You will find a lot of info about becoming profitable forex trader on the internet, but most of it is about the technical elements of trading. Obviously, these are important, but they are not all that we need to know. Maybe even more essential are the psychological factors which can hold us back from financial success if we do not recognize and deal with them.
Sometimes the only thing stopping us earn profits is our own attitude. Everything seems to be going perfectly and then wham - suddenly we make a stupid mistake, get sick in an unimportant but bothersome way, or completely lose motivation and abandon what seemed to be a very good forex trading system. One of the most typical 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 believe we belong to. Any time we are faced with a major change in our situation we want to get back beyond our normal boundaries. That is frightening and we will routinely unconsciously find ways to remain within our comfort zone.
When we are accustomed to to being short of money and not particularly successful, then we arrange our lives to make this circumstance 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 belief that it is wrong or dangerous to be wealthy.
So however much we think we want to make a lot of money, the outcomes are quite intimidating. We could lose our friends, our self justification and our perceptions of self worth. We could feel blameworthy, pressured or even hated. Many of these factors can make us to sabotage our own success.
How To Overcome The Fear Of Success
Fear of success is very common. It without doubt influences a majority of people in any results-driven society. Once you recognize that this fear could be preventing you from getting the results that you want from your trading, you are in a very powerful position to deal with it effectively.
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 mostly in your money-making forex trading system. Stick with it and do not be diverted to other methods that seem to provide bigger profits. Remember, the wish to jump systems is most likely your subconscious setting you up to fail.
2. Set easily achievable goals.
Many small goals are better than one big one. If you waste your time daydreaming about becoming a millionaire with foreign exchange trading, you will only reinforce the concept that successful trading is going to get you out of your comfort zone.
Instead, focus on increasing your account by just 10%. When that is achieved, pause for a while if you want. Wait until you are comfortable with the new balance, then look to the next 10%.
3. Do not lean completely 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 wiser trading decision and will be sooner on your way to success.
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