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3 Methods to Establish Your Foreign exchange Buying and selling Strengths

Most buying and selling psychology articles concentrate on minimizing weaknesses moderately than figuring out and bettering one’s strengths.

strong us dollar

That is most likely as a result of there’s a typical notion that whenever you deal with your weaknesses you mechanically improve your buying and selling efficiency, however that isn’t all the time the case.

This time round, let’s concentrate on a special method by constructing your strengths first so as to work round your shortcomings.

Earlier than we get forward of ourselves, what precisely are strengths and why is it essential to establish them?

Merely put, a energy is one thing that you just’re good at. However until you apply that exact energy in attaining a productive end result, you won’t be capable of acknowledge it otherwise you would possibly even see it as a weak point.

So how will you establish your buying and selling strengths? Listed below are a number of steps which may assist:

1. Evaluate your buying and selling journals

For those who learn my buying and selling psychology weblog often, you’d know that I typically emphasize the significance of maintaining an in depth buying and selling journal.

So put them to good use! Evaluate your buying and selling logs and pinpoint these situations the place you suppose you carried out properly.

Establish your prime ten most worthwhile trades and be aware of the next:

  • Which pairs did you commerce? Did you persist with your buying and selling plan?
  • Did you base them solely on technicals, fundamentals, or have been they a mix of each?
  • How lengthy did you maintain on to your trades?

Apart from asking your self these questions, establish different widespread components that helped you win these trades.

2. Record down your strengths as a dealer

I do know that it may be a frightening job, however famend buying and selling psychologist Brett Steenbarger got here up with the thought of how we are able to go about it.

Let’s use the VIA Survey which was created by the VIA Institute on Character to assist individuals assess their strengths. Attempt to establish your prime 5:

creativity, curiosity, open-mindedness, love of studying, knowledge, bravery, persistence, integrity, vitality, love, kindness, social intelligence, citizenship, equity, management, forgiveness, modesty, prudence, self-control, appreciation of magnificence, gratitude, optimism, humor, spirituality

Performed? Now what I would like you to do is consider SPECIFIC methods how you may make the most of them in your every day buying and selling.

For instance, I ranked the love of studying as my largest energy. I feel I can make the most of this extra by finding out completely different programs and by studying extra books on foreign currency trading.

3. Ask for different individuals’s opinions

Though self-reflection is useful, we might overlook a number of traits that different individuals can simply establish in us. So take the time to ask for an out of doors opinion.

Ask your colleagues, buying and selling supervisor or coach, and mates what traits you’ve gotten that make you a superb dealer.

Compile their enter and evaluate them to your personal checklist. You may be shocked to see how different individuals understand you.

Similar to figuring out your weaknesses, it’s equally essential to know what you’re good at, no matter whether or not you’re on a shedding streak or trying to elevate your sport.

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