Becoming A Successful Forex Trader: How To Let Yourself Make Money
You will find a lot of information about becoming a successful forex trader online, but most of it is about the technical and practical aspects of trading. Of course these are important, but they are not all that we need to know. Probably even more important are the psychological aspects which can hold us back from success if we do not identify and deal with them.
Sometimes the only thing stopping us make money is our own attitude. Everything seems to be going right and then wham – suddenly we make a stupid mistake, get sick in a minor but annoying way, or completely lose motivation and abandon what promised to be a very good forex trading plan. One of the most common reasons for this is popularly known as ‘fear of success’.
What Causes Fear Of Success?
We all have a tendency to want to remain in our comfort zone, whether or not it is where we think we want to be. Any time we are faced with a major change in our situation we have to move beyond our normal boundaries. That is scary and we will often unconsciously find ways to stay within our comfort zone.
When we are used to being short of money and not particularly successful, then we arrange our lives to make this situation as comfortable as possible. We surround ourselves with friends and situations that reinforce the message that it is OK to fail. We may consciously or subconsciously hold a belief that it is immoral or dangerous to be rich.
So however much we think we want to make a lot of money, the consequences are quite scary. We could lose our friends, our self justification and our feelings of self worth. We could feel guilty, pressured or even hated. All of these factors can cause us to sabotage our own success.
Do You Have A Fear Of Success?
You may already have recognized yourself in this description, but if not, try this quiz.
1. Do you find it difficult to keep to a forex trading system that has been making you money?
2. Do you usually dislike people who are very successful?
3. Do/did your parents and your close friends often make negative comments about successful people?
4. If you think of situations where you have been successful in the past, did you tell yourself or others that it was mostly due to luck?
5. Do you feel uncomfortable competing with others, especially if you win?
6. Would you prefer to take second place in most situations? E.g. to be vice-president of an organization, rather than president?
7. Are you uncomfortable with being the center of attention?
If you answered yes to more than 3 questions, you may have a fear of success that could stop you making money as a forex trader – or anything else.
How To Deal With Fear Of Success
Fear of success is extremely common. It probably affects a majority of people in any competitive society. So please do not use this quiz as an excuse to feel even worse about yourself. Once you know that this fear could be preventing you from getting the results that you want from your trading, you are in a very strong position to deal with it … successfully.
There are three methods that psychologists recommend in order to get over this blockage and put you in the winning circle with confidence. Let’s look at these as they relate to forex traders.
1. Build on your existing strengths.
Your trading strengths will lie mainly in your profitable forex system. Stick with it and do not be diverted to other plans that seem to promise bigger earnings. Remember, the wish to switch systems is probably your subconscious setting you up to fail.
2. Set easily achievable goals.
Many small goals are better than one big one. If you spend your time daydreaming about becoming a millionaire with forex trading, you will only reinforce the idea that successful trading is going to take you out of your comfort zone.
Instead, concentrate on increasing your account by just 10%. When that is achieved, pause for a while if you want. Wait until you are comfortable with the new balance, then look to the next 10%.
Having 10% more in your forex trading account will not change your life, nor will it make your friends hate you.
3. Give yourself permission to be successful.
Look at the quiz again and see what it is about being successful that is most scary for you. Then write out whatever permission you think you need and put it on your computer or your bulletin board, wherever you will see it every day.
You might want to give yourself permission to be successful but not tell anybody about it. Or perhaps you want to give yourself permission to make money so that you can give half of it to charity (and then make sure that you do give away half of your gains at regular intervals). Or tell yourself that this is not a competition – you can be successful but you never have to be the top forex trader in the world!