3 Psychological Tips to Keep Your Trading Momentum

Wednesday, February 22, 2017, PM | Leave Comment

If you want to be a successful forex trader, you need to learn the tools of the trade, practice patience to make the right moves at the right time, and be consistent.

The final point is what makes or breaks a good forex trader. Trading is not a way to get rich overnight.

You have to dedicate yourself to the process, and the best way to do so is to set aside an hour each night for trading. Some nights may be more successful than others, but you have to keep going.

It’s the same principle for anything you really want to achieve. Do you want six pack abs? Get ready to work out every day. Do you want to get a Master’s degree? You have to put in the effort to pass your classes.

So ask yourself this: do you want to be a successful forex trader? Then you’ll need to dedicate yourself to studying the market every single day.

Consistency will help you build your trading momentum. But how do you keep it? How do you make your success blossom even more?

Here are 3 psychological tricks that can help bring out the best in your trading endeavors.

  1. Use Positive Affirmations

    Positive affirmations are a useful trick for any area of life. Some people stand in front of their mirror every morning and say their positive affirmations, but the point is not to say them and forget them.

    Instead, you need to change your entire way of thinking so that you think or say predominantly positive things about yourself.

    Yes, it matters!

    The way you refer to yourself will eventually become embedded in your subconscious, and you’ll believe what you say or think, whether you realize it or not.

    So, it’s time to quit beating yourself up over making mistakes while trading. Instead of saying, “I’m not good at this,” say, “I am a successful forex trader” or “I know which patterns to follow” or “I am patient and can wait for a good opportunity.”

    It sounds too simple to be true, but it is. The subconscious is very powerful and is easily swayed, especially by what we say. This is just one example of neurolinguistics programming and how it can transform your goals.

  2. Embrace Change

    When things are going our way, we want them to stay exactly the same. We don’t want the good things in our lives to go away. It can be all too easy to get stuck in a habit of thinking, “This is how I’ve always done things, and this is what works. I don’t want to change.”

    But not all change is scary. The fact that you decided to become a forex trader shows that you are capable of making some positive changes in your life.

    Change is inevitable, and it’s better to embrace it than to fear it. The market changes all the time and sometimes it’s too our advantage, and sometimes it’s not.

    A good exercise is to think about what made your trading efforts take off? Where did this good momentum come from? Did you make a change that led to this success?

    Keep doing whatever you did before, but at the same time, do some soul-searching to find out where you can improve, and dedicate yourself to making that change so that your trading efforts improve even more.

    Tell yourself, “I am adaptable.” When things suddenly change, you might be caught off guard, but you will also adapt yourself. It’s human nature.

  3. Highlight the Good

    It’s very easy to remember a mistake. After all, if we don’t remember the mistakes we make, we will just end up repeating them over and over again.

    So why is it so hard to remember a success? Why don’t we want to remember exactly what we did right so that we keep doing it over and over again?

    Sometimes we do, but most of the time it is easy to forget how far our trading efforts have come. Keep track of your best trades, the biggest “lightbulb” moments you’ve had during your trader training, your proudest moments on the market.

    Use a bulletin board or a notebook or anything that keeps these successful days within view at all times.

    It will keep you passionate about trading, remind you that you are a good trader, and keep you focused on your goals.

If you want to be successful, keep a positive mindset and stay focused on your goals. And you can increase your trading momentum all the time.

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