Considering diving right into the Sea of financial industry known as Foreign exchange or Forex?
Well, before that, " Are you really prepared to face the most volatile market head-on? " Ask yourself that!
To be frank, one of the major factors which we ignore most of the time is "prioritizing our own perspective," and which obviously pays us back in the long run.
Knowing ourselves should be our primary objective and that does not only bind to online forex trading except it also implies in our day-to-day life.
So, before anything, "Knowing yourself" should be your GO-TO. Now, let's move on to today's topic which deals with the term" know yourself and its effects on trading". KNOWING YOURSELF IS MORE IMPORTANT THAN KNOWING THE MARKET
And, to be honest, while trading is one of the prime aspects that should not be neglected at any cost.
So, if we ask you, "How do you really know yourself?" What will be your initial comeback to this?
And...don't feel pressurized yet.
We don't know about you but as per Aristotle, "Knowing yourself is the beginning of all wisdom". And that's not it! Famous public figures like Carl Jung also quoted that,
“The privilege of a lifetime is to be who you truly are.”
Did you get the significance of understanding yourself?
Despite all of this, you may start to wonder, " How can I really know myself, you're kidding right ?" Let's face it! Anyone will think of this as similar to what you're viewing and which is totally justified.
In order to know yourself well, you can take several steps. Any BRIGHT ideas?
No worries! If you don't come up with anything at this moment, we got you. I mean, that's what we do! Help you in certain ways so that you don't get stuck anywhere in your online forex trading career.
P.S: In case you’re drowning in the Foreign exchange industry while searching for a trading broker to pull you up then AssetsFX might be the IDEAL choice for you!
Bearing that in mind we're gonna breakdown some of the most EFFECTIVE steps that will help you master yourself as well as sharpen your trading senses.
So that being said, let's dive right in,
But before bragging all about the psychological facts and myths used in trading, how about highlighting some of the basic steps which can lead you to know yourself BETTER.Why is that?
Because trading is mostly a profession. So, before knowing the things about your profession, you should rather know yourself completely and in that way, you'll find self-confidence along with a better overview of yourself. In order to attain that, you can follow the ABSOLUTE steps stated below:TAKE SOME TIME AND "BE QUIET"
We really can't deny the fact that while we stay quiet and think something through, it becomes quite easier. And that's not even a CAP! As it's often considered a universal truth.
So, what you've to do is, give yourself some time and ask yourself stuff before actually doing them though it might get uncomfortable sometimes because you're probably alone at that time but trust us, it works like MIRACLE!
And you'll find that against all the odds you're being true to yourself and that counts BIG TIME. And exactly at that moment, you'll be able to discover the true self of yours which is hiding DEEP inside you.FOCUS ON WHO YOU ARE RATHER THAN WHO YOU WANT TO BE
Let's face it!
Ask anyone out there, "what do you want to be?" And guess what?
98% of the people will give you a fancy answer and when you're done, ask them, "who you truly are?" it will be an odd silence, nothing more, nothing less. Believe it or not, that's the BITTER truth.
Because nowadays, no one really focuses on who they are. Instead, they want to become someone else, and that's the root of self-confidence issues.
Remember that, in this ever-evolving cruel world, no one is really perfect as everyone lacks certain things, but that doesn't mean that you won't discover yourself fully. Instead of becoming someone else, find more about yourself, evaluate the chances and take proper actions.
As per, our friendly neighborhood Spiderman (Peter Parker),
Everything starts from a leap of faith!
So, it's high time, take the leap now cause it's now or never!DISCOVER YOUR COMFORT ZONE AND DISCOMFORT ZONE
Finding out certain things, such as what you're good at as well as not good at is one of the most crucial initiatives which performs a HUGE impact on your way to knowing yourself BETTER.
Though it'll probably take quite a long time or sometimes more than expected for you to find out in which things you're good at or passionate about and in which things you're not.
As an example, while performing this process you'll discover certain things which will give you comfort along with confidence and make you think," Yes, I can do this". And at that point, you'll know that the procedure which you were undergoing was successful.
