The Opinions of Others Over Your Trading Strategy
For a very long time, I struggled to trade my strategy because other people’s strategies seemed to be working better than mine. It was so bad that it felt that they were on the other side of most of my trades, taking my money and smiling to their withdrawals for some weekend shenanigans!
Did I enjoy all of this? No, it made me incredibly angry to the point where I wanted to quit Trading and do what everyone else was doing, whether that was school or work. Imagine that! Being so frustrated that something isn’t working the way you want it to that you almost can quits.
What will the opinions of others do to your Trading?
Suppose I am to be completely honest with you. You will probably be affected in several ways:
The mentioned above are only but to name a few!! You begin to believe your strategy doesn’t work, and therefore you won’t make money, and if you don’t make money, you are wasting your time. Right or wrong?? You begin to spiral into a never-ending cycle, and by the end of it, it leaves you financially drained and left with nothing to show for all your efforts.
You begin to see a lot of other Forex traders make it by using the simplest of strategies. You begin to think maybe your knowledge is holding you back rather than propelling you forward into the successful Forex trader you aspire to be.
Whether you believe it or not psychologically, you begin to look for more things to add to your strategy to win like everyone around you; even though you don’t see people adding to their strategy, it becomes solely about making money and not about learning the skill.
I genuinely believe that the phrase “information overload” is as accurate as someone telling you that the sun rises tomorrow, simply because our brain tries to connect the dots to simplify our knowledge on a topic or industry.
The framework in our minds can be problematic when all our knowledge combines with totally different strategies, yet we don’t know each system in depth. The problem with this is that we begin to mix trading strategies that have nothing to do with one another, for example, the Fibonacci strategy and the Elliot Wave Theory trading strategy.
When we combine our knowledge on these two different strategies, we begin to form CHAOS!! Not only in our minds but on our trading charts too.
The mental battle
Emotionally, we become complacent about our chart time and our skillset. Our emotions begin ranging all over the place, and when that happens, we don’t find a balance that is helpful in our pursuit of success in the Forex markets as Forex traders, not only in the short term but also in the long term.
It would help if you remembered that even on the days your strategy isn’t coming together as you expect, it is still a matter of trusting and taking the leap of faith. Similar to the chicken and egg problem. You have to trust to execute, but at the same time, you need to perform enough times to build a sample size for you to trust the trading strategy successfully and with the desired outcome.
So my fellow Forex traders, always remember as T Harv Eker once said: “Every master was once a disaster”. It will take a while for you to trust your Forex strategy, and once you do, you will get the results. Don’t follow others when you haven’t given your trading strategy a chance to play itself out.
Happy Trading for the rest of the week, fellow traders!