The Forex market is a market the traders can not control. It is a market where the price is determined by demand and supply. The traders have to accept the market conditions and plan their trading strategies in connection to the market. In a market likes the Forex market the traders have to be in control over themselves.
Traders in control over them are traders who have set a plan for their trading. They have goals and want to achieve them. The goals are realistic, attainable and measurable and they trade in their "own best interest". In their mind they have been through all sorts of trading situations. An example could be how to stop a trade that is not a winning trade and how to accept that they have made a wrong decision.
Traders in control over themselves are human beings with discipline and a self-image that convince them that they are good traders. A self-image is a picture all human beings have of themselves in their mind. It is a picture that is built on experiences and beliefs in life. The image controls our behavior in all life situations.
A self-image is "how I am" and as it controls how we act in our lives it is import to affect our self-image to be successful in our lives and in Forex trading. A part of trading Forex is that some trades go wrong. Some traders just accept that they have made a wrong decision. Others will continue to think of themselves as a bad decision maker and start to fear that they will make bad decisions on future trades.
The different behavior in the mentioned situation illustrated the importance having a "leave past behind" attitude in Forex trading. The first group just continues trading and looks for new opportunities in the market. The second one starts to fear they are badly Forex traders. The two groups 'picture of their behavior as a trader is clearly different and clear that the first groups' attitude gives them better opportunities to be successful as they use their energy on the next trade and not that they made a bad decision.
The second groups' attitude can easily be changed. They have to use a visualization technique and visualize the situation where they made a wrong decision. The situation can be a real trade or a trade that is made up. It is important that the picture of the situation is as detailed as possible. The more detailed the picture is the easier it is to achieve the goal. In this example is the goal how to get a "leave past behind" attitude.
Using a visualization technique and go through the picture over and over and over again prevent you from making the same mistake again. The mentioned example of a visualization technique is just one example. The technique changes all kinds of bad habits and thought processes. Scientific experiments have shown that a bad habits and thought processes can be changed if the technique is used in 21 days in a row.
Source by Martin Grippen