All forex traders need to be emotionally stable to achieve sustained success. Lashing out in anger or frustration with a revenge or careless trade just won’t do. Neither will being struck down by fear or doubt.
When a forex trader takes an action in response to negative emotions which is inconsistent with their trading plan, they can cancel out months of careful consistent work in a single trade. Emotions need to be monitored and moderated so that you use your emotions in a positive way, to inspire and propel you forward and not in a destructive fashion.
This week’s Wednesday Wisdom is about emotional stability for the forex trader. We’ll look at 15 ways to help you achieve the positive calmness needed for a disciplined and consistent thinking mind.
15 Ways To Emotional Stability For The Forex Trader
Laughing can do magical things. Some people allege to have cured themselves of cancer from constant laughing. It’s impossible to feel bad when you’re having a good laugh.
I enjoy the movie “Dumb and Dumber”. It’s so silly that it’s a guaranteed way to get me laughing.
What’s something you can do to get you laughing?
Laughter can flip a switch putting you into a positive mindset to move steadfastly forward with your forex trading.
Remembering special times can help us appreciate and smile at the goodness in our lives. When times are dark, they always get better.
Try looking at some photos where you enjoy happy times that make you smile in remembrance. Smile at someone and you’ll receive the gift of feeling good right back. Notice how we feel different when we genuