As a forex trader you have the freedom to make your own decisions. You should not adjust your actions to what you say bosses, teachers or relatives. The limitations that are self-imposed act. But these actions will be filtered according to your belief system. And they will do as follows:
If you think that forex trading is risky, you may not take positions when you should.
If you believe in a graphic pattern, perhaps you cast a trade.
If you believe in not taking losses or close operations losses, may not use stop losses.
If you believe in fundamental analysis you've done, maybe you enter a market.
If you think that forex trading is difficult, you always will seem difficult.
If you think that forex trading is easy, perhaps not you're taking it seriously (or directly such as a shower ...)
Beliefs guide you along the winding road.
Your beliefs are like a sherpa to guide you in the decisions you make with your money. The problem is that your beliefs have never been optimized for trading. Many of your beliefs may be counterproductive as forex trader. For example they could cause you ...
- ... You continue in a losing position, simply because you like "accept" losses
- ... Sobreoperar in your account and end up giving your benefits broker.
- ... Close very fast winning positions without giving the option to get the most important benefits.
The counterproductive beliefs are often responsible for failure in trading. But the important thing here is that beliefs do not directly help you or make you fail as a forex trader, after being identified and being aware of them, can be changed. This is really important. We can invest some of our time to improve or change those beliefs that define us as a trader. And logically we evolve these beliefs to be as similar as possible to those with professional traders. We will create a belief system as efficient as possible and we do evolve as traders.
As we change our beliefs as forex trader ?
Change your beliefs as forex trader can be easy or difficult. First you must identify the beliefs that currently exist within. Many beliefs can change simply by knowing better works to another trader. The identify, understand it, you do it yours and you will be internalized.
But it will also have beliefs that cost you modify or change and that will offer a high degree of resistance. If you think a certain belief need not be changed, and that the fact you try to change creates stress and even get angry, they face a "complicated" belief. More complicated especially if you identify that is causing losses in your trading. This kind of belief usually requires a deeper and more serious work, but it is important to do because it can be the reason why you do not evolve as a trader.
What are your beliefs about the market?
In the next article I will make a list of the beliefs of professional traders. But this is important that you become aware of your own. You should make a list of your beliefs about the market. No need to be very thorough ... could use a little like a list that I put down here an example ...
If I let my open trades for quite some time I earn money.
The Losses are bad.
The Losses are good.
I need at least one reward / risk ratio of 3: 1 to make money.
Do not like trading forex.
If technical analysis is going to be able to earn money as forex trader.
The Markets are impossible to predict in the long term
The Markets are impossible to predict in the short term
I Think my broker
I should have 10% of my portfolio in forex
I have a very long time even for my retirement.
I am financially independent.
-The Technical indicators work in some situations and not in others.
I should sell the AUD.
The Risk management is vital.
Once you have written the list yourself the following question for each belief. I get to have this belief ?. For example you could analyze the belief ...
"I just need to know technical analysis to trade forex because the fundamentals are very difficult to predict"
I get to think that way? ...
I can avoid having to follow the news.
I can keep my simple trading.
I need to know more about technical analysis.
I can follow what my "guru" favorite trading, which makes me feel at ease.
I can be very precise and disciplined in my trading.
I can backtestear my strategy in graphics very easily.
Doing this exercise you start to be aware of your belief system and how they affect your trading effective way. You'll also be able to see if you favor as forex trader or hurt you. This way you can keep them, modify them or banish them completely. Thus generating another list of beliefs that ta will behave efficiently in your trading, and this list should be as close as possible to those of a professional trader.
What are your beliefs about the market?
You should make a list of your beliefs about the market. No need to be very thorough ... could use a little like a list that I put down here an example
If I let my open trades for quite some time I earn money.
-The Losses are bad.
-The Losses are good.
I need at least one reward / risk ratio of 3: 1 to make money.
Do not like trading forex.
If technical analysis is going to be able to earn money as forex trader.
-The Markets are impossible to predict in the long term
-The Markets are impossible to predict in the short term
-I Think my broker
I should have 10% of my portfolio in forex
I have a very long time even for my retirement.
I am financially independent.
-The Technical indicators work in some situations and not in others.
I should sell the AUD.
-The Risk management is vital.
Once you have written the list yourself the following question for each belief. I get to have this belief ?. For example you could analyze the belief ...
"I just need to know technical analysis to trade forex because the fundamentals are very difficult to predict"
I get to think that way? ...
I can avoid having to follow the news.
I can keep my simple trading.
I need to know more about technical analysis.
I can follow what my "guru" favorite trading, which makes me feel at ease.
I can be very precise and disciplined in my trading.
I can backtestear my strategy in graphics very easily.
Doing this exercise you start to be aware of your belief system and how they affect your trading effective way. You'll also be able to see if you favor as forex trader or hurt you. This way you can keep them, modify them or banish them completely. Thus generating another list of beliefs that ta will behave efficiently in your trading, and this list should be as close as possible to those of a professional trader.
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