We’ve already mentioned in our previous material how important for a trader to know as much as it can about the technical aspects of trading. Even though technical analysis plays a major key when it comes to having results while trading forex, we want to focus this time on the psychological aspects of trading.
How your mind can fool you
One thing that is being ignored by most of the traders out there is related to their mindset. What any person wanting to invest needs to understand is that your previous life experiences and habits that you’ve developed along the way, could not be appropriate for trading and also, can stop you from being successful in this area.
You need to understand that our brain is wired to do repetitive actions, some of them we aren’t even aware and if your performance as a trader is not satisfying at all, you would first need to dig into your mind and find out what beliefs or habits are stopping you from getting the results you want.
Being responsible plays a major key
Most of the beginners out there, blame their performance on the broker, or liquidity provider or a hidden conspiracy that tries to get all the money out of them. But in fact, what you need to understand is that you are responsible for the result you get when trading forex.
Blaming others won’t help you improve your performance, but you will most likely continue to repeat the same mistake over and over. Being responsible, knowing thyself, learning to work with your flaws, developing new habits and growing into a better person are the area you should focus your attention in order to manage to succeed. Think about what is wrong with your view of trading and figure out how you can evolve from that very place.
To sum up, trading is not easy and it takes more effort than just learning a few technical setups and economic terms. It a mind game and those of you who will focus on the psychological aspects of it, will have an edge over the others who don’t.