Forex Psychology with Saira Khalid
“A smart manager will establish a culture of gratitude. Expand the appreciative attitude to suppliers, vendors, delivery people, and of course, customers.”
I want to encourage you to bring your focus to being a manager of your Trading business. In which your suppliers and vendors are all the currencies. These currencies are also your customers and delivery people and your risk management is your employees.
The appreciative attitude is an attitude of gratitude. So let us now apply to our Trading.
1. Not having everything you desire immediately is a blessing in disguise
You get an opportunity to find new ways of doing things. Applied to trading for example you have had a month with -3% you were expecting +3%. You did not achieve the desired result. In step 1 be grateful and then write out ways how it served you to be exceptional this month. What upside did you see in any other area of your life that balanced this down turn? Gratitude reminds us that the universe is in perfect balance always!
2. Difficult times are a time of growth
All successful people across any profession have admitted that they have received numerous challenges and how they overcame those challenges produced the next phase in their upward movement. Applied to trading you would come across times that you are looking through your charts really wanting to trade but not coming across any opportunities that you can identify as Trade opportunities.
3. Mistakes teach you valuable lessons
My Mom always said if you make a mistake admit it! Hmmm didn’t sound a great advice at the time but later I have realised that every time I have made a mistake I have received valuable lessons. Now I am a person who is thorough so to make sure that I am on track I make the same mistakes a few times just to be sure!!!! Have you been there? J
Applied to trading, tracking your trades in your trade journal will make you a hero and a coach of your Master plan. This means that you are now recognising where you need to improve and where you need to get the results in your life. You need to be sure that you are a massive Action taker who get also has time to STOP, BREATHE AND REFLECT. In your reflection apply mindfulness. Mindfulness means that you are able to be in the moment and see everything with fresh eyes. So past is past and it doesn’t equal the future unless you live there. Learn the valuable lesson and move to the next trade to 3, 4, even 10% plus return in your month. Stick to your plan.
Psychologists Robert Emmons of U.C. Davis and Michael McCullough of the University of Miami are the 2 leading investigators of gratitude and the after effects of being grateful on your mental and physical health. They have found that practicing gratitude can actually improve our emotional and physical well-being. Their ongoing Research Project on Gratitude and Thankfulness has found that people who keep weekly gratitude journals had fewer physical symptoms, exercised more, had a better outlook on life and were more likely to reach their goals.
Find a way of being thankful for your challenges and they will become your blessings.
A smart Business entrepreneur is discerning
What it means is that they think of their bigger business goals and focus deeply on how each step required in the accomplishment of their goals. Applied to trading you will need to consider a few different outcomes that can occur before placing each trade. (Emphasis is on before placing the trade!). If you are trigger happy J then the best strategy I suggest is always place a pending order and it will help you assess your trades prior to placing your trades not after!
You will learn more ways to improve on your trading plan in the next article.
To your prosperity,
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