Why Positive Thinking Matters in Forex Trading

As forex traders we all have those days (or weeks) when things just don’t go our way. Our losses are overshadowing our wins, and we can’t seem to consistently win. We start to wonder if we can ever make any “real” money and if becoming a full-time trader will ever be realized.

Being successful, whether it’s as a trader, a business owner, or even as a parent, takes a lot of personal development. Day after day you have to deal with many uncertainties, some known and many others unknown. You are continually tested by your suforex frustrationrroundings (the currency market, your employees and coworkers, or your children), and how you react before, during and after these challenges all play part in your success.

“Why did I ever get into forex trading? It’s nothing but a stress builder and a gigantic head ache. Who am I kidding? I think my hair is falling out!”

If you’ve been feeling this way and are asking yourself some of the same questions, it’s time to sit down and work on your positive thinking. Any successful trader will tell you that he has made the mental decision to be as positive as possible in thinking, acting and doing, and that having a positive mind is critical in overcoming the setbacks brought on while trading.

What can you do to become a better positive thinker?

Start off the morning by looking at yourself in the mirror and saying “I’m good enough, I’m smart enough, and gosh darn it, people LIKE me!” And say it just like Stuart Smiley from Saturday Night Live… with enthusiasm! No really, promoting yourself to YOU is a great first step in the right direction. It helps you get in the right mind set, and helps you to start your day thinking positive thoughts. If looking in a mirror scares you, I’m sorry…try just saying it out loud to yourself.

Next, observe your negative thoughts and understand that only you can change them. Once you start ridding yourself of those thoughts, you are thinking positively. The market has its ups and downs. Your trading account might have the same ups and downs. Losses are inevitable. These happen to everyone. The difference is that your positive attitude makes you better equipped to deal with setbacks.

Think and visualize yourself as already being a successful trader. Imagine that your trading experience allows you to easily notice changes in the market and react to them by making profitable trades. Imagine only positive results. Imagine the wealth you’ve created and the lifestyle it affords you. This type of thinking will help reinforce the ideas that first led you to the currency market and motivate you to stick with it.

Another easy method to assist you in becoming a positive thinker is to surround yourself with a positive environment. This can be your work space or the people around you. The world is filled with doubters and people who want to “help” you by destroying your dreams or shooting you out of the sky. Make it easier on YOU by surrounding yourself with other positive thinkers who reassure and support your trading endeavor. And liven up your forex trading space so it’s inviting and makes you want to be there. Maybe it’s time to replace your crusty keyboard?

Also help yourself by being a positive talker to others and about youself. Speaking positively fills your head with positive thoughts and ideas. Negative self-talk only helps to hinder your potential as a trader and keeps you from growing.

Do your best to welcome the currency market’s obstacles and view them as your opportunities for profits and success. Dealing with these obstacles will only help you to create a better trading experience. Small changes in the way you think about yourself, think about others and think about trading will go a long way in your overall success as a trader.

  • Tom

    Thank you for this — really great stuff!