But wait, there's more!
While exploring yourself, you'll also come across several things which will at first trouble or bore you but after doing a few attempts, you'll become fond of them eventually and online forex trading is one of them.
That's why Yvan Byeajee stated that:
“Focus, patience, wise discernment, non-attachment —the skills you acquire in meditation and the skills you need to thrive in trading are one and the same.”
So, these are the steps that can help you to know yourself even better than ever but while trading the approach usually varies from the ones stated above.
Let’s dive right into them, shall we?FIGHT THE FEAR
As per many trading associate publications and surveys, almost 95% of the traders face a common feeling, which is obviously the fear of losing money. So, how's it connected to knowing yourself?
Well, while trading, knowing yourself is more crucial as well as significant than knowing the market.
While trading asks yourself first if you can really pull this one up or what'll be your approach if you lose money, i.e.
Finally, if you find your inner confidence that you can accomplish this trade for better, then open that trade not before.
Trading psychology holds quite a significance in order to trade better. That's why it might be wise to interact with experienced market traders to know about their ADRENALINE.
If you can find that out, it'll be a lot easier for you to fight the fear of losing your capital unless you won't be able to trade comfortably.
If you still face hesitation, check out several Forex forums to get a better disclosure. Besides, BabyPips might be the ULTIMATE destination for this approach as they have a dedicated category for trading psychology only.
See that? Tell us it’s not fascinating!DON'T CHASE THE RABBIT INSTEAD START THINKING
Chasing the rabbit is one of the terms which has the ability to express a significant meaning, and in this context, it means don't chase after money, instead evolve your trading method. As a reason, Alexander Elder stated that,
The goal of a successful trader is to make the best trades. Money is secondary!
Did you get the point?
It's okay to think about winning the trades, but at the same time, you should always be prepared for the worst-case scenario.
The online marketplace is more volatile than ever, which means there's a pretty good chance that you might lose all your money. Therefore, a proper mindset is needed in order to trade in the online trading market.
As per David Sikhosana,
“Losses are necessary, as long as they are associated with a technique to help you learn from them.”
It's no doubt that the market will test your emotion in every way possible but the real question is, "Do you have what it takes to get back up against all the odds?".
If yes, then welcome to the online trading sphere. You'll be able to survive here in the long run despite all the difficulties you’ll face.RID FROM ALL THE DISBELIEFS
There are often certain traders who possess various disbeliefs both in their personal and professional lives. And as far as we know, online trading is mainly part of one's professional life.
Now, let's move onto the main point, while trading you should always try to get rid of all the negative beliefs which you have as it can often conflict into much more of an issue and can turn against you.
Besides, these conflict beliefs usually inherit from families, and that too most of the time. But on some occasions, society also produces certain impacts which later on leads to several disbeliefs.
And trust us, if you're a victim of conflicting beliefs then you should work on that ASAP unless you won't be able to go through the HEAT of the online trading sphere.
You're getting it, right?AT A GLANCE:
As we've come to an end to today's discussion, let's summarize the key takeaways once more. They simply go like this:
Take some time and "BE QUIET": It's always a wise decision to give everything a PAUSE and think the stuff through. So, do that!
Focus On Who You Are Rather Than Who You Want To Be: Always give top priority to becoming yourself first instead of becoming someone else. It'll pay off!
Discover Your Comfort Zone And Discomfort Zone: Point out the things which you're passionate about along with the things you don't like. You'll get a BRIGHT idea about yourself!
Fight The Fear: Having any sort of fear or phobias won't let you fly freely in this financial sphere. Try to get rid of them!
Don't Chase The Rabbit Instead Start Thinking: History has deliberately proven that chasing after money is not the solution. There are other possibilities, explore them!
Rid From All The Disbeliefs: In this modern and evolved civilization, there is no place for disbelief. The faster you get rid of them, you'll succeed!
Lastly, let’s hope that you’ll find these contexts helpful along with applying them in your day-to-day life (on and off trading). That being said, we're putting it to a conclusion.
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