When Trading Gets Tough, FOCUS On Your Growth
Trading, and the Forex market especially, can be a very cutthroat industry. Everything is supposed to be summed up by your bottom-line. You either made your bed, or you wet the bed, but I need you to know there is a lot that goes on behind the bottom line.
I say this because I’ve just set myself some trading goals for the coming week. Before doing this, I went back to the start of this year, and I’m able to see how much I’ve grown as a trader.
I set goals throughout all those weeks, and my focus on improvement during each is what allowed me to become an even better trader!
This was amazing to me because this is coming from a guy who, just last year, thought there was nothing more to learn from any trading book!
I thought I had learned all there was to learn from trading books because they all said the same thing. At that point, I didn’t know I would grow as much as I have this year.
Sharpening your EDGE
There’s something special that happens when you track your progress as a trader. I can’t pin it down to anything.
Yet when you track YOURSELF and your trading, somehow your mind is able to make connections and becomes aligned with your desires. Your mind starts working for you instead of against you.
You don’t make rushed trades, angry trades, scared trades, the focus shifts to solving this puzzle and not your bottom line.
I want to be very clear that when I say tracking your progress a trader, I don’t necessarily mean the traditional methods like a journal with a pen and paper. If you’ve read any of my previous articles, you know I don’t like the conventional ways of tracking.
I keep audio journals that I record at the end of each week and on Sunday before the markets open I put down 3-4 goals into my phone that I’d like to work on that week.
Over the course of a year! 52 Weeks! That turns into 162-208 things that you’ve worked on, and the growth you will experience will be immense.
To be quite honest with all of you, YOU are your biggest edge before any strategy ever works for you in the Forex market. No edge on this planet will work for you unless YOU, the trader, can execute the edge and do it consistently!
For the longest time, I had trouble defining trading goals. I always thought a trader’s goal should be to make a certain amount of money that week or that month because that’s what we’re here to do ultimately right? Well yeah! But some things have to come BEFORE the desired result.
So before you plan on printing money, CONSISTENCY is a must! Otherwise, the results will be miserable or worse, negative! You need the ability to wake up and execute a process week in week out
Have an EDGE, basically win more than you lose! READ THAT AGAIN. I don’t mean win percentage!! I mean absolute! Whether it’s PIPS or actual MONEY. Work at researching how you can trade your edge better and improve it.
It doesn’t stop there. Get creative with the goals you can set on your quest to achieve consistency and a more profitable edge.
I know when I lost a little drive to keep improving my edge, I asked my trading partners to have a trading competition that lasted a week. It started a fire that made me want to get better at trading and sharpen my skills because the winner got bragging rights!
You will find your way to keep yourself moving forward. Even if you’re crawling, that’s okay! Just keep pushing! And before you know it, you’ve become a better trader than you were at the beginning of the week, the month and the year.
Don’t bet the farm.
Don’t lose your shirt.
Cut the L.
Keep the W.