Becoming A Winning Foreign Exchange Investor: How To Allow Yourself Make Money
You will find a lot of tips about becoming successful forex trader on the net, but most of it is about the technical aspects of trading. Of course, these are important, but they are not everything that we need to know. Probably even more essential are the psychological factors which can hold us back from success if we do not identify and deal with them.
Sometimes the only factor stopping us make money is our own attitude. Everything seems to be going well and then wham - suddenly we make a dumb mistake, get sick in a minor but annoying way, or completely lose inspiration and abandon what promised to be a very good forex trading system. One of the most basic reasons for this is popularly known as 'fear of success'.
What Causes Fear Of Success?
We all have an inclination 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 an important change in our situation we have to move beyond our normal boundaries. That is frightening and we will frequently unconsciously find ways to stay within our comfort zone.
When we are used to being short of money and not really successful, then we arrange our lives to make this situation as acceptable as possible. We surround ourselves with friends and situations that reinforce the message that it is OK to fail. We can consciously or subconsciously hold a faith that it is immoral or dangerous to be rich.
So however much we think we want to make tons of money, the consequences are quite intimidating. We could lose our friends, our self justification and our perceptions of self worth. We could feel guilty, pressured or even hated. All of these factors can lead us to sabotage our own success.
How To Deal With Fear Of Success
Fear of success is very common. It without doubt influences a majority of people in any competitive society. Once you know that this fear could be preventing you from achieving the results that you want from your trading, you are in a very strong position to deal with it successfully.
Here are three suggestions to get over this blockage and place you in the winning circle with confidence.
1. Build on your existing strengths.
Your trading strengths will lie largely in your profitable forex trading strategy. Stick with it and do not be diverted to other plans that seem to promise bigger profits. Keep in mind, the wish to switch systems is probably your subconscious setting you up to fail.
2. Set easily attainable goals.
Many small goals are better than one big one. If you spend your time daydreaming about becoming a millionaire with foreign exchange trading, you will only reinforce the concept 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, rest for a while if you want. Wait until you are comfortable with the new balance, then look to the next 10%.
3. Do not rely fully on your own judgment
The best reinforcement, whether you're right about the market or not is if you use reliable forex signals. If you compare your own analysis with forex trading signals, you can make better trading decision and will be sooner on your way to success.
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