first, I did not really think that there’s so much that I would need to learn. For me, just like most people who are starting out, it was just all about learning how to place a trade, buying the latest robot and learning a gazillion strategies. All of that was really fruitless. I was just too busy but less productive and it all seemed normal at that time.
After loosing so much money trying to find the way that would work best for me, I was challenged by the fact that I needed to unlearn a lot, it wasn’t easy at all, but it had to be done and I am so glad that I finally managed. Below are the few things that I had to unlearn.
Following every Forex group
One of the biggest mistakes that most traders do is to follow every social media group in search for more knowledge, which makes it very difficult to focus especially when you have your own trading plan that you are trying to follow and stick to.
I used to be that person who was everywhere on social media groups as long as I would see the word “Forex” I would definitely follow or join the group. I did that a lot when I was trading without any trading plan, but I continued to do that even when I had just done my own trading plan which I never followed of course due to being all over social media groups.
I would be on the right track for the day but as soon as I logged in to those groups, I would follow all the gurus who were claiming to be the best. I would literally place all their trades from their posted screenshots. I continued to make losses until I had to put a stop to it by leaving all those groups. That was the first thing that I had to unlearn. Learning how to trade is not easy in this kind of a setup as it can bring so much confusion.
Being glued to my screen all day and night
This was the most difficult one. For some reason, I felt like I needed to struggle and to have sleepless nights because that made me look like I knew what I was doing and I was smart (I know I sound silly right now, but this is a true story). When I finally learned that I don’t really have to stay up all day & night babysitting trades, I stopped. It wasn’t easy though, but I managed with the help of a good mentor.
Most of my mentees are faced with this challenge. Just 2 weeks ago, I had a weekly coaching session with one of my mentees (I do those with live traders every Fridays) and we were trying to sort out such issues for her. “Even when I am driving, I would open charts to see what’s going on” ~ Mentee. This particular mentee is struggling to unlearn those habits of being glued to her screen. She is definitely working on it though and I am positive that she will overcome as long as she is willing to and put in the work that is needed.
Trading more brings more money
OK, on a daily basis I used to place a minimum of 30-40 trades because I actually believed that the more I traded, the more money I would make. It was the total opposite though. I had to unlearn that but what made it more difficult to unlearn was the fact that everyone I knew seemed to be doing the same thing and it seemed very normal to me.
The sooner I unlearned that, the sooner I started to relax more, became less grumpy and I was able to think straight (it’s not easy to think straight when you have so many open trades at once which are keeping you on your toes).
I believe that if we can manage ourselves better, we can definitely manage our finances better. It starts with us. One of the things that I focus more on, on my training and mentorship program , is trading psychology which is basically about how one can manage his/her emotions and so forth. Learning a certain trading strategy is the easiest part, but implementing it is a case of will and strength.
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