The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. Today’s article is going to provide you with a way forex trading competition ukraine start each trading day in the best mindset possible.
What we are aiming to achieve here, is to guide our thoughts to a place of positivity and confidence in one’s self. What you focus on and how you think is what determines your outcomes in life. There has never been a successful trader who didn’t fully believe they were going to be a successful trader beforehand. Why Affirmations Work According to the website learnmindpower. When you verbalize something and repeat it to yourself, it will influence your thoughts.
This is why affirmations are successful. What you focus on, you attract so begin using affirmations to focus on what you desire. What if it’s a terrible interview? These statements focus on the opposite of what you want. Be positive, and use words that reflect what you want to happen. If you want to be confident, use that word in your affirmation. Make your affirmations short and simple.
Use a short phrase, or one sentence at the most. Your affirmation should be like a simple mantra that you can repeat over and over again, without thinking. Don’t force yourself to believe it. You don’t need to force yourself to believe your affirmation, simply repeat it over and over and it will naturally have an effect on you. Repeating the statement many times will cause it to work for you. Affirmations are simple, easy to use, and very powerful. Many professional athletes use them to perform well.
Successful business people use them to close deals and run their businesses, and artists use them to be creative and come up with innovative ideas. You can use them too, in any area of your life. Perhaps the most important thing to remind yourself of everyday is just how important your trading mindset is in relation to your performance in the market. A lot of people seem to be unaware of the fact that they are trading with a mindset that is inhibiting them from making money in the markets. Instead, they think that if they just find the right indicator or system they will magically start printing money from their computer. Trading success is the result of developing the proper trading habits, and habits are the result of having the proper trading psychology.
The only way to achieve something is to prime your mind to achieve it, because your mind directs your actions. It’s critical to remind yourself you will have losing trades, so that you do not become over-confident and end up risking too much or trading too much. You must remember that trading is a game of probabilities, not certainties. Are you going to manage your risk like every trade will be a winner? Or are you going to be realistic and try to remain neutral to the outcome of any one trade?
If you are going to do the latter of those two, it means you would absolutely dial your risk per trade down to a dollar amount that you could stand to lose multiple times in a row, without become emotionally or financially damaged. First off, you must use a stop loss on every trade, always. I get emails nearly every week from traders telling me they either don’t use stop losses or asking me if they should use them. It only takes one huge move against you without a stop loss in place, to destroy your account. So, just accept right now that you MUST ALWAYS have a stop loss in place.
Second, you must know how to place stop losses properly. I also discuss it in-depth in my trading course, so you can study those resources to learn more about it. Whenever I enter a position, I have a predetermined stop. That is the only way I can sleep. I know where I’m getting out before I get in. The position size on a trade is determined by the stop, and the stop is determined on a technical basis. This one may seem odd, but it’s important to remind yourself you need to take profits.
Many traders hold and hold their trades until they turn into losses. I would even recommend, in the beginning stages, you look to take 1:1 risk: rewards, rather than holding for big profits all the time. As I have written about previously, fundamentals and market news events are typically gigantic wastes of your time and energy and usually result in over-analysis, over-complicating things and as a result, losing money. I am primarily a trend trader with touches of hunches based on about twenty years of experience. Those are the three primary components of my trading. Way down in a very distant fourth place are my fundamental ideas and, quite likely, on balance, they have cost me money. The market is going to move up, down and sideways, it’s up to you find high-probability entry and logical exit points.