Forex trading is one of the toughest careers in the world because of the uncertainty in the markets, difficulties in controlling your emotions and creating that profitable strategy which will make you consistent gains all year round. Therefore, it is so important to maintain a confident attitude and approach to the forex markets even in the dark times when you feel like the Forex Gods are all against you! Here are 4 tips to improve your FX trading Confidence:
Practice Practice Practice
This pointer is very self-explanatory. Becoming a profitable trader requires hard work, discipline, early mornings for market open and late nights journaling and learning. You must be on the charts practicing your trade, watching price action and refining your strategy and plan. That 10,000 hours rule applies to trading too! Don’t expect to see any returns without significant effort from your part!
Accepting Forex trading is not a ‘get rich quick’ scheme
Point two coincides with our previous tip. The trading journey is a long one. The sooner you accept Forex trading is not a ‘get rich quick’ scheme the better your emotions and psychological take on the markets will be! This means that when you hit a trading loss begin to have or negative thoughts you will visualise it as a mere bump in the long road to profitability, rather than feel hard done by and quit after you run into your first trading problem! As a forex beginner the quicker you tune your trading mindset the better!
Set Realistic Trading Goals
To help you on your journey we at FX Axe advise you to set daily right up to yearly goals – enabling you to map out your road to profitability. Achieving daily goals will give you a personal sense of achievement and improve your self-confidence. In most cases these goals will not be based on your actual trading or results but focused on improving yourself and knowledge surrounding trading. In some cases, it is actually better not to set trading specific goals as this can be detrimental to your trading performance and give you unrealistic expectations. Some examples of daily goals might be:
- to conduct your analysis
- read and improve your knowledge
- journal previous trades
- update your trading plan
- 10 minute meditation
Some daily goals we give to our members:
- Trading call with members of our community
- Watch our daily analysis
- Go back through a specific part of our education
- Backtest our strategy
Join a Trading Community
Joining a community of like-minded people wanting to achieve the same goals and have similar interests will improve your self-confidence because you are not going through this journey alone. There are always people to reach out to, talk to and improve with. At FX Axe we are very community orientated and love our members working together to assist each other in the Forex game. Contact us for a free 10 minute consultation and a sneak preview of our fantastic VIP community! It’s a long road to profitability people, stay confident!