Having the right Trading Mindset is a crucial factor when it comes to achieving success in trading and particlualry when trying to take your trading to the next level. Trading institutions invest in their traders by providing excellent coaching and mentoring which includes an education in Trading Psychology. Without such an education you are trading at a disadvantage from the professionals.
A lot of seasoned traders talk about the 3Ms (Money, Method and Mind), we teach the 4Ms as part of our Personal Mentorship courses the last M being ‘Me’. ‘Mind’ and ‘Me’ (or ‘Self’) go hand in hand.
Your Trading Mindset needs to be right to be a successful forex trader and covers such things as:
- Overcoming and not being influenced by all the conditioning we receive right from an early age on all things money and risk.
- Having the Patience and Discipline to wait for the right setup and then execute your pre-defined Trade Plan to the letter.
- Not being afraid to pull the trigger when everything setups up for a trade.
- Controlling and harnessing one’s emotions (Fear, Greed, Rage & Revenge etc)
- Accepting your losses and moving on quickly
- Being aware of your current physiscal and emotional or mental state
- Being in the moment and reacting to what your responsive mind is seeing
- Being Flexible and not wedded to one side of the market or the other.
But don’t take my word for it have a listen to Top Trading Performance Coach Steve Ward who has coached hundreds of Institutional Prop traders:
Podcasts by Steve Ward:
1. Introduction to himself and his Online Trading Psychology Programme:
2. High Performance Podcast – Emotions, Decisions and Discipline:
Steve has developed an 8 part special Online Trading Psychology Course, which we highly recommend. It made all the difference to our trading. For more information just click here: Online Trading Psychology Course