A Strong Trading Mind
- Thread starter amitrandive
- Start date
Deal with Trading frustration.
http://www.babypips.com/blogs/pipsy...b&utm_medium=timeline&utm_campaign=fbtimeline
Frustration may be an occupational hazard for forex traders, as losses and even huge drawdowns can happen every now and then. This can result to self-doubt and a lack of confidence in one’s trading plan, which can then lead to overtrading or poor decision-making in an effort to make up for one’s mistakes.
Reflect on your trading experience for a moment and think of an instance wherein you felt frustrated with your performance. Were you able to think clearly with your next trades? Did you take your losses personally and start questioning if trading is really for you?
Traders are competitive by nature and it is precisely this characteristic that makes us vulnerable to being extremely frustrated with losing trades. The good news though is that it is possible to deal with this negative emotion and prevent it from affecting your trading decisions. Here are three reminders for you:
1. Don’t blame yourself!
Trying to bounce back from a loss or climb out of a losing streak is easier said than done. For some, it’s easier to target the frustration at themselves and engage in negative self-talk. If you often find yourself in this situation, you gotta take it easy, dude!
There is no point in blaming yourself for not being able to predict what could’ve easily been a black swan event. Nobody – not even the brightest economists or the hardcore number crunchers – knows for certain what the market’s next move will be. Accept the loss, pat yourself on the back for managing your risk, take note of the lessons learned and move on.
2. Do your homework.
Now if you think your losing trades can often attributed to the lack of preparation, then you have to remind yourself to do your homework. As the saying goes, prevention is better than cure, which means that you are less likely to encounter frustration when you put in enough time and effort in conducting fundamental and technical analysis.
Aside from that, you shouldn’t forget to plan your trades and determine your action steps for various potential market scenarios. Don’t set yourself up for frustration by throwing caution into the wind and coming up with hasty trade setups.
3. Don’t give up on your trading strategy… yet.
Other traders target their frustration at their trading strategies. What’s the point of analyzing the markets and sticking to a trade plan when the market moves randomly anyway, right?
WRONG!
The market environment may be constantly shifting and that’s the nature of the beast, but remember that consistent profitability can be attained by staying disciplined and following your tried-and-tested trading plan. If you are convinced that your current strategy is no longer appropriate, try conducting backtests or refining your approach instead of giving in to frustration and dismissing it altogether.
Keep in mind that trading is a marathon and not a sprint. There will be times when you’ll find it hard to keep up with the market and that’s okay. Just remember to pace yourself, get your timing right, and focus on proper execution.
http://www.babypips.com/blogs/pipsy...b&utm_medium=timeline&utm_campaign=fbtimeline
Frustration may be an occupational hazard for forex traders, as losses and even huge drawdowns can happen every now and then. This can result to self-doubt and a lack of confidence in one’s trading plan, which can then lead to overtrading or poor decision-making in an effort to make up for one’s mistakes.
Reflect on your trading experience for a moment and think of an instance wherein you felt frustrated with your performance. Were you able to think clearly with your next trades? Did you take your losses personally and start questioning if trading is really for you?
Traders are competitive by nature and it is precisely this characteristic that makes us vulnerable to being extremely frustrated with losing trades. The good news though is that it is possible to deal with this negative emotion and prevent it from affecting your trading decisions. Here are three reminders for you:
1. Don’t blame yourself!
Trying to bounce back from a loss or climb out of a losing streak is easier said than done. For some, it’s easier to target the frustration at themselves and engage in negative self-talk. If you often find yourself in this situation, you gotta take it easy, dude!
There is no point in blaming yourself for not being able to predict what could’ve easily been a black swan event. Nobody – not even the brightest economists or the hardcore number crunchers – knows for certain what the market’s next move will be. Accept the loss, pat yourself on the back for managing your risk, take note of the lessons learned and move on.
2. Do your homework.
Now if you think your losing trades can often attributed to the lack of preparation, then you have to remind yourself to do your homework. As the saying goes, prevention is better than cure, which means that you are less likely to encounter frustration when you put in enough time and effort in conducting fundamental and technical analysis.
