This week, I sat at my computer trying to come up with an idea for my next article. Somehow, nothing would come to my mind.
I went as far as I could in my trading journey (literally day #1).
As I'm about to take off for Shanghai, China in less than 2 months and now trading for other people, I began to think “How did I get here?”
Well, that's a long story…
Nevertheless, there is one thing I've paid close attention to throughout my previous accomplishments in life and in trading.
The way of thinking you show up with, whether you want to learn to trade Forex, travel around the world, lose weight, or get good at public speaking, has a direct impact on the results you experience.
Just for the record, I saw massive changes in all those areas above. I wanted to bring those things back to trading so you can see how the mindset you have through life applies to trading.
The Empowering Mindset You Need To Have
Do you really think you can succeed in Forex trading with a bad mindset?
I know that's kind of a dumb question, but it's so overlooked by people in the trading industry.
For all the areas in my life where I saw improvements, I first started with a mindset of hope (i.e. thinking I could do it).
That is essential.
But you don't take my words for it…here's what Maxwell Maltz, the author of Psycho-Cybernetics had to say:
“A human being always acts and feels and performs in accordance with what he imagines to be true about himself and his environment. We act, or fail to act, not because of ‘will,’ as is so commonly believed, but because of imagination.” ― Maxwell Maltz, New Psycho-Cybernetics
Here's how I interpret this:
- If you think you can't control yourself, you can't trade.
- If you think you can't learn anything, you can't trade.
- If you think you can't make money trading, you can't trade.
- If you think every trader you see online is a scam, you can't trade.
The key word here is “think”. You don't have to prove anything to yourself if you believe it. It's already in your mind.
However, that doesn't seem to be a problem for new traders. From my experience, new traders are usually very confident and ambitious, and they have 0 doubts in their ability to make money trading Forex.
Test it for yourself…
Why have you decided to start trading?
You knew you could make money trading, right? You knew you could create a lifestyle of freedom, don't you?
So why haven't you achieved your goals from day one?
Well, things are slightly more tricky when it comes to Forex trading. Your ambitious/empowering mindset can't do all the work.
Don' Fall Into The Trap!
What if I were to tell a brand new trader with 0 experience the following:
“You can do it! You're able to accomplish everything you want to accomplish! Traders are people just like you!”
Encouraging, right? Think about it twice.
While an empowering mindset is essential to get you started and support you in hard times, you also need to be aware of the fact that achievements do not happen by themselves.
Unfortunately, new traders tend to believe in their greatness big time, which often comes against them through big losses and discouragements.
I used to think I'd be a better trader than everyone around me, hence why I opened my first live trading account less than two weeks after I opened a demo account.
I used to buy/sell when I felt like it because I was ultra-confident in my abilities to know what I was doing.
What The Trading Industry Doesn't Tell You
You need to understand that you have weaknesses like any other person getting into Forex trading.
Your edge as a Forex trader lies in how you work with your strengths and weaknesses, not how great you feel about being a good trader.
Can Anyone Learn To Trade Forex?
My opinion is simple, yet complicated: yes, as long as you allow yourself to.
Allowing yourself to learn to trade Forex means taking the time it takes to learn and not rushing through the steps. It also means scaling up in your approach and not trying to be the successful Forex trader you're not yet.
If you want to become successful, you do not only need to learn the “how-to-do”, you also need to learn “how-to-be” successful.
I got reminded of a great Jim Rohn quote in a recent interview on my podcast:
“Don't wish it was easier wish you were better. Don't wish for fewer problems wish for more skills. Don't wish for less challenge wish for more wisdom” ― Jim Rohn
Unless you are doing everything a successful trader does (trading execution, planning, review, exercise, etc.) and think like a world-class trader, you can't expect to become one.
What are you going to implement after reading this article? Comment below or post in the Facebook group and we'll talk!