We are humans, so it is our nature to worry about the past, present, and future things. Even if you know something is perfectly planned and executed, you will still worry about it. This trait can be seen in many people, but there are some exceptional individuals. Some people don’t worry about the future, and some people forget the things that happened in the past. And some others don’t even think twice about their decisions because when they do something, they do it correctly. Some people plan correctly and execute it excellently. Even though there are different kinds of people, mistakes an everyday thing. Even the best planner might make a mistake.
Let’s come to the point, even in trading you will come across different traders. There are traders like the traders in the United Kingdom who have done their best trading. Sometimes they would have worried about trading, or they would have overtraded and regret it later. Likewise, anything could have happened. But what you should see in the traders of the United Kingdom is their not giving up quality. Their determination would have a paved path for them. Hence, you should also develop the qualities in you. If you ask the successful traders’ one thing that they will suggest for novice traders, they’ll say stop thinking and trade.
You must learn to keep pace with the dynamic market or else it will be almost impossible to make a profit in the retail trading industry. Those who are new to the trading business are always losing money since they trade with emotions. Control your emotions and develop a simple trading system. Use the Japanese candlestick pattern to trade the major levels. Some of you might think the pro traders at Saxo uses the complicated trading system, but they always rely on a simple strategy. Work hard so that you can adapt yourself to this complex market.
Don’t poison your mind
Do you know overthinking is a poison? For example, if you think of the way how animals communicate, how flowers bloom, and every little thing you will be astonished. But when you let the thoughts become more profound and deeper, you will sense that you are becoming uncomfortable. But we don’t say that you shouldn’t study and learn nature, this is about thinking and trying to create your concept. This is dangerous. This is the same thing that happens for the beginners in Forex trading. Most beginners spend hours and hours and thinking about the trade or the way it will profit them. For example, even if they see a profitable trade signal, they will not enter into that trade and make a profit. Instead, they will investigate and miss the chance of making good profits. This is how most beginners poison their mind.
You will not perform well
How can you perform when you overthink? You might see a profit signal, yet your mind is in an argument about the decision you have made. And this will create confusion in your decision, so you might make the wrong decision. Even if there is no profit signal, you will enter into that trade because your mind is confused. This will directly impact your performance.
Don’t depend on the recent trades
You should have a track of the trades that you recently entered and their outcome. Despite the result, you should tack them. The reason why you do this is that you can learn from the trades that you lost. But instead of learning, beginners overthink about entering into a trade just because they have not gained profits from the recent trades. This is wrong; you should give up this habit.
You should read and understand these points because all these points will impact your final trading outcome. Even if it seems hard, you should still try to overcome these habits. Only if you do, you will be able to become a successful trader!