Aside from that, you shouldn’t forget to plan your trades and determine your action steps for various potential market scenarios. Don’t set yourself up for frustration by throwing caution into the wind and coming up with hasty trade setups.
3. Don’t give up on your trading strategy… yet.
Other traders target their frustration at their trading strategies. What’s the point of analyzing the markets and sticking to a trade plan when the market moves randomly anyway, right?
WRONG!
The market environment may be constantly shifting and that’s the nature of the beast, but remember that consistent profitability can be attained by staying disciplined and following your tried-and-tested trading plan. If you are convinced that your current strategy is no longer appropriate, try conducting backtests or refining your approach instead of giving in to frustration and dismissing it altogether.
Keep in mind that trading is a marathon and not a sprint. There will be times when you’ll find it hard to keep up with the market and that’s okay. Just remember to pace yourself, get your timing right, and focus on proper execution.
It’s easy to see successful people and think they were born that way. The reality is that every successful person was ambitious and relentless. Persistence is the vehicle you should be most interested in.
Source: 10 Quotes on Persistence to Help You Keep Going
Source: 10 Quotes on Persistence to Help You Keep Going
How Negative Energy Affects Your Life and How to Clear It
http://themindunleashed.org/2013/09/how-negative-energy-affects-your-life.html
You know that like attracts like, right? So here’s the deal: Positive people are drawn to positive energy; negative people are drawn to negative energy.
We tend to perceive negative energy as something other people have. Sure, sometimes we feel negative – as in, “go away and leave me alone, world!” but did you know that negativity can be so ingrained in you that it goes unnoticed?
That’s because negativity sometimes wears a disguise called ‘reality’. It’s easy to rationalize that you’re ‘just being realistic’ in not daring to act on a dream – and believe it!
You may assume that positive people are not being realistic – that they’re being naive, that they are in denial with their heads stuck in the sand, that they put on fake smiles in the face of difficulty and so forth. But are they really happy idiots or is there something to their positivity?
Consider this: since when does ‘being realistic’ necessarily mean that things will go wrong and that you have to accept that as the truth?
That doesn’t mean that being realistic is automatically negative. When you view the world from a ‘realistic’ standpoint, you can’t help but be negative IF your version of reality is negative.
If your version of reality is negative, you are conditioned to believe that whatever can go wrong, will go wrong and whatever can go right, will probably go wrong too. Your unconsciously held beliefs make you into a negative person without your being aware of it!
So – if this negativity is so ingrained in you that you don’t notice it, how do you determine whether you’re stuck in a cloud of negative energy that is attracting the wrong people, wrong situations and wrong feelings? And how can you be sure you’re not perpetuating that negativity?
Here’s a quick quiz to gauge the level of negative energy within you:
If you’re not grateful except when things go right, you are negative. Gratitude is positive. If you are grateful for what is (including the unpleasant school of life lessons, then you can invite more and more positive energy into your life.
Believing that things happen to you puts you in the role of victim; then it’s easy to be negative because it’s convenient to give up that power. So consider this alternative: who or what is to blame when GOOD things happen to you? Do you acknowledge that you are responsible for the good things – as in, you worked hard, you earned it, etc… but blame external events or other people for your failures? So how come, when good things happen, they are a result of what you do, but when bad things happen, they are not your fault?
Nobody likes to hear that. It takes courage to accept that you create your life experience!
If you answered yes to any of the above questions, you are holding on to negative energy to some degree! To clear your negative energy and raise your vibration, you will need to retrain yourself to choose a positive attitude.
Here’s another interesting idea to consider: have you noticed that positive people seem to get what they want out of life, and even if things don’t go their way, they still enjoy their lives… while negative people whine and moan about their misfortunes and even the good things in their lives?
To clear negative energy, try this 3 -step process:
1. Take ownership:
“When you think everything is someone else’s fault, you will suffer a lot. When you realize that everything springs only from yourself, you will learn both peace and joy.” – the Dalai Lama
2. Cancel negative thoughts and replace them with positive thoughts.
This takes practice, dedication and making a decision to see the world through the eyes of “what can go right” instead of “what can go wrong.” You’ll have to catch yourself anytime you are acting out or speaking out your negativity, and immediately change your tune.
