How To Build Confidence In Forex Trading
One of the key ingredients to successful trading is to have self Confidence
Hello readers, it’s been a while since I shared some practical tips which may help you in your own trading. The tips that I mostly share here are not strategy based, they are not only meant for a specific trading strategy. Experience has taught me that most failures in trading are as a result of not managing ourselves well.
The tips shared on this blog will help you to work on yourself because you are your biggest asset or resource. When you are in control of yourself, you can be in control of your trading account and you’ll manage your money better. After all, your Forex trading account needs you more than it needs strategies and capital. No matter how large your capital may be, if you are not working on yourself, you’ll soon lose it all.
What is Confidence?
Confidence has a common meaning of a certainty about handling something, such as work, family, social events, or relationships, source: Wikipedia. To have confidence means that you have a feeling of trust and a firm belief in yourself and your abilities. Now this makes so much more sense as to why you will have to build confidence in your Forex trading. Below are the 3 steps that can help you to build confidence in your trading.
1. Identify the areas where you are doing well
I agree, I also do have areas in my life where I am less confident (I guess we all do). As a results driven mentor, I recently invited The Voice of Confidence, a Confidence Coach to coach my mentees once a week over a period of 4 weeks on issues of confidence and how they can teleport (as she would say) confidence from the areas where they are doing excellent to the areas where they are not doing so well or less confident.
What made me to even speak to a Confidence Coach and invite her was the fact that I realized that most mentees were doing good but their lack of confidence was holding them back. I don’t regret the decision as it made a huge difference in their trading journey . I took lessons for myself from her coaching during that 4 weeks she was with us and I can proudly say that life has been great and I have since improved in the areas (not Forex related) where I was less confident. In short, nothing great can be accomplished without confidence, Forex trading inclusive.
Back to identifying the areas where you are more confident. If you have noticed that you are more confident in doing your analysis more than executing the actual trades, do that more and while you are at it, observe how you feel when you get all your analysis on point and note it in your trading journal
2. Celebrate your successes
Celebrate and acknowledge those moments where you’ve analysed the currency and you did see it moving towards the direction at which your analysis pointed at, even though you did not execute the trade. Repeat the step above (identifying the areas where you are more confident) and don’t forget to celebrate, it’s very important.
By celebrating, you are not only recognizing that you are not all bad and you just need to improve in some areas, you are actually putting yourself in a happy space. The more you think about the things that you are confident in, the more you are able to think about how you can improve on the things that you are not so confident in and working on them becomes easier.
3. Be intentional
This is when you are making a decision on how you are going to improve. Being intentional means that you are actively interacting and engaging with yourself because the answers that you are looking for are actually inside you. You wake up every day and ask yourself, “how can I improve to build my confidence” and you do that with intention. Soon, you will find a way. But finding a way will come as a result of paying attention to the things that you are more confident in and trying to copy those things that you are currently doing to improve your confidence in the things that you are less confident in.
Being a successful trader is more about who you are more than about which strategies you use. My mentorship program focuses more on trading psychology because I understand that winning starts in the mind. We fix the mind, we win. You can have all great strategies but if you are lacking self-confidence and self-control you are likely to mess up. Self-belief is crucial.
Thank you for stopping by. I hope you found some useful tips from this post. If you did , kindly share with your peers. If you feel that you may need a Confidence Coach in your life, you can contact the Confidence Coach and book yourself a coaching session . WhatsApp “Confidence” to +27 71 448 2332 to claim your 20% OFF all courses from the voice of confidence. If all you need is to find a way to trade successfully, contact me for Forex private coaching sessions.
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