Mental Endurance In Forex Trading
What Is Mental Endurance?
Mental endurance is a measure of individual resilience and confidence that may predict success in sport, education and the workplace. SOURCE: Wikipedia.
Welcome back, it’s been a while since I published a blogpost here. Mental endurance is also the ability to exercise inner strength to be able to deal with life’s daily challenges. As a beginner trader, you are likely to face challenges as you work towards gaining that much needed trading experience. Being able to navigate through those challenges without giving up, will require mental endurance. For the sake of this post, I will assume that you have learned how to trade and you are at that stage where you feel like it is not happening as quick as you have anticipated.
Why Must We Develop Mental Endurance?
I have seen people who always start projects and give up along the way and never see them through. I have done it as well so many times in my life. In this case I can say that Forex trading is definitely not one of them. This year marks my 12th year in the markets. If it was, I wouldn’t be here today sharing with you. When we lack mental endurance, we give up easily.
Most traders are introduced to Forex trading as a quick and easy way to make money without putting in any work or effort, I was also sold that dream. When they finally unlearn that, they give up or even stop learning and instead choose to get involved in Forex pyramid schemes which always end badly. Since mental endurance is about exercising inner strength, below are the 2 things that you can do to activate that inner strength. I am only sharing these two because I know that if you can start there, you will know what else to work on.
Change Your Beliefs About Trading.
I know this may sound a bit weird, but most people who are trading do not believe that they can actually make money. Sometimes they do believe that there are opportunities to make money in the markets, but they don’t see themselves being among those people who can benefit from those opportunities. There is so much fear and doubts. This is caused by what most people have experienced, the scamming etc. They then come to the markets carrying all that baggage. To make money, you must believe that you can and it is possible.
I did a podcast episode on the importance of personal development in Forex trading because we trade better when we behave better. That is what trading psychology is all about, it is about how we behave in the markets. Since we cannot control the markets, we might as well control what we can, ourselves. You can listen to that episode HERE.
I also published a very practical booklet to help instill positive beliefs about money and Forex trading. When your beliefs are shifted to the positive side, your results will be positive. You can purchase your softcopy of “Shift your Mind, Shift your Money” booklet for only $8 HERE. Scroll down towards the end on that page and click the “BUY THE BOOK” button. You can buy without having an existing Paypal account (just read through the instructions on the purchase page) Should you need any assistance, kindly WhatsApp me on +27 78 144 6851.
2. Understand That It Won’t Happen Overnight.
When you understand Forex for what it is and not as a cash slot machine, you will also understand that it is going to be a process just like any other business and you will have to fall in love with that process in order for you to see progress and growth in your trading. Falling in love with the process means you understand that you will make mistakes, you may struggle with self control and you will be fearful sometimes. All these are the common challenges that you can easily overcome. I also went through most of these challenges. I can tell you one thing though, it does get better with time and experience.
Thank you for stopping by. Please feel free to share your thoughts in the comment section and kindly share this post to help me reach as many people as I can who may benefit from this information. Please do take care and stay healthy and safe.
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