3. Use the Love or Above Spiritual Toolkit to clear your energy and bring more light and love into your life;
visualize the positive instead of getting sucked into negativity; overcome past conditioning; think intuitively from the soul instead from ‘reality’; create a new, desired reality in your imagination and manifest it in the outer world. Nobody wants negative energy to permeate their lives, yet many of us allow it. But we allow it unconsciously, based on past conditioning that suggests an inevitable outcome to certain situations. When you overcome that conditioning and realize that the future is NOT cast in stone but that you have more control over your circumstances than you believe – then you can begin to consciously design your life.
What’s going to happen then? Your positive energy will magnetically attract what you consider to be good and right for you: people, situations, things… and you’ll notice a huge, huge increase in your happiness and inner peace. Why not choose positive energy? Make some changes within, and you’ll quickly see positive changes in your life. Enjoy the good feelings and abundance!
http://themindunleashed.org/2013/09/how-negative-energy-affects-your-life.html
You know that like attracts like, right? So here’s the deal: Positive people are drawn to positive energy; negative people are drawn to negative energy.
We tend to perceive negative energy as something other people have. Sure, sometimes we feel negative – as in, “go away and leave me alone, world!” but did you know that negativity can be so ingrained in you that it goes unnoticed?
That’s because negativity sometimes wears a disguise called ‘reality’. It’s easy to rationalize that you’re ‘just being realistic’ in not daring to act on a dream – and believe it!
You may assume that positive people are not being realistic – that they’re being naive, that they are in denial with their heads stuck in the sand, that they put on fake smiles in the face of difficulty and so forth. But are they really happy idiots or is there something to their positivity?
Consider this: since when does ‘being realistic’ necessarily mean that things will go wrong and that you have to accept that as the truth?
That doesn’t mean that being realistic is automatically negative. When you view the world from a ‘realistic’ standpoint, you can’t help but be negative IF your version of reality is negative.
If your version of reality is negative, you are conditioned to believe that whatever can go wrong, will go wrong and whatever can go right, will probably go wrong too. Your unconsciously held beliefs make you into a negative person without your being aware of it!
So – if this negativity is so ingrained in you that you don’t notice it, how do you determine whether you’re stuck in a cloud of negative energy that is attracting the wrong people, wrong situations and wrong feelings? And how can you be sure you’re not perpetuating that negativity?
Here’s a quick quiz to gauge the level of negative energy within you:
- Do you complain? All the time or just sometimes?
- Do you often discuss what’s wrong in the world more than what’s right? This includes the ‘terrible’ weather, ‘horrible’ traffic, ‘idiotic’ government, ‘lousy’ economy, ‘stupid’ in-laws, etc.
- Do you criticize? All the time or just certain people?
- Are you attracted to drama and disaster (can you unglue yourself from the TV when there’s a news story of a disaster and can you avoid getting involved in the lives of dysfunctional celebrities?)
- Do you blame? All the time or just certain situations?
- Do you believe that you have no control over most of your results?
- Do you feel like a victim? Do you talk about people doing things to you?
- Are you grateful for what is or will you be grateful when things finally start going right for you?
- Do you feel like things are happening to you? Or do you feel that they are happening through you?
If you’re not grateful except when things go right, you are negative. Gratitude is positive. If you are grateful for what is (including the unpleasant school of life lessons, then you can invite more and more positive energy into your life.
Believing that things happen to you puts you in the role of victim; then it’s easy to be negative because it’s convenient to give up that power. So consider this alternative: who or what is to blame when GOOD things happen to you? Do you acknowledge that you are responsible for the good things – as in, you worked hard, you earned it, etc… but blame external events or other people for your failures? So how come, when good things happen, they are a result of what you do, but when bad things happen, they are not your fault?
Nobody likes to hear that. It takes courage to accept that you create your life experience!
If you answered yes to any of the above questions, you are holding on to negative energy to some degree! To clear your negative energy and raise your vibration, you will need to retrain yourself to choose a positive attitude.
Here’s another interesting idea to consider: have you noticed that positive people seem to get what they want out of life, and even if things don’t go their way, they still enjoy their lives… while negative people whine and moan about their misfortunes and even the good things in their lives?
