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How to Build Your Confidence in Forex Trading

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Old 05-01-2017, 20:47
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Default How to Build Your Confidence in Forex Trading

When you donít have confidence in your trading system, it is the worst feeling in the world. It seems like you have no purpose and you question your worth as a trader. Being a confident trader is not something that just happens overnight. It is the result of consistently doing many things correctly for a long enough period of time. In fact, you could even say that consistency is the main ingredient for confidence in a trader. Many traders experience fear, doubt, and indecision while interacting with the markets, there are a number of reasons why this happens, but it is primarily a result of one or two things; not knowing exactly when their trading edge is present and (or) not being disciplined.

Focus on the process.

We can't control the result of each trade, because if we could we would choose to win all the time. But that is simply not the case. What we can control is our process for trading though. Your process is everything that goes into making a trade. It starts with how you prepare for the day, what your strategy is, how you specify your entry and exits, your position sizing, how you manage the trades once in them and how you analyze the market to spot your entry and exits. Focusing on your process keeps you focused on the things you can control. Such as determining whether market conditions look favorable for a trade, and then executing that trade perfectly, according to your trading plan, from start to finish. The result doesn't matter. If the trade was executed perfectly, consider that a success.

Practice
As a trader, you will never know what will affect sentiment and how the markets will react. This means that the key to confidence and success is to prepare yourself each day until you know you can handle any scenario the market can throw at you.

Look on the Bright Side & Be More Positive
There are some people who somehow always seem able to look on the bright side of things, no matter what is going on in their life. There are other people who seem to delight in looking at all the things that are wrong in the world and all the things that could go wrong for them. And you may have noticed how things invariably go wrong for them!

We've all heard it before: "Stay positive, look on the bright side ó don't let things get you down." The fact of the matter is its way easier to say it then to actually train yourself to be more positive.

One way to practice this is by actively focusing on the things youíve done right with every trade, especially if the trade is going against you.

_ Reviewed recent and upcoming economic data?
_ Analyzed the charts?
_ Limited my risk?



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