Trading is unquestionably a task that necessitates self-assurance. Having confidence helps you get through hard times. It gets rid of problems when you run into them and gives you focus, which is very important. If you have confidence, you will learn faster.
On the other hand, not having enough confidence can be one of the worst things for a trader’s mind. How will you get back on track after a loss? What happens if you lose your first two, three, or four bets of the day? Will you doubt your system, trading plan or skill set?
Everyone knows that not having confidence is bad and that having confidence makes us more likely to succeed. Even though we know this in our heads or intellectually, our actions often show something different.
So how do we build trust in business? What can we do to have unwavering faith in our skills? If we do certain things, will they help us build a foundation that will allow us to consistently make money?
Yes, that’s the answer. You can definitely feel better about yourself and what you can do. In this article, I’ll show you a way to boost your confidence. Will it be sufficient? I’m not sure, but it seems like a good place to start.
Success boosts self-esteem.
I do a lot to protect my mental capital and sense of self. Having a positive view of yourself and a good amount of mental capital will help you do better.
So, what do you think it does to remember the things you’ve done well in the past? Do you think it makes you feel better or worse about yourself? Even though I already know the answer, I want you to start thinking about this more.
Over the years, I’ve worked with tens of thousands of traders, and most of them are good at something. They are probably good at something, like chess, poker, math, sports, or money.
We have more than 50 doctors in our classes, and many of them are surgeons. We have poker pros and tournament winners who want to make a change and move into trading. I have a few traders who work on the New York Stock Exchange (NYSE) or for a large prop desk. Others are well-known trial lawyers. We have engineers, programmers, IT experts, and the list goes on.
Most people who want to learn about forex trading are smart, likely successful in their current field, and good at something. So how can we use this to make people feel more confident?
A Method
Think about what you are already good at. This is a simple way to get started. Think about what you had to do to get there, the problems you had to solve, the doubts you had, the hurdles you had to jump, and how many times you weren’t sure you could do it well. Still, despite all that, you got very good at it.
Notice how sure you feel that you can do that skill or task. Did you always feel the same way you do now, especially at first? Unlikely. But you did it, and now you’re good at it, whether it’s a skill, a sport, a job, a martial art, a musical instrument, a work or an endeavor. We can and should use this current experience and skill in our trading process.
So, give yourself some time to really think about what skills or traits you have that are good. Think about it until you feel like you can do that thing well and with confidence. Keep this feeling in mind and use it to help you trade.
Climbing Mountains
It’s important to keep in mind that everyone has overcome doubts, problems, and obstacles at some point in their lives. No matter how big or small, every one of the things we’ve climbed reminds us of how far we’ve come and what we’ve been through along the way.
“Overcoming is the Currency of Success,” I’ve said before.
Keeping this in mind and thinking about the good things you’ve done in the past will help you feel better about yourself. This is another way to keep your mental capital safe and keep a good image of yourself.
So, take a moment to think about all the problems you’ve solved along the way. This should make you feel like you can get past your own problems and be a successful trader.
To sum up
Confidence and a positive view of yourself are two of the most important tools for a successful trading mindset. Most of you, if not all, have had to get past something in your lives. And most people would already be good at something, like a skill, sport, or job.
Think about the skills you’ve learned in a certain field and what you can do with them. Think about the problems you’ve had to solve in your life. Notice how you feel about yourself when you think about what you can do and how far you’ve come.
Sometimes, all we need to do is remember our strengths, our inner resources, and the knowledge we’ve gained along the way. Sometimes, just being aware of these things is enough to remind us of what we can do and what we can be. This is just one way to get more comfortable with trading.
It’s important to remember that there are other important things you can do every day to build an unbreakable foundation of confidence. Take some time to think about what gives you confidence, which will help you trade.