Our trading demons are legion.
We let fear rule us.
We rationalize our lack of performance.
We fall down two inches short of the gateway to success.
We accept mediocrity and shy away from mastery.
We think that we need “something else”, while avoiding what we need the most.
We lack the courage to size our positions to the levels we should.
We engage in over-intellectualization.
We try to be “right”.
We care what others think about our trading.
We strive to be perfect.
We listen to our internal programming.
We perceive the present according to the past.
We let stress hijack our rational mind, and hold on to tension.
We are unhappy with our own performance.
We care about results.
We trade far too small.
We are bound by historical rules and learned behaviours.
We give up when we should fight the good fight.
We feel helpless.
We feel anxious and frightened.
We fear loss.
We fear profit.
We solve symptoms and not problems.
Current results are a product of the past. Your beliefs are what’ve gotten you to where you are right now.
It does not help to deny that, to a large extent, you are the architect of your own environment.
But now it’s time to be the ruler of your internal programming.
The capability to change is yours.
Be self-reflective. Acknowledge your beliefs and biases. Notice the traps you have created for yourself. Knowing thy self is the first step to conquering your daemons.
Strive for mastery. Figure out what you need to do to TRADE BIGGER, and do it. Don’t be a middle-of-the-road trader. Don’t settle for less than you’re worth. Wherever you are in your journey, move forward. Constantly ask “What more do I need to do to achieve my vision”?
Relax and notice the now. Clear the mind, and free the body from tension. Absorb what is going on at this very moment.
Focus on goals, principles and processes. Not rules. Markets change and rules become irrelevant. Principles rarely do, and good processes help you to monitor the market and respond in real time to achieve your goals.
Plan like a military commander. You should know what to do, no matter what the situation. Build up an arsenal of responses that you can call on as needed.
Give your best every time. There are no excuses. We can rationalize, but it only ever gets us so far. Don’t accept the reasons, you have for not winning or winning bigger than you are now. Stop creating a false sense of security by explaining away your current performance.
Excuses are pish-posh. Your results are right there in your account.
Go for Gold
Refusing to go for gold creates an inflated sense of your own ability.
Shackles aren’t broken by cruising; only by pushing yourself beyond your limits time and time again can you truly grow as a trader. Let success be your natural state, not run-of-the-mill performance.
You need to create the habit of winning.
The master trader is not defined by the past – rather, they take active steps to create their vision. The master trader is a product of the future they are consciously actualising.
Let that master be YOU.
About the Author
Sam Eder is a currency trader and author of the Definitive Guide to Developing a Winning Forex Trading System and the Advanced Forex Course for Smart Traders (get free access). He is the owner of www.fxrenew.com a provider of Forex signals from ex-bank and hedge fund traders (get a free trial). If you like Sam’s writing you can subscribe to his newsletter.