The Importance Of Self-Belief

The Importance Of Self-Belief - Trading Dispatch

The Journey

The Forex journey is very lonely, and as much as you would love to trade with your friends and grow with your friends in the industry (which is possible), it just isn’t the reality often. Especially if you seek to do things the same as your friends without an element of your own character or personality. It will often be hard to trust your judgment and grow as a profitable trader.

The Forex market teaches different lessons to different people, usually according to your personality. For example, the Forex markets have taught me that there are moments you can be aggressive and moments where you can’t. Whereas some people are taught patience. Different lessons for different traders.

The journey I speak of is not only about making money in the markets but about the lessons you learn along the way and how you utilize the lessons learned. I believe without the lessons a trader cannot grow and reach the greatest heights as a trader.

Knowing Your Personality

Your personality should be embodied in the markets and reflected in the way you trade. Now, what does that look like? It means allowing your character to guide the way you trade and not being afraid to be who you are in the markets. Are you a fast-paced individual or are you an individual who enjoys taking this slow and steady? Because that is how you should then approach the markets.

Now you may say “but not all personalities can be embodied in the markets.” To which I would disagree. I think you can be yourself and evolve as time goes on because the markets will force you to evolve as an individual over time. So trust the process, the process makes you.

Self-belief

So let’s dive deeper into this aspect of self-belief in our trading journey as traders. Self-belief is a broad topic, but we can start off by realizing that we need to be self-aware first. Self-aware of who we are and what we are good at and what we aren’t good at.

When we are self-aware, we can build self-belief around the things we are good at within the markets and overall grow into the traders we are meant to be without trying to follow the path others have followed.

The journey is lonely but as a trader, you need to take comfort in knowing that you can get through it stronger, smarter, and as a well-rounded trader who understands more about themselves and making money in a way that suits you.

How we build self-belief?

Self-belief is built by pushing through the challenges and finding yourself on the other side. Without the lessons and certain experiences, there wouldn’t be room for growth. I believe that as traders our self-belief is built through our consistency.

Consistency is such an important attribute that helps a trader move forward. The little habits ingrained into who you are as a person allow you to grow as a trader. In the long run this builds confidence.

To conclude my thoughts on this. As traders, we need to know ourselves before we know the markets, using this knowledge traders can find approaches that suit their personality. This helps eliminate the stresses, expectations, misguided beliefs, facades of trading, and the overall pain of past losses.

 

Self-awareness = self-belief and consistency.

Happy trading fellow Traders!

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Emmanuel Maphosa

Emmanuel Maphosa

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