One of the reasons why traders become so much stressed while trading is because they focus on the things that they can’t control. When you waste too much time worrying about things you can’t control, it drains a lot of your energy, takes away your motivation to perform well, and affects the way you do your actions.
If you want to be less stressful and more successful in Forex, you must first distinguish between the things that you can control and things you cannot. Then you should turn your focus on things you can control in trading.
The first thing that you cannot completely control is the outcome. You can only focus on and control what you do. If you have a good trading plan to accomplish your goal, you should focus on executing the right actions rather than worrying about the outcome.
One reason why we tend to worry about the outcome is fear. If the fear is too much, just ask yourself what the worst-case scenario would be. Are you ready to face it? Ask yourself what you would do when the worst scenario actually occurs.
If you ask this question and tell yourself that you would face the outcome whatever it might be, then it takes your mind away from fear of worry. There is a saying that says ‘Hope for the best but prepare for the worst’. Your mental preparation for the worst scenario can act as a cushion for the stress.
Just like you can’t control the outcome, you can’t control or change the past either; because it is already gone. So if you are still regretting how you blew up your account the last time; just let go of it. Be thankful that those losses indeed gave you a lesson.
You can’t completely control success or failure either. You can only control your own actions towards them. There are other factors which are still beyond your control. For example, while it is certainly under your control to study for tomorrow’s exam, you have no control over what questions will appear in the exam; you also have no control over how others would prepare for it. So in this case, the only thing you can focus on is your own preparation.
Since success or failure is not completely out of your control, it is very important to treat them alike. Success is an achievement and failure is a lesson. It is as simple as that.
Another thing you can’t control is change. The market is always changing; trends keep changing and market sentiments also keep changing. You need to see this as something you can’t control too. It is very important to accept the fact that you can’t control change and be flexible to change.
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Vincent Nyagaka is a Professional Trader, Analyst & Author. He has been actively engaged in market analysis for the past 7 years. He has a monthly readership of 100,000+ traders and has taught over 1,000 students since 2014. Vincent is also an experienced instructor and public speaker. Check out Vincent’s Professional Trading Course here.