After knowing the two toxic thoughts in trading that can ruin your investment, let’s continue our discussion about the next thoughts.
Check out the next four toxic thoughts that can ruin your trading:
“By trading, all my financial problems will be solved’ ’
Some people start trading with a lot of debt. They expect large profits to solve their financial problems. Such thoughts will certainly burden their trading process. You must be financially ready before starting trading and try to separate personal financial matters from trading results. Additionally, you cannot only depend on luck.
Many traders expect instant results. Moreover, they assume that trading can replace their current job, or they can jump right into a live account with less preparation because they want to pursue income due to job loss. You have to note that a successful forex trader requires a lot of processes. The prospect of forex trading is very promising. However, if you are not ready, then forex trading can make your financial condition worse.
’’ I need to expand my account as fast as possible ’’
This mind generally exists in the novice trader. In fact, it takes more than two years to develop a trading account to obtain consistent results. Moreover, you should trade consistently based on your trading plan. The more you want to get results quickly, the further away from the results you expect. Usually, traders who want to quickly develop an account tend to increase their portion size or lot size. If you do not apply money management properly, you will most likely experience losses due to uncontrolled risk.
“I will start trading with discipline and patience as my account grows.”
If you cannot change your mental attitude while trading, then you will tend to return to being undisciplined and impatient when your account really develops. This is related to emotional factors that have a negative impact.
“The more often I enter the market, the more opportunities for profit.”
The more often you enter the market does not mean more opportunities for profit. Without a trading plan and a proven trading system, over trading will only destroy your account.
According to Bustle, stopping toxic thoughts is way easier said than done. But for now, you can make life way easier by snapping yourself out of the negativity. Thus, you need to think positively, fellas! Happy Trading and Good Luck!