To clear negative energy, try this 3 -step process:
1. Take ownership:
“When you think everything is someone else’s fault, you will suffer a lot. When you realize that everything springs only from yourself, you will learn both peace and joy.” – the Dalai Lama
2. Cancel negative thoughts and replace them with positive thoughts.
This takes practice, dedication and making a decision to see the world through the eyes of “what can go right” instead of “what can go wrong.” You’ll have to catch yourself anytime you are acting out or speaking out your negativity, and immediately change your tune.
3. Use the Love or Above Spiritual Toolkit to clear your energy and bring more light and love into your life;
visualize the positive instead of getting sucked into negativity; overcome past conditioning; think intuitively from the soul instead from ‘reality’; create a new, desired reality in your imagination and manifest it in the outer world. Nobody wants negative energy to permeate their lives, yet many of us allow it. But we allow it unconsciously, based on past conditioning that suggests an inevitable outcome to certain situations. When you overcome that conditioning and realize that the future is NOT cast in stone but that you have more control over your circumstances than you believe – then you can begin to consciously design your life.
What’s going to happen then? Your positive energy will magnetically attract what you consider to be good and right for you: people, situations, things… and you’ll notice a huge, huge increase in your happiness and inner peace. Why not choose positive energy? Make some changes within, and you’ll quickly see positive changes in your life. Enjoy the good feelings and abundance!
Traders, Run your Own Race!!!
http://www.babypips.com/blogs/pipsy...b&utm_medium=timeline&utm_campaign=fbtimeline
As a trader, I always discovered that whenever I started comparing my trading performance with other traders, my performance would usually worsen. This “distraction” cost me lots of money in terms of losses.
Don’t compare yourself to others. It’s tempting in the modern, competitive world to constantly ask, “How am I doing?”
It’s easier said than done, but you should NOT allow how well you do compared to others affect how you feel about your inner worth and feelings of success in life.
Comparisons are useless. Run your own race.
Like the sport of golf, you alone are the one who needs to hone your trading skills. You are the one who must find a method that matches your skill level and personality. Comparisons to other traders just make you feel frustrated.
Don’t constantly think you are trying to beat others to an imaginary finish line. People who achieve great things work independently and on their own terms.
They don’t care how others are doing. They follow their own timeline, follow their own passion, and look INWARD for where to go next.
Notice how I said inward, and not outward. They look inward for where to go next.
How you perform has nothing to do with how others perform. All comparisons will do is torture you. You will feel jealously or envy.
When you see that you are doing relatively poorly compared to a fellow trader, you are likely to think distracting thoughts such as, “Why can’t I do as well?” or “I must not be as good of a trader as I had thought.”
To maintain motivation, focus on improving your past performance record, rather than looking at how other traders are doing.
You usually don’t know what factors created their performance records, so comparisons can only mislead and hinder you. They could just be on a lucky streak or have a market wizard standing right behind them on every trade providing advice.
Put your “blinders” on. Don’t look at anyone else’s record but your own.
Everyone has a different learning curve.
Run your own race.
http://www.babypips.com/blogs/pipsy...b&utm_medium=timeline&utm_campaign=fbtimeline
As a trader, I always discovered that whenever I started comparing my trading performance with other traders, my performance would usually worsen. This “distraction” cost me lots of money in terms of losses.
Don’t compare yourself to others. It’s tempting in the modern, competitive world to constantly ask, “How am I doing?”
It’s easier said than done, but you should NOT allow how well you do compared to others affect how you feel about your inner worth and feelings of success in life.
Comparisons are useless. Run your own race.
Like the sport of golf, you alone are the one who needs to hone your trading skills. You are the one who must find a method that matches your skill level and personality. Comparisons to other traders just make you feel frustrated.
Don’t constantly think you are trying to beat others to an imaginary finish line. People who achieve great things work independently and on their own terms.
They don’t care how others are doing. They follow their own timeline, follow their own passion, and look INWARD for where to go next.
Notice how I said inward, and not outward. They look inward for where to go next.
How you perform has nothing to do with how others perform. All comparisons will do is torture you. You will feel jealously or envy.
