In our lives, we are all responsible for our actions, for our successes and failures. Preventing failure is an integral part of this process.
If you repeat to yourself:
“I’m not ready for trading right now.”
“I’m not disciplined enough.”
“I hate looking at a computer all day and doing nothing.”
“I see a deal, but I can’t pull the trigger.”
“I can’t believe I got out of that deal so early.”
“I can’t believe I’m still holding this losing position.”
“I can’t accept another loss.”
Or any other negative thoughts come to you; then you are on a downward path that leads to failure.
Having been a successful business consultant and trader for many years, I have found several recurring characteristics and traits of people who thought they would be successful but gave up afterwards.
How many of these actions or beliefs apply to you?
In this regard, I say the following:
1. You don’t believe in yourself.
If you think you cannot do this, how can you develop the confidence to fight hardened traders?
2. You don’t trust your abilities.
If you don’t have a proper education, how can you think that you can compete in the world’s largest “playground,” governed by two of the most powerful emotions: fear and greed. Lack of persuasion manifests itself in many ways in this business (for example, early entrances or exits).
3. You are unable to view trade as a business.
If you don’t start thinking of it as a business and fill your weak spots with education, then how can you achieve any level of success? Random luck may smile at you, but it will end, and then what?
4. You are unable to plan.
Refusing to set and achieve specific short-, medium-, and long-term goals is a recipe for failure.
5. You are just lazy.
Your self-motivation and continuing education are the lifeblood of your business. It would help if you strived to learn at all times, regardless of experience or level of existing knowledge.
6. You are not able to provide your business with proper equipment.
You must have the proper tools. Do you think the doctor would operate with a rod instead of a scalpel?
7. You cannot figure out how to accept the loss.
The markets don’t know you. You do not exist for them in any other form, except as the opposite side of the transaction. They don’t care that this is your last dollar and your kids won’t have shoes, etc. The Forex market needs losers to make money in this zero-sum trade, but taking a position with an acceptable reward-to-risk ratio and being wrong is not a loss.
8. You are unable to control your emotions.
Regardless of whether you make or lose, it would help if you strived to stay in a relaxed emotional state while trading. Drawing up a proper trading plan is extremely helpful in this regard.
9. You cannot learn and follow the basic principles of trading.
Read literature, listen to CDs, attend seminars and practice your new knowledge. Everything that you aspire to know about trading has already been written or talked about by successful traders. Try to learn something new every day.
10. You can’t handle change.
There are three paradigms that you must follow:
– money management.
Markets change every day, and it is these three skills that allow us to be firm and flexible at the same time to make consistent profits.
11. Failure has five degrees. Which degree describes you?
– Failure to achieve the best result;
– Failure to learn;
– Failure to accept responsibility;
– Failure to implement the plan or, even worse, failure to plan;
– Failure to maintain a positive attitude in the present and the future.
If you are weak on any of these 11 points, try to change it as soon as possible!
Each of these weaknesses is like cancer – the cause comes from oneself through bad habits and neglect. It is easy to detect and difficult to cure, but most importantly, it is possible! Outside help and proper treatment are required to maintain your “health” as a trader!
New to Forex trading? Don’t miss these beginner guides from FXCC.