The Mindset you need to conquer the Forex Market Part I
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The Mindset you need to conquer the Forex Market Part I
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Home Page > Finance > Currency Trading > The Mindset you need to conquer the Forex Market Part I
The Mindset you need to conquer the Forex Market Part I
Posted: Feb 01, 2012 |Comments: 0
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“Never mind searching for who you are. Search for the person you aspire to be.”
Robert Brault
Believe it or not there are many things in your Forex trading career that are as important as having a good system. For me having the right mindset is the top virtue a Forex trader can aspire to acquire. Here, I offer you, some principles for starting your path in developing the right mindset.
1. – Know what you want, and be as specific as you can.
How are you going to know if you achieved your goals if you don’t know what they are? How are you going to know if you are getting closer if you don’t know where are you headed?
The first step in achieving anything worthwhile in life is knowing what is it that you want.
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The second part; you have to be as specific as you can. Picture this: a man goes to his boss and asks him for a rise. His boss gives him a one cent raise and sends him back to work. This man was not specific. Next time he should have a figure in mind.
2. – Don’t do things half-way.
“Do or do not… there is no try” –yoda-
I love this quote from Star Wars. In the military people are thought that trying is failing. Don’t try… do!!!
When I was young my father told me the story of Hernan Cortés. Before launching his attack he burned his ship leaving his man no other option but victory. If you really want to be a successful Forex trader, do as Cortés did, burn your ship and accept nothing but victory.
3. – Discipline
In this life nothing can be acquired without discipline. Remember the story of the turtle and the hare. In the Forex Market small profits can add up very quickly if you are consistent.
4. – Watch your inner-dialogue.
If your inner dialogue makes you doubt yourself every five minutes, how are you going to have discipline? How are you going to gain the confidence needed to be a successful forex trader? Be positive and stop talking yourself down!!!
… To be continued.
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About the Author:
ABOUT THE AUTHOR Luis Garcia studied economics at Universidad Iberoamericana in Mexico City and has been involved in trading since 1998. Determined to see that beginners succeed and to help discouraged traders gain back their confidence, he developed the Shortcut Forex System at http://www.shortcutforexsystem.com and http://www.howtoinvestforprofit.com.
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