Power of Focus
7 steps to use the power of focus to your advantage and trade profitably
1. Single pointed focus
a. There are many ways to practice and develop this skill. It takes many practice sessions but with each practice session you will feel more and more focused.
b. For example; light up a candle. Place it in front of you and focus on the flame. Let your thoughts flow. In a short time you will find your focus drift away to many different things. Gently bring back your attention to the candle flame.
2. Practice Mindfulness
a. You can’t expect a high focus if your mind is constantly wondering on different things.
b. Practice sessions for mindfulness: E.g while eating focus on the chewing and tastes of different ingredients separately. While washing hands focus on the warmth or coolness of the water flowing through your fingers and the sensation of the towel on your hands.
c. Practice focus in every little thing you do on a daily basis and automatically the focus will flow in your trading.
3. Give yourself small tasks
a. Set daily tasks that are easy to achieve and mark off at the end of your trading session that you completed. Feel the satisfaction that comes from completing tasks
4. Set up pre-trading priorities and post trading work out
a. Pre Trading – Respond don’t react
b. Block out 2 x 10 minutes segments to establish priorities for this session
c. Focus on 2 things deeply rather than spreading your attention e.g. times of major new alerts & trending pairs selection
d. Post-Trading checklist
i. Were the trade entry criteria followed
ii. Did I follow my trade management rules
iii. What was my win/loss ratio
iv. Did I hit my % target this week/month
5. Set specific measurable goals on a smaller scale first
a. For example, First month target hold onto my 3% profit and build up consistency
b. 3 months accumulated target shows me my trading style
c. Trade set up observations
6. Vision board
a. What is the higher meaningful purpose you want to achieve from your trading profits
b. Why do you need to think differently about money to achieve new results in your earnings
7. Re-invent – Your workspace & yourself
a. Does your work area represent the Successful trader set up
b. Do you have your vision board in front of you and are your daily trading actions aligned with your ultimate vision. Action Alignment will lead you closer to your goals every day.
These 7 steps may look a bit tedious but once you are hitting your desired trading goals you will have this unbelievable feeling of high accomplishment and a shift of identity from a learner to a Forex Specialist.
Have a Happy Trading June. Let us end the financial year on a high.