Trading, without a doubt, is a business in which you need confidence. Confidence is fuel when you need it. It removes obstacles as you encounter them and provides the focus you need. Confidence will speed up your learning.
On the other hand, a lack of confidence can be one of the most damaging traits of a trader’s mindset. When losses come, how will you bounce back and focus? What happens if you start your day with two, three or four losses? Will you doubt your system, trading plan, or skill set?
Everyone knows that lack of confidence is destructive, and having confidence makes us more likely to succeed. Although we know this conceptually or intellectually, very often our actions say otherwise.
So how do we gain confidence in trading? What can we do to build unwavering faith in our abilities? If we do concrete things, will they help us form the basis for stable profits?
The answer is yes. You can certainly build confidence in yourself and your abilities. In this article, I am going to share a method that will help you gain confidence. Will it be enough? I can’t be sure, but this is a great place to start.
Success builds confidence
I am very active in protecting my mental capital and self-esteem. Having a strong self-esteem and a healthy stock of mental capital will lead to increased productivity.
With that said, what do you think should be remembered about your past successful endeavors? Do you think it will strengthen your confidence or undermine it? The question is rhetorical, but I want you to think about it more deeply.
I have worked with thousands of traders over the years and most of them have one thing in common: they are all good at something. Chess, poker, math, sports and finance – you name it and they’ll probably be good at something.
More than 50 doctors are trained in our courses, many of them are surgeons. We have poker professionals and tournament champions who want to change and want to work in trading. I have a few traders on the New York Stock Exchange or some major support bureau, while others are top notch litigation lawyers. Engineers, programmers, IT professionals… we have it all and the list goes on.
In general, most students who want to learn Forex trading are smart, likely to be successful in their current field, and likely to have some skills. So how can we use this to build trust?
One simple method you can use is to think about what you are already good at. Think about what you went through to get there, what obstacles you overcame, what doubts you faced, obstacles you overcame, how many times you weren’t sure you could make it. However, in spite of all this, you have become very adept at it.
Pay attention to the confidence you feel in performing this skill or making an effort. Have you always felt the same as now, especially in the beginning? Unlikely. But you have achieved it and now have a competent level of proficiency in it, whether it be a skill, a sport, a job, a martial art, a musical instrument, a job, or an effort. This current experience and skills can (and should) be used in our trading process.
So take some time to think deeply about what skills or qualities you can do well. Think about it until you feel confident that you will do this activity and do it well. Remember this feeling and apply it to trading.
It is important to remember that all of you may have overcome obstacles, difficulties and overcome your doubts at some point in your life. Maybe they were small mountains or they were mountains, but each of them that we climbed reminds us of how far we have come and what we have overcome along the way.
Like I said before “Overcoming is the key to success.”
Keeping this in mind and rebooting our past successful experiences will help build your confidence. This is another way to protect your mental capital and maintain a strong self-esteem.
So take the time to remember all the obstacles you have overcome along the way. This should give you the feeling that you can overcome your inner obstacles to successful trading.
Confidence and a strong self-image are the two most important weapons for a successful trading mindset. Most, if not all of you, have had to overcome something in your life. And equally, most of them would already be good at some skill, sport, or job.
Think about your developed skill set in a particular area and what you can do with those skills. Think about the obstacles you have had to overcome throughout your life. Notice how it makes you think of yourself as you think about what you can do and what you’ve outgrown along the way.
Sometimes we just need to remember our strengths, the inner resources and wisdom we have gained along the way. Sometimes just noticing these things will remind us of our abilities and potential. This is just one of the methods you can use to increase your trading confidence.
It should be noted that there are other important methods that you can use on a daily basis to build an unbreakable foundation of confidence. Take the time to ask yourself what builds confidence in you, what helps you to trade.
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