When you see that you are doing relatively poorly compared to a fellow trader, you are likely to think distracting thoughts such as, “Why can’t I do as well?” or “I must not be as good of a trader as I had thought.”
To maintain motivation, focus on improving your past performance record, rather than looking at how other traders are doing.
You usually don’t know what factors created their performance records, so comparisons can only mislead and hinder you. They could just be on a lucky streak or have a market wizard standing right behind them on every trade providing advice.
Put your “blinders” on. Don’t look at anyone else’s record but your own.
Everyone has a different learning curve.
Run your own race.
Developing Mental Toughness
http://lifehacker.com/how-and-why-t...rce=lifehacker_facebook&utm_medium=socialflow
Excerpts:
"Mental toughness" is keeping strong in the face of adversity. It's the ability to keep your focus and determination despite the difficulties you encounter.
One of the biggest ways you can build resilience to the things that come your way is to manage your expectations. If you have poorly managed expectations, you'll run into more surprises, which can make you feel out of control. Lack of control can lower your morale and weaken your mental fortitude. Flexibility and the ability to adapt to situations are key components to laying the groundwork for strong mental resolve.
You should not only roll with the punches, but think about how you can take a swing. You cannot control everything that comes your way, but you are in absolute control of how you react to it. Take a look at situations from the outside and try to see a different perspective. It's hard to see the true causes of events when your vision is clouded with immediate emotional responses. Wait five minutes to respond to something when you have the time. Or pretend like you're giving advice to yourself when searching for a solution. We tend to immediately overreact to something, even if we don't completely understand it yet. Comprehend and understand the pieces first, then put things together and react. Doing this over time will help you adjust your expectations to a realistic level.
One way to build emotional resilience is by owning what's happening to you instead of running away to seek comfort. The Navy SEALs have a saying: "Get comfortable being uncomfortable." You can't get stronger if you stay in your comfort zone at all times. Learning to be comfortable with uncomfortable situations will force you to learn from the situation instead of escape from it.
Use critical thinking, reasoning and problem-solving techniques on your own so you will trust your instincts more. Resist the urge to blame others. Also resist the urge to expect too much from them. We often give too much credence to "experts" (they need help, too) when each of us knows our own motivations better than anyone else. You are creative and resourceful enough to find ways that work best for how you are wired, so try to go at it alone...
Whether you're tackling a problem, handling a difficult life event, or looking for a way to push yourself harder during your next workout, you need to stay motivated. So where do you find motivation? The simple answer is that you have to ask yourself, "why?"
Asking yourself these types of questions helps identify the true reason you need or want to accomplish something. Answers like "because I have to" don't help you. When something difficult comes your way in life, you don't always have a choice on whether you want to get through it or not, but there is always a better reason than "I have to." Have a specific goal in mind, and look at the possible reactions to your actions. Think of something or someone that depends on you, and imagine you're a soldier with a sense of duty to yourself and others. Your reasons to act might be something like:
..accepting failure, being okay with not getting what you want right now, is one of the best, best success strategies, but it takes mental toughness…
Being capable of delaying your own gratification—or saying no to easy, instant gratification—is really what being mentally tough is all about. Great things are never easy to do, and if you can make yourself work hard and wait patiently, you will understand what it means to have mental toughness. You need to let go of mistakes quickly if things don't go your way, and understand the time and patience it takes to accomplish things. Mental toughness is as much about telling yourself no, as it is about telling yourself that you can persevere.
Remember, mental toughness is about building the strength and resilience to do the things you need to do and the things you want to do. Don't make it harder on yourself by trying to keep strong for something that doesn't benefit you or your goal. Some things you just have to completely let go.
Developing mental toughness is a process and it's not something you can conjure overnight. It takes a lot of patience and a conscious effort to become more resilient. Some things are bigger than all of us, but mental toughness can be your armor that glances the smaller blows away. If you have reasonable expectations, control over your emotions, strong motivation, and the patience to see things all the way through, you won't ever sweat the small stuff and you'll be better equipped to handle the big things in your life.
Use critical thinking, reasoning and problem-solving techniques on your own so you will trust your instincts more. Resist the urge to blame others. Also resist the urge to expect too much from them. We often give too much credence to "experts" (they need help, too) when each of us knows our own motivations better than anyone else. You are creative and resourceful enough to find ways that work best for how you are wired, so try to go at it alone...
http://lifehacker.com/how-and-why-t...rce=lifehacker_facebook&utm_medium=socialflow
Excerpts:
"Mental toughness" is keeping strong in the face of adversity. It's the ability to keep your focus and determination despite the difficulties you encounter.
One of the biggest ways you can build resilience to the things that come your way is to manage your expectations. If you have poorly managed expectations, you'll run into more surprises, which can make you feel out of control. Lack of control can lower your morale and weaken your mental fortitude. Flexibility and the ability to adapt to situations are key components to laying the groundwork for strong mental resolve.
You should not only roll with the punches, but think about how you can take a swing. You cannot control everything that comes your way, but you are in absolute control of how you react to it. Take a look at situations from the outside and try to see a different perspective. It's hard to see the true causes of events when your vision is clouded with immediate emotional responses. Wait five minutes to respond to something when you have the time. Or pretend like you're giving advice to yourself when searching for a solution. We tend to immediately overreact to something, even if we don't completely understand it yet. Comprehend and understand the pieces first, then put things together and react. Doing this over time will help you adjust your expectations to a realistic level.
One way to build emotional resilience is by owning what's happening to you instead of running away to seek comfort. The Navy SEALs have a saying: "Get comfortable being uncomfortable." You can't get stronger if you stay in your comfort zone at all times. Learning to be comfortable with uncomfortable situations will force you to learn from the situation instead of escape from it.
Use critical thinking, reasoning and problem-solving techniques on your own so you will trust your instincts more. Resist the urge to blame others. Also resist the urge to expect too much from them. We often give too much credence to "experts" (they need help, too) when each of us knows our own motivations better than anyone else. You are creative and resourceful enough to find ways that work best for how you are wired, so try to go at it alone...
Whether you're tackling a problem, handling a difficult life event, or looking for a way to push yourself harder during your next workout, you need to stay motivated. So where do you find motivation? The simple answer is that you have to ask yourself, "why?"
- Why do I need to solve this problem?
- Why do I need to get through this?
- Why do I need to get stronger, faster, healthier?
Asking yourself these types of questions helps identify the true reason you need or want to accomplish something. Answers like "because I have to" don't help you. When something difficult comes your way in life, you don't always have a choice on whether you want to get through it or not, but there is always a better reason than "I have to." Have a specific goal in mind, and look at the possible reactions to your actions. Think of something or someone that depends on you, and imagine you're a soldier with a sense of duty to yourself and others. Your reasons to act might be something like:
- Because I want to be better at what I do.
- Because this person needs me.
- Because I want to live longer / look a certain way / feel a certain way.
..accepting failure, being okay with not getting what you want right now, is one of the best, best success strategies, but it takes mental toughness…
Being capable of delaying your own gratification—or saying no to easy, instant gratification—is really what being mentally tough is all about. Great things are never easy to do, and if you can make yourself work hard and wait patiently, you will understand what it means to have mental toughness. You need to let go of mistakes quickly if things don't go your way, and understand the time and patience it takes to accomplish things. Mental toughness is as much about telling yourself no, as it is about telling yourself that you can persevere.
Remember, mental toughness is about building the strength and resilience to do the things you need to do and the things you want to do. Don't make it harder on yourself by trying to keep strong for something that doesn't benefit you or your goal. Some things you just have to completely let go.
Developing mental toughness is a process and it's not something you can conjure overnight. It takes a lot of patience and a conscious effort to become more resilient. Some things are bigger than all of us, but mental toughness can be your armor that glances the smaller blows away. If you have reasonable expectations, control over your emotions, strong motivation, and the patience to see things all the way through, you won't ever sweat the small stuff and you'll be better equipped to handle the big things in your life.
Use critical thinking, reasoning and problem-solving techniques on your own so you will trust your instincts more. Resist the urge to blame others. Also resist the urge to expect too much from them. We often give too much credence to "experts" (they need help, too) when each of us knows our own motivations better than anyone else. You are creative and resourceful enough to find ways that work best for how you are wired, so try to go at it alone...
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