Personal Development In Forex Trading
What Is Personal Development?
SOURCE Wikipedia: Personal development consists of activities that develop a person’s capabilities and potential, build human capital, facilitate employability, and enhance quality of life and the realization of dreams and aspirations. Personal development may take place over the course of an individual’s entire lifespan and is not limited to one stage of a person’s life. It can include official and informal actions for developing others in roles such as a teacher, guide, counselor, manager, coach, or mentor, and it is not restricted to self-help. When personal development takes place in the context of institutions, it refers to the methods, programs, tools, techniques, and assessment systems offered to support positive adult development at the individual level in organizations.
The Importance Of Personal Development In Forex Trading.
Forex trading is not only about learning certain trading strategies. A lot of traders have amazing trading strategies but they still fail. Trading is more about being able to manage ourselves. The best way to manage our trading accounts or money is to manage ourselves. A trader who works on themselves finds it easier to navigate through challenges. Below are the few areas that one can develop as a trader.
Patience
If there’s one thing that a trader needs, is patience. Patience to analyze and to wait for a perfect setup before executing trades. As a trader you will also need to be very patient with yourself and give yourself time to learn and gain the necessary experience. If you are an impatient person in all other areas of your life, you are not going to suddenly switch to a patient person instantly especially in your trading. You will keep on messing things up in your account until you work on yourself and fix your patience levels. As a teacher/mentor/coach, I also do a lot of personal developments. Patience is one of the areas that I had to look at because it would be impossible to teach without it.
Gambling Addiction
Over the past few years, I have taught, mentored and coached people who come to me with different challenges. A couple of times, I had mentees who were addicted to gambling, they would spend weekends at the casino. No matter how much I tried to help them stop gambling with their trading account, they would still gamble. It was only when one person who had the gambling challenge told me that they are getting help because it has been a problem for so many years and it has affected his business and marriage. If this person did not work on that problem, he would have lost a fortune in the markets.
Self Control
Some people need to develop this area. If you lack self control, you are likely to struggle with keeping your profits. Most people make money but at the end of each day or week, they give it all back to the markets because they just couldn’t stop. They kept on going back for more trades even when they have made their target. Until such a trader works on their self control issues, they will keep on donating to the markets. Check out these VIDEOS here and avoid such mistakes.
Confidence
In 2019, I published a blog post on how to build self confidence, you can check it out HERE. When it comes to confidence, one may have confidence in other areas but lack confidence in trusting self or making decisions. This can also be worked on through personal development. If you always end up loosing opportunities because you are lacking self confidence, this can be fixed. I only shared a few just to give you an idea. You can search for more areas that need to be improved in your own life and start working on those. The person that you are cannot be separated from the person who trades. I recently published an episode on my PODCAST on this topic.
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