Improve Your Trading Mindset
Set Clear, Realistic Goals
One of the best ways to improve your trading mindset is to set clear, realistic goals. Start by clearly defining what you hope to achieve from day one and writing it down so you can easily reference it in difficult times. Know your WHY in trading and what is the primary purpose of your trading. If your goal isn’t realistic for where you are now, make sure it’s reachable but challenging. For example, a new trader may want their goal statement as I will become consistently profitable within the next six months. With a well-defined and realistic goal statement, use your trading journals (trading diaries) to measure whether or not this has been achieved at the end of each month and continue striving towards your goal.
Get Motivated
To become successful in trading, it is essential to have the right attitude. This means having a positive mindset and always seeing the opportunity in a situation. It also means being disciplined and never settling for less than your goals. Finding motivation can be difficult sometimes, but with these three tips, you’ll find success will come much more quickly!
- Come up with a mantra or affirmation that inspires you. This should be something that resonates with you and reminds you why it’s vital for you to work hard. I recommend using mantras that remind you of the blessings in your life because without gratitude; it’s impossible to feel happy or motivated.
- Make an audio playlist of songs that give you energy and make you feel good about yourself while you are trading, working, or even relaxing.
- Listen to the podcast every day. This habit will keep you constantly motivated all the time. Don’t just listen to the podcast. Execute it and make an action from it.
Practice Makes Perfect
In trading, we will not be successful if we don’t have any practice. Like in sports, every pro player starts from scratch or is a beginner. Then, eventually, through their practices everyday, they improved, and they kept on going until they hit their goals. Just like in trading, you won’t just succeed in just one week of trading without practice. It will take time and full effort to become a successful trader. Not only that, it must come with practice every day by back testing your system and finding your niche in the market through trial and error. At first, there are times you get discouraged since you are not profitable and keep on losing, but don’t worry; it is all part of the process. In time, all these efforts of yours will be rewarded through practice.
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If you want to learn more on improving your trading mindset, SmarTrade PH is here for you. Aiming to educate our fellow Filipino Traders with Online Trading. Offering FREE Learning Sessions to anyone who is willing to learn . Trade Smart with SmarTrade!