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If you're like most traders, you've probably noticed some patterns in your forex trading activities. These are situations that show up time and again under different circumstances. The end result usually remains the same. In and of themselves, such patterns aren't necessarily good or bad. Your trading patterns can be the source of satisfaction in your trading performance or tremendous frustration in your inability to trade consitently, forex profit or loss. In fact, it's quite likely that you have both positive and negative patterns in your trading right now.
Let me share some of mine with you. I have very good trading preparation habits. I go through a routine like a golfer before every shot. This pattern has resulting in excellent entry and trade management practices. Let me tell you about the dark side. I also have a habit of trying to measure myself against other traders. Mistake! Competition can kill your trading account. I am working on correcting this habit in my trading, but I also recognize that in other entrepreneurial activities this is an asset.The root of most patterns lies in one’s individual belief system. These are translated into your personal expectation of what you can and cannot achieve. Confidence also plays into the equation. If you believe that you cannot trade the forex market you will turn to internalize all losing trades and find yourself unable to pull the trigger on the trade. You will allow entry point after entry point pass. Your account will not reflect your true talent; you get frustrated and join the chorus of all those people preaching the risky nature of forex!
Let’s look at some specific steps you can take to create new trading patterns that will improve your overall currency trading experience.
1. Note Your Current Trading Patterns – Keep a detailed record in your trading journal to document your patterns, both good and bad. Your trading journal shoul dnot oly contain the technicals. but any environmental factors that could impact your trading.
2. Stop Blaming – Learn to take personal responsibility for actions, treat the negatives as a lessoned learned and move on! There is no such thing as failure only feedback!
3. Visualize Your Desired Pattern – Act as if you are the best forex trader in the world! I see myself being calm and cool when discussing trades with my fellow forex traders.
4. Watch the Words You Use. They Define You! – My list of Forbidden Words.
Try (I will Do or I will not do.)
Can’t (I even took it out of my spell check dictionary!!!)
But (It is an “And” world!)
Hope (I replace with “know”)
Problem (I replace with “Challenge’)
If (I replace with “when”)
Why (I replace with “what” or “how”)
5. Put Some Distance Between Yourself and from Your Old Habits – They say you are the sum of the 5 people closet to you. If you want to be a successful forex trader then start hanging out with successful forex traders. If you don’t know any, then create a local forex trading club. This is why I am a champion of FX Trainer Financial Services Inc. forex education methodology. Their goal is to create that community of successful forex traders!
6. Take Supportive Action – The key word is to take action! My dog (I have a beautiful Vizsla) developed a jumping problem when he greeted people. To address this undesirable pattern I replaced it with another command – sit! Then I give him a treat. Once I recognize a pattern, deploy a strategy to change the pattern and succeed I am sure to reward myself with a round of golf. That’s my liver treat!Remember that awareness, personal responsibility and action will be the key to identifying and developing sound forex trading practices! FX Trade Central has identified personal self-mastery has a key destination in your forex education roadmap. For more information on forex education visit FXTC’s course listing.Happy Trading!
