Limiting beliefs in trading
What are limiting beliefs in trading?
Limiting beliefs in forex can be a normal reaction too many different trading scenarios. Sometimes as traders we can tell our subconscious mind and assume that we will win most of our trades if not all of them. It can be difficult then to question those beliefs when we have built our systems in a way that we think can’t fail. We can then put a lot of blame onto these beliefs for failure to achieve our goals or experience losing trades.
Some traders may hold onto limiting beliefs for quite some time. In many scenarios traders need to break the mental blocks and boundaries that they may put on themselves. After any trader experiences draw down or negative emotions when trading it can cause the trader to develop bad habits mentally which may hold them back from progressing. In order to progress with better results in trading you must try to stay neutral whether you experience loss or win.
Some examples of typical limiting beliefs in trading:
- I must trade hard and work long hours to make any profit.
- It would take me too much effort to succeed.
- I need to invest too much money to make any good returns.
- Only a small amount of people in trading win.
- It is too hard to live off the market.
Disassociate yourself with limiting beliefs in trading
As a trader when we form our own trading reality our trading beliefs can determine the path that we go down. In order to succeed in trading we need to disassociate ourselves with these beliefs and maintain a neutral balance for the best performance in our psychology.
After looking through many parts of the Internet when researching about trading it can be clear to see how there are very negative beliefs and feelings regarding the forex market. A lot of people still question whether you can really beat the market at all, who are the winners within trading, and how not to go broke when trading on an account. As a lot of traders will read these articles, they may believe this as a reality and then start creating their own limiting beliefs within trading. A lot of trading can come down to confidence and weather knowing that they could be profitable or not.
How do we eliminate these beliefs from our mindset?
In order to eliminate the limiting beliefs in trading we must first understand that achieving any goal is possible As long as you are realistic and understand the time it will take to achieve that. it is also important to understand that we deserve to achieve the goals if we put enough effort into achieving them. Now whilst there is a line between overconfidence and self-beliefs you must fully believe before starting trading your goals are achievable and you will meet them. By writing your goals down you can become more accountable and then feel the need to achieve them even more which can help with your belief system.
The process regarding faith and ability to believe in ourselves come down to each person but the key to establishing new beliefs is that it can help us achieve many smaller goals towards our overall larger goal. We must think about it and then believe that we can achieve those goals in our trading.