How To Foster A Growth Mindset
There are all sorts of attributes and traits that will stand you in excellent stead if you’re keen to pursue a career as a professional forex trader. Some of these you’re sure to already have in abundance and others you may need to work on in order to cultivate them and turn them into strengths that you can tap into as you trade.
And some of these traits will serve you better than others so, if you’re just starting out trading currency pairs, focusing on those attributes that will yield the best results sooner rather than later probably makes good sense.
One of the most important aspects to focus on as a trader, whether you’re new to the markets or are a seasoned pro, is your mindset and overall outlook.
How you approach your trades and how you view your work is absolutely essential and it’s vital that you keep an open mind, allowing yourself to see your weaknesses and vulnerabilities so you know what you need to prioritise and where you need to improve, both personally and professionally.
What is a fixed mindset?
There are two ways to consider human traits such as personality and intelligence… either that they’re set in stone and can never be changed or that they’re qualities we can grow and develop over time.
The former is what we call a fixed mindset and if this is where you’re currently positioned, it’s important to note that it can lead you to make lots of mistakes in many areas of your life, not just trading, and can even give rise to an extreme fear of failure… which will never serve you well on the trading floor.
Someone with a fixed mindset typically avoids challenges when they present themselves and will often give up easily when problems and obstacles get in their way. The belief that intelligence is fixed can see people led astray by their desire to continue appearing smart, rather than taking steps to actually learn something new and develop their skills.
A fixed mindset may also mean you’re unable to take useful criticism or feedback on board and you may often feel that there’s no point in trying… all of which will really get in the way if you’re keen to bring in the big trading wins.
What is a growth mindset?
On the other side of the coin, people with a growth mindset are open to believing that the skills, abilities and attributes we’re born with are simply a jumping-off point, something that can be fostered and nurtured, developed through time, effort and, yes, even struggle and adversity.
Our intelligence levels, our talents and even our personality can evolve and change as we expose ourselves to different stimuli and as we try new endeavours.
But it’s not just about believing that we can improve and develop, it’s also about looking at mistakes as opportunities for growth… and this is absolutely key for forex traders, allowing you to connect your positive outcomes in trading with all the hard work, time and effort you’ve been putting in.
Adopting a positive mindset for growth involves putting in the hard graft and focusing on the right strategies, as well as seeking guidance from others with more experience, all of which will really help you develop the skills you need to enjoy success as a trader.
Ask yourself if you shy away from challenges or if you embrace them wholeheartedly, perhaps even seeking them out so you can upskill and learn.
Do you often find that you’re taking yourself out of your comfort zone? Are you persistent and dogged in your pursuit of knowledge, even in the face of setbacks? Are you able to learn from and take criticism on board?
If so, you may already be well on your way to fostering a growth mindset… which is great from a trading perspective!
How to adopt a growth mindset
The good news is that anyone can change and grow, developing their own growth mindset over time. Just because you have a fixed mindset doesn’t mean that it has to stay that way!
There are all sorts of ways you can foster your growth mindset and maximise your chances of success. It’s all about finding the right route for you, which may be different to someone else’s path but that’s not to say that it won’t be just as effective.
Comparison is the thief of joy, after all, so stick to your guns and see what works for you. Here are some strategies you could find useful if you do want to change your outlook and see how that affects your trading.
Embrace your imperfections
Nobody is perfect and everyone has flaws and weaknesses. As a trader, it’s vital that you acknowledge your failings and embrace your imperfections simply as attributes that make you unique.
That’s not to say you can’t prioritise them and work to drive improvements in certain areas… but ignoring them and pretending they don’t exist will never see you get where you want to be.
Find the gift in criticism
While it can be hard to hear, there’s generally nothing inherently bad about criticism. In fact, you can use it as a tool for good if you’re able to see it for the gift it is and be open to hearing new suggestions and perspectives.
Believing that you’re perfect and always right will really see you flounder in forex trading and this could be why you’re not raking in the wins right now.
The formula for success is time plus application and it may well be that you need to be patient with yourself as you get to grips with trading. It’s not easy, it can be challenging and it can reveal all sorts of troubling aspects about you and your lifestyle that you may not enjoy being confronted with.
Don’t expect to master trading (or anything new) immediately. You’ll need to work at it, be patient and continue forging ahead, even in the face of failure. This is the path to improvement and self-development.
Be willing to make mistakes
Risk-taking is an inherent part of forex trading and if you’re risk averse, you’ll likely never make it big as a trader.
Accepting that you’ll make mistakes while trying out new ways of working or new ways of approaching old subject matter can make a huge difference to your trading skills and, before you know it, you’ll have learned all sorts of lessons… and are a better trader as a result.
Trust the process
Adopting a growth mindset is all about the journey, rather than the destination. Of course, you need to keep your eyes on the ultimate prize (which, in this case, is forex success), but the process is just as important and trusting in it will inevitably see you reach your end goals.
It doesn’t matter how long it takes for you to get there, after all. All that matters is that you get there eventually at some point in the future, which is why focusing on the process and being fully engaged in the present moment can help drive results.
Believe in yourself
Negative self-talk will never get you anywhere and if you want to develop your growth mindset, you really need to believe in yourself and that you can do it.
And of course you can do it! Practising positivity and speaking to yourself kindly can work wonders on your outlook and allow you to tap into capabilities and attributes that you may not even be aware you have.
Nothing worth having ever came easy and you should certainly not expect your journey into forex trading to be a simple one without any twists and turns. You’re sure to feel frustrated and overwhelmed at times and this is where determination will come into its own.
Step away and take a break if you need to but if you give up, you’ll never get where you want to be… so keep your end goal in mind and do all you can to achieve it, even if it takes you years.
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