Frustrated Traders! Unlock 5 Tricks to Master Your Mindset for Trading
- By FXT
- March 02, 2023
- FXT Analysis
Traders, are you tired of spinning the wheels, losing silly trades or dare I say it… Blowing up accounts?
Become the master of your own destiny through mindset practices to help design your life and control financial outcomes for you and your family.
Here are 5 tips on massively improving your mindset for trading, just like institutional investors do it.
1. Feng Shui Master
Clean your room and desk and use basic Feng Shui principles of desk and furniture placement. You don’t need to be a master, but placing items of importance relative to a category (career, family, money etc.) in the right position can help draw the right energy to your trading session. Search online for tips and tricks on simple feng shui techniques for your desk and office space.
2. Clear Head, Clear Future
Clarity and focus is essential for optimum trading conditions, gaining clarity and a grateful nature first thing in the morning can help to set a positive scene for the balance of the day. Additionally, a small meditation (clear the mind) about 1 hour before trading can help to remove blocks and preconditioned thoughts that shouldn’t be there.
3. Mind Body Connection
Eating the right nutrients for the day has an impact on the body and brain’s biochemistry. Physical exercise releases chemicals that make you feel good and helps to increase cognitive performance. Combine these two concepts for a better mind body connection which will help to improve clarity and focus while trading.
4. Daily Mantras
Reciting your daily mantras can help keep focus on your goals and trading mindset when the market heats up. You will need to think about what these are and what helps you trade well. For example, this might be things like:
· I can only react to the market, stay humble
· Patience is key, missing out on a losing trade can be just as good as taking a winning trade.
· Less is more, waiting for the right trade setup pays off more than over trading
· I am wealthy, I am a professional trader, my trading decisions are often correct
· It’s ok to lose trades from time to time, that is part of the cost of trading and not a reflection of my ability
· Trading for a living is my reality, including the freedom of both time and money it brings.
5. Track Your Data
Part of mastering your mindset is knowing the real facts of your trading business. Using a data tool like MyFXBook to track your trading results can help show you where you go wrong and where you go right, how scalable your trading might be (using maximum drawdown vs. monthly average profit). One or two losing trades can often reap havoc on traders, but knowing long term data can be a massive factor in not letting a rough day or two get to you. It means you can stick it out for the long term and understand the feeling you get from a negative trade is simply a biochemical reaction that can be countered by doing something else, relaxing, going to gym, playing music etc. Come back next time and trust in your data.
Taking on these 5 tricks could help shift your trading business for the rest of your life, they don’t take long, aren’t hard to do and could play a massive role in shifting your future for the better. Jump on our socials and let us know how these tricks have helped you and your trading!