What forex traders should know about weaknesses?
As we live in the world, we often categorize everything. For instance, we look for what we love, what we dislike, what makes us happy, and what makes us unhappy.
In light of this division, it is only natural that we gravitate toward those who make us feel good. We downplay failures as accidents, bad luck, or even mere bad luck.
And just like in life, we see this often happen in trading. Suppose your trade goes into the red due to some news event you failed to anticipate. Eventually, your traders return to break even. As soon as you achieve a positive result, you move on to the next trade.
You didn’t learn anything from the trade despite not losing any money. The next time a similar event occurs, you could end up doing something completely different that could be disastrous.
Identify your weakness and ask yourself, “do I think positively because I don’t want to acknowledge them?”
If you ignore your flaws, you will eventually end up with a huge mess. Although looking past your weaknesses may seem counterproductive, you must embrace them if you want to grow.
Trading is always a learning experience. The trading world operates in a dynamic environment that does not show mercy to those who remain stagnant.
There is more to learn from your weaknesses and losses than your strengths and wins. Your weaknesses set you up for improvement, and overcoming your Achilles heel will make you a more well-rounded trader.
Create a trading journal to start if you want to “embrace weakness.”
You should write down not only the trading idea, market behavior, and result in your trading journal but also how you felt during the trade, what mistakes you made, and what you will do in the future to improve your trading.
As you tell yourself, “ yes, I made a mistake, but I want to learn from it.”
As a result of writing down your mistakes, you are implanting those lessons into your memory, making you less likely to repeat them in the future.
You gain a better understanding of what works and what doesn’t, and ultimately, you become a more substantial, more successful trader by embracing your weaknesses.
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