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Got Forex Trader’s Block? Try this Quick Quiz
You know the feeling…. every Forex Trade you’ve put on lately has lost or retraced to profit if only you’d stayed in the Trade. Answer Yes or No to the following:
1. Do you have a Trading Plan?
2. If you do have a Trading Plan, do you stick to it and update it regularly?
3. Are you defining your Risk:Reward and conforming to your Risk Management rules BEFORE you enter each trade?
4. Do you stick to your Strategy every time you enter a Trade?
5. Do you understand that Trading is a “game of Probabilities”
6. Do you execute each Trade like a Robot and put all expectations to one side?
7. When you Trade, are you totally focused without any distractions?
8. Have you ever been professionally coached at Forex Trading?
9. Do you truly understand that the Forex Market is not “out to get you”?
10. Do you use Stops as per your Strategy every time you place a Trade?
If you answered “No” to only one of the questions above, then it could be the answer to why you are not achieving consistent success as a Forex Trader.
The psychology of Trading is the Holy Grail to your success as an FX Trader. Sound strategies and risk management are also very important and you cannot trade successfully without them.
You must know, believe and understand that 80% of you making money consistently and successfully in the FX Market is up to your mind-set. If you don’t realise this then the odds are stacked heavily against you.
If you want to change, then grab some Trading Psychology books – one of my favourites is “Trading in the Zone” by Mark Douglas. Read this subject, over and over and over again until it sinks in. The Buddhist idea of “detachment” is perfect for Trading. You must be totally detached from the outcome of each Trade. Yes, I know all too well that this is not easy.
But when you realise that each Trade is unique and has no relation to the previous one then you can start to let go of the outcome. This will take a bit of effort on your part to get your mind to think this way. It goes against how humans naturally think. Maybe even try Meditation – it can help your mind to stay focused and detached at the same time. Maybe put a sign up next to your Computer that simply states: “DETACHMENT” as a reminder. I love the following Zen saying, “The tighter you squeeze, the less you have”.
Being coached at anything you are learning is a great way to fast track your understanding of a subject. Learning to Trade Forex successfully is no different. In fact, it’s vital. You need a professional FX Trading Coach that will help you, guide you and instil confidence in your ability to Trade FX successfully. I am booking my next coaching session at Knowledge to Action tonight. Don’t underestimate that Trading can be lonely and frustrating on your own.
You’re far more likely to succeed if you find others that that can help you and support you in your quest for that Holy Grail.
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