Monitor Your Thoughts
Did you know that the average human being has 60,000 thoughts a day?
Within the trading industry, our thoughts can predominantly be negative ones that don’t serve us. The things that happen around us are a product of our thoughts.
So imagine a tenth of your thoughts about the Forex Market, and now imagine those thoughts being negative ones. How does that affect your day? How does that affect the way you trade? Your perspective on the markets?
It is said that only a number of traders, in percentage terms no more than 1% of traders, are hugely successful over a long period, i.e. over their entire career. The next 30, 40, 50 or even 60 years. Now we need to understand WHY, HOW and WHAT achieving consistent results will take from us as Forex traders.
Let me give you an example of what monitoring your thoughts looks like. Early in my trading journey, although I was excited to trade, I had a lot going on around me. I was also very busy with other important things at the time.
My thoughts towards all those things were negative because I always told myself that “they took my attention away from trading”, which was true to a certain extent BUT it was not the be-all and end-all of my journey and I could still find time to trade.
What am I saying? What I am saying is that my problem wasn’t everything I had to get done, it was actually my thoughts towards those activities that brought a negative perspective to everything around me (that included my trading).
Even when I had losing trades, I didn’t see the losses as an opportunity to learn or any closer to my next win, instead, I saw these losses as detrimental to my trading. As a result, my words and actions that followed were negative.
I’d even say things like “agh I knew this would happen”, “this just isn’t working” and similar thoughts that were not helpful on my journey.
People have longevity in their Forex trading careers because of the way they think about the markets, themselves and everything around them. They pay careful attention to the things happening and make the conscious decision as to what they want to see, and they attract that.
Pay attention to what you are doing. Pay attention to what you think and where those thoughts take you. Our thoughts take us to a certain place and evoke certain emotions.
So for example, if you pay attention to the types of setups you want to see on your charts, eventually (over some time) your mind will catch those setups without hesitation. From there, you will be able to execute and expect a good outcome because your mind is clear and focused on trading.
When your thoughts are monitored in alignment with positive outcomes and successful trading each week, you begin to see that in your trading. Eventually, your change in mentality will improve your success rate and perhaps create consistent profitability.
Catch yourself having thoughts that don’t serve the outcome you want in your life, whether that is in the Forex market or other aspects of your life – Take hold of that thought, and replace it with what you want out of your life or trading. These are the thoughts you want to hold, so you stop attracting what you don’t want and begin to get what you do.
Fixing the average traders poor mindset is an interesting topic because most people are not willing to make that change. Monitoring your thoughts sounds like more of a mission than just going along the motions.
A suggestion would be to focus on the good things about your trading strategy and focus more on your winning trades and what makes them profitable so that you can find out how to improve and train your mind to execute that consistently.
Stop worrying about everything that isn’t perfect. Focus on what you can control and the results you would like to see in your trading.
Happy Trading Traders!