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Thursday, November 3, 2016

A Trader’s Attitude Makes a Difference!

“Acceptance is a good state for trading because at this level you can accept losses and profits — both of which are a regular part of trading. In fact, acceptance of small losses is critical to successful trading.” – Dr. Van K. Tharp

WHAT’S YOUR ATTITUDE TO TRADING CHALLENGES?
Michael: “I put so much effort and time into my trading, and still didn’t get it right! I’ll never succeed at trading. No matter how hard I try, it’s never good enough. Why do I even try?”

Akin: “I can see that I’m making some progress in trading, but I made some embarrassing mistakes. I’ve learned some valuable lessons that will make me do better next time.”



Questions: 6 months from now, which one would be a more competent trader Michael or Akin? If you want to have a good trader as a friend, which of those two men would you be more likely to keep? When you face frustration in trading, how do you react?

Sade is fed up with trading and she refuses to take steps that can make her improve. She reasons, “Why should I waste my time on a career that gives me nothing in return?”

Michelle makes concerted effort to be a good trader and to help other traders, whether she makes profits or not. She takes to heart the Golden Rules of trading, for she believes they work. For Michelle, trying to be a better trader brings rewards with the time.

Questions: Which of these 2 women did you think would be successful as a trader? Which one would have better results in future? Are you like Sade or Michelle? 

WHAT CAN YOU DO?
Avoid Pessimism: Pessimism will sap you of the strength you need to improve your trading and help deal with the challenges. Your outlook and attitude aren’t set in stone. You can be made “new” in your thinking (and ongoing process).

Focus on the Positive Aspects of Trading: If you see everything about trading negatively, you will feel “afflicted” and every day will appear “bad” or gloomy. But if you focus on positive things in trading, you will have a “cheerful heart” and even feel joyful. The choice is yours. Occupy your mind with encouraging subjects on trading.

Do Things to Help Other Traders: Look for opportunities to be self-sacrificing when it comes to helping other traders who need assistance. I haven’t totally put aside my long-term goals. But I’m focusing on the smaller goals I can reach now. When discouraging thoughts creep into my mind, I reflect on the many reasons I’ve to be a happy trader.

If you’re dealing with negative trading circumstances, please ask yourself: Is the situation really hopeless? Have I reached a dead-end or is this merely a road-block. Learn to keep negative thoughts out by concentrating on something constructive in your career.

Conclusion: Care for your attitude toward trading in the same way you would cultivate a garden. Root out the poisonous weeds of pessimism and negativity. Sow seeds of realistic optimism, and fertilize your life with actions that produce positive emotions. You will reap emotional crop that will make your trading career much more rewarding. And it will confirm that a trader’s attitude makes a difference!

This piece is ended with the quote below:

“The only Forex trading tricks recommended are simply patience, self discipline and applying strategies that will allow you not to take big risks.” – Painofhell (Source: Einvestorsforum.com) 



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1 comment:

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