There are thousands of forex traders who allow negative thoughts to take root in their minds and they end up drawing the blood out of all their energy. It is therefore crucial that we identify what these deadly demons so that as a trader you
direct you energy away from them and invest it somewhere else. Like we have said earlier, most of these demons are related to fear and this is basically where they stem from.
In many cases, this fear is related to memories of past bad experiences that leave a subtle message in the subconscious that says "don't do that again". This fear may also be related to the fear of the unknown and unfortunately it draws as much blood as we allow it to feed from our minds. The choice of our thought process becomes an antidote that works against these deadly forex trade demons. You can recognize fear when it is knocking because you will discover that you will start taking short and shallow gasps of breathe that are totally insufficient. You can undo this by deliberately taking a deep slow breathe so that you regain control of the situation once again.
Following are among the greatest forex trade demons that need to be starved in order for you to make progress:
Loss of money: This is perhaps the greatest demon that you must starve completely anytime it tries to rear its ugly head. You must remind yourself that there are always risks associated with trying to make money by using money. The very essence of forex trading is employing money to make more money for you and as a result you must deal with any discomfort that is brought by the realization that once in a while you could lose some money.
The truth of the matter is that no matter what techniques you employ, once in a while you will enter deals that will lose some money because it is simply the nature of trading. The most important thing a forex trader needs to remember that your success is not primarily determined by how much profit or loss you make from a single trade but by the accumulation of a number of them over a period of time.
Lack of Control: It is extremely important for you to understand the different aspects of forex trade such that you know what you can or cannot control. Many people believe that they can control any situation in order to get their desired positive outcomes of avoid negative ones. Apparently, when it comes to forex trade, there are situations that are generally determined by market forces that you have completely no control over. The wise trader is one who knows the difference between the two; use all your energy on the things you have control over as opposed to the ones you cannot do anything about.
Failure: The fear of failure de-motivates many traders from making moves so much that they consider themselves total failures because they missed an opportunity somewhere. You must remind yourself that missing a sale or an opportunity is an integral part of forex trading and as a result you should not crucify yourself. You must always desist from taking mistakes personally because they do not necessarily reflect your personality or business acumen.
Emotional Pain: There is also another group of traders who will not take any responsibility for their mistakes and will always think that the market forces are basically out to destroy them and cause them emotional pain. While it is possible to make use of the information you receive from newsletters, brokers, newspaper columns or even hot tips from trading systems, they must take personal responsibility the moment they decide to execute any such move. The market simply brings buyers and sellers together and any emotional pain we will feel will be self-inflicted.
Missing a Trade: There are millions of traders who cry for ages because they missed a trade. The truth of the matter is that even though the missed opportunity could be such a great one, the fact remains that there will always be an opportunity to make another one next time. The market is always teeming with trades and when you spend time fuming over a missed one, you could easily be losing and even more lucrative deal.
Hesitation in entering a deal: There are times when a forex trader will miss entering a trade simply because he or she is overwhelmed with a feeling of fear. Much of this hesitation is actually caused by lack of total confidence in one's trading strategies or in their own decisions making. You must take time to research and discover the correct trading techniques that you can easily trust and practice without unnecessary fear.
Introforextrading is a website designed to equip newbie traders with the essential skills and knowledge to achieve success in forex trading.
Find out more about trading psychology and learn how forex trading success can be more about your mindset and less about the markets.
click here now ->>> http://www.introforextrading.com
Article Source: http://EzineArticles.com/?expert=Joseph_CK_Chua
No comments:
Post a Comment