Keeping your trading mindset is the difference between success and failure. By learning how to keep your mindset, you will make yourself become a consistent profitable trader.
Trading is not a competition. Throughout your journey as a trader, you’re going to come across other people who trade as well. They will make various claims and say “I made X amount dollars today” or “I flipped my account in a week”.
Ignore them. Subconsciously, this will make you get greedy and try to compete with those people. You will start placing larger trades instead of sticking to your own plan and risk management. This will play with your emotions.
You need to ignore everybody and only listen to yourself. Everybody learns through a different pace and have different styles of trading. It is not a competition.
You don’t need to be in a trade everyday and every moment of the day. Learn to sit and watch the market and wait for the right opportunity to come to you. Observe how it’s moving.
The more you are in the charts, the more risk you are in. By waiting only for the right opportunities, you lower your risk of losing your capital.
A practice you can do is look at a currency pair you don’t usually analyze and observe. Watch how it moves and don’t place any trades. Try to analyze where the currency pair will go next and make notes about it. Over a few days, see how well your analysis went just through observation and not having any emotions involved.
This will help you in not having to enter every trade. Just being able to analyze the pair and see where it goes next without needing to enter a trade.
You don’t need to be that person that stares at a computer for 12 hours a day and staring at the charts. Take a breather and do other activities you enjoy. This will make you enjoy trading more and make it not seem like a chore. By doing this, it will also allow you to trade less, have fewer entries, and less emotional in trading.
You can trade while doing the things you enjoy at the same time. You can be listening to music, watching a movie, and being with friends. Learn to enjoy trading this way and this will help you in keeping your optimism and mentality in place.
You don’t need to be trading every day and every week. There will be periods of time where you just want to stay away from the charts and do other things you enjoy. You can come back to it again whenever you feel like you’re ready.
Just because you have finished a course or have deposited money, it doesn’t mean you have to trade at all. Don’t be in the mindset that you have to be making money from trading. This will only make you greedy and make you emotional in your trading.