12/4 – Developing Self-Confidence and Belief for FX Trading

Each morning, ahead of each trading session, I complete a physical/psychological assessment to ensure that I am physically and mentally ready and able to trade.

One of the question I ask myself is whether I believe that I am making progress as a trader and that I believe that I will eventually become a consistently profitable trader.  The answer to this question allows me to get up to 2 points towards my out-of-10 score for the overall assessment.

Lately I have figured that there is no reason that I should ever have anything other than 2 on this rating.  If I don’t believe in myself, then surely I am making things harder for myself.  You often hear that successful athletes always firmly believed that they will win this or that.  This is probably true without fail.  Additionally there will be ones who believe it and don’t make it.  But I guess there won’t be any who don’t believe that they will make it and then actually achieve it.

Thus, I decided that this weekend I will have a quick think about this to determine how I can make sure I always get 2 out of 2.  In other words, that I can develop strong self-belief and confidence.

climber

I don’t like to talk and think unrealistically.  I want things I can hold onto – things that I can use as foundation for my self-confidence.  (just like a climber needs footholds and ledges to get up a steep cliff)

After some thought, I came up with these points:

  • Belief that I will stay disciplined and professional at all times
  • Belief in myself that I will continue working even when things seem tough
  • Trust myself that I will look for solutions when I hit problems (whether technical, practical or psychological)
  • Reliance on myself that I will be my best friend, not my worst enemy – this means I will only allow myself to think positively – constructively, with a sense of humor, realistically and that I will allow myself to have hope.  I will not allow myself to dwell on negative things – worries – bad things that could happen.  I will not allow myself to talk negatively to myself.
  • Trust myself that I will continue to learn to understand the markets and to understand myself
  • I do believe that I have it within me to become a consistently profitable trader on the basis of (i) knowledge I have acquired thus far in technical and trading psychology areas (ii) commitment to continue to learn (iii) bankroll and operational resources (iv) large amount of time that I can dedicate to the pursuit (v) personal attributes I have developed in my life – hard work, persistence and discipline

That should do it!

One step at a time…..

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3 Responses to 12/4 – Developing Self-Confidence and Belief for FX Trading

  1. Pingback: 15/4 – K7 Strategy Update – 100 trades completed | George's FX trading blog

  2. Pingback: 22/9 – Trader’s mind-games & Brainstorming (sponsored by Volkswagen) | George's FX trading blog

  3. Pingback: 6/12 – Building self-confidence | George's FX trading blog

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