What we think will greatly affect the way we act, including in forex trading. Not only negative thoughts will cause failure, but excessive expectations will also be fatal. In this article, we will review six types of toxic thoughts that are generally have the potential to ruin your trading. You should try to avoid thinking about these toxic thoughts if you want to continue your successful trading.
According to Psychology Today, if you have toxic thoughts, you should be aware and do not listen to these thoughts, cultivating self-compassion, and acting against the directives of your inner critic, not allowing this internal enemy to control your life.
Check out these toxic thoughts that can ruin your trading:
“Forex trading is my last hope. Then, I will work furiously.”
If you think that forex trading is the only choice for achieving success in life, then you might never make a meaningful profit. A trader who thinks desperately and expects financial success from trading results will have the wrong attitude and view of trading. Thus, she/he and tends to impose profit on every trade he/she does.
In fact, it is almost impossible for a trader to be truly successful as long as he has a strong desire to always be right in anticipating market price movements. If you are relaxed and do not feel burdened to always make a profit will be able to look at the market objectively.
If your way of thinking happens to be like that, you should try to change it by not focusing too much on the trading results that you will get. You don’t need to be afraid of missing out on opportunities to make a profit because the market is always moving very dynamically. Every time there is always an opportunity that you can trade objectively and not impose excessive final results.
“For this trade, I must have profits.”
Many novice traders have this kind of thought. The traders expect good results from every trade they do. They ignore the fact that we cannot expect definitive results from every trade we make. In fact, there is always a random distribution between winning trades and losing trades, no matter how sophisticated the trading strategies or systems we use.
We will only know the end result of a trade that we do over a certain period of time. What we should do is work based on the trading plan and always evaluate the results of the trade every single time through a trading journal. A trading plan is a systematic approach that regulates all aspects of trading. Without working systematically, it is difficult to obtain consistent results.
If you always focus on the results of every trade you make, then you will not know your actual trading potential. Since the trading strategies and systems that you apply will only produce after a certain trading time period. If your mind is still focused on the results of each trade, then you can start to change it by focusing on the trading strategies and systems that you use and have been tested. However, if it deviates from what you expect, do an evaluation.
Read more: Weekend Trading, Should you Avoid it?
