Are you spending so much time on trading every single day? Are you finding it hard to remove your eyes from the screen whenever you start trading? Are you really passionate about trading or starting to get addicted to it? In FX trading, there is a fair difference between addiction and passion.
Fortunately, being passionate and addicted makes a trader find something good in trading. But then, those addicted traders tend to achieve something in exchange for other sides of their lives. Most of the time, they are obsessive and fear failure, prompting them to lack enjoyment in this field.
Passionate traders tend to sustain the success of the market. Addicts undergo highs and lows that will simply wear them out. How can you avoid being addicted to trading? Harmonious passion can help in not making your trades awry. Harmonious passion is developing a mastery mindset. It also defines being able to engage in activities that have intrinsic rewards. For an FX trader, harmonious passion is analyzing the market and the trading itself. But how can you develop this harmonious passion? Here are some important facts that can help you achieve a sustainable and healthy trading life.
Results Can Be Unreliable Indication of Success
A lot of experienced traders see trading as something probabilistic. After a short while, you will realize that results are not a reliable indicator of success. Traders must focus more on the process. Nonetheless, success is when you stick to your trading and not by the size of your profits.
Expected a rollercoaster ride if you want to join the market. There will be ups and downs that are also constant. It can be frustrating to step forward after taking three steps back. But also, if you become too eager to succeed, you become a fair target of scams and other magic indicators. What you have to do is to develop your patience as it will help ground your expectations and build one’s resilience.
Apply The 24-Hour Rule
Those traders who are suffering the hubris after a winning trade or those who are adept in doing revenge trading after suffering from a string of losing trades should benefit from the 24-hour rule.
In this rule, a cooling-off period is done. This makes your winning streaks and losing streaks both in perspective. All you have to do is walk away from your computer and take a deep breath. Ponder on everything that’s happened. After you achieve a clear mind, you can come back to trading.
Are you passionate or addicted?
The principles mentioned above can be applied to any industry. FX trading usually requires its traders to invest not just financially but also mentally and emotionally. These stakes might consume the trader. Therefore, you need to identify whether you are trading for passion or you are trading for obsession.
Avoid focusing on the goal of becoming a successful trader just in a short span of time. Instead, you should enjoy the path to becoming a better and more successful trader. You are the ultimate driver of your journey in trading.