How To Let Go Of Perfectionism
We’ve said it before and we’ll say it again… the key to becoming the best forex trader you possibly can be is to become more self-aware.
Yes, of course, you do need to understand the technical aspects of trading and you do need to be able to identify potentially lucrative opportunities through statistical data analysis, but if this is your sole focus and if you don’t turn the lens inwards at some point, you’re sure to see your success start to plateau.
Deepening your understanding of who you are as a person and what your particular strengths and weaknesses are will show you just what you need to dial down on at a personal level to help give your trading performance a long-lasting boost.
It can be difficult to admit to yourself just what your weaknesses are but the more you push past the discomfort, the easier it will become. The more tough conversations you have with yourself, the more you’ll see that doing so ultimately gives you the freedom to grow and develop… and this is when the real work starts to take place!
One particular trait that many traders have in common is perfectionism.
These traders usually have incredibly high exacting standards, so much so that they put increasing amounts of pressure on themselves to meet these standards. When you couple this with the perfectionist’s tendency to be very self-critical, you can see how it might be a recipe for disaster.
Perfectionists are also typically incredibly well organised and thrive on structure, are often hyper-aware of every little mistake they make and often find it very difficult to move on from perceived errors.
This, in particular, can prove to be the downfall of many a perfectionist trader as it’s vital to learn from the mistakes you make along the way if you’re to improve and progress. If you fixate on mistakes and are unable to let them go, you’ll never see the success you’re looking for.
Of course, this isn’t to say that a little bit of a perfectionist attitude isn’t a good thing and if you’ve identified these characteristics within yourself, you can turn them to your advantage if you’re clever about it.
Yes, perfectionism can be a very real burden, one that can cause a huge amount of stress and burnout (every trader’s worst nightmare!) because of the amount of pressure you put on yourself to meet your own impossibly high expectations… but, conversely, herein lies the answer.
What if you were to aim to be a good perfectionist?
One who sets high standards, yes, but standards that are ultimately very achievable through hard work, determination, motivation and perseverance?
These are all skills and traits that the most profitable traders will have in abundance, so it stands to reason that you could develop these in such a way as to help you keep your perfectionism under control and working for you, instead of against.
So, if you do believe yourself to be a perfectionist, now’s the time to take a big step away from the trading desk and indulge in some self-reflection to see if this trait is doing more harm than good.
If you come to the conclusion that this is in fact the case, try to adopt a more non-judgemental approach, give yourself a break and set yourself more realistic goals, ones that you’re more likely to achieve.
Take it step by step, bit by bit and you’ll soon get where you want to be, without experiencing the high anxiety and stress levels that are the natural bedfellows of bad perfectionism characteristics.
The dangers of perfectionism
While perfectionism can drive success to a point, it can quickly become problematic and it can quickly take its toll on your mental and emotional health and wellbeing if you’re not in tune with yourself and honest about how you’re feeling.
Part of the problem for perfectionists is that they often feel as though nothing is ever good enough, no matter what. Even if they hit their goals, they often experience a sense of dissatisfaction and they often struggle to find joy in what they’re doing.
This can then lead to feelings of low self-worth and you can find yourself trapped in a web of negative self-talk and thought patterns, which in turn can quickly spiral into all sorts of debilitating mental health conditions, everything from stress, anxiety and depression to obsessive compulsive disorder.
Interestingly, perfectionism can also lead to procrastination and extreme task avoidance, driven by a fear of failure – something that can really have a big impact on your trading performance.
Procrastinating every now and again is normal and something all of us can expect to experience from time to time but if it’s really starting to get in the way and stopping you from completing the necessary tasks you need to each day, it’s certainly something you’ll need to get on top of if you do want to become one of the top forex traders out there.
What you need to do now is to see how you can take this trait and make it work towards your advantage, transforming yourself into an adaptive/positive perfectionist. This means you’ll be in a position to set those high standards and have those lofty goals in sight, working relentlessly to achieve what you have in mind and enjoy the journey at the same time.
Positive perfectionists are those with a growth mindset, people who love nothing more than being challenged and rising to these challenges, solving problems successfully as they go.
In short, their perfectionism becomes a strength, rather than a weakness… and this is exactly what perfectionist traders need to prioritise if they want to reach the pinnacle of success.
How to overcome your perfectionist traits
Once you’ve identified that you do have perfectionistic tendencies, that’s half the battle won! Admitting it to yourself puts the power back in your hands and gives you greater control over your own life, allowing you to make the necessary changes to overcome it.
Start off by challenging your thought patterns, your behaviours and your beliefs. Write down a list of pursuits that you absolutely have to be perfect at and why you believe this has to be the case.
From there, you can start working out different strategies to help you overcome these thoughts and behaviours, giving yourself tools and resources to fall back on when necessary.
Another effective strategy (away from the forex markets) is to give yourself the opportunity to fail. This can be hard at first and you probably won’t like making mistakes, but doing so gives you the opportunity to learn and grow as a person – and as a trader.
Why not find a new hobby or pastime that you’ve never tried before, something that you probably won’t excel at in the beginning.
Rather than trying to be the best or trying to perfect the art, simply aim on having fun and enjoying yourself as you learn and slowly improve. What you’re likely to find is that the mistakes you make are a vital part of your development in your chosen activity… and the same is certainly true for the trading floor.
It’s also important to check in with yourself regularly and pay close attention to your feelings and emotions, something that is actually essential for all traders, whether they’re perfectionists or otherwise.
Paying attention to yourself emotionally and identifying how you feel about certain tasks or jobs may be an indication that you’ve set yourself an impossible goal, one that you’ll struggle to achieve.
Simply listen to what you’re trying to tell yourself and make adjustments to your goals accordingly – and if you catch yourself engaging in negative self-talk, stop and try to flip this on its head with some affirmations to help encourage more positive thinking.
And, finally, make sure that you keep the bigger picture at the forefront of your mind at all times. All the most successful traders out there are able to keep their ultimate goals in the picture frame so that everything they do and every decision they make helps to take them one step further in the right direction.
Maintaining a big-picture perspective allows you to see the connections between the smaller daily tasks you do and your long-term goals. Ultimately, this means that you’ll cut the distance between the two, making the journey more efficient – and more enjoyable.
This means leaving your perfectionist tendencies at the door, prioritising quality over performing each task perfectly in its entirety although, of course, this is often easier said than done.
As with anything, you need to give yourself time and be patient with yourself to ensure you progress and don’t go backwards. Simply take your time, don’t rush and don’t expect to see results overnight. Put less pressure on yourself and you’re sure to reap the benefits sooner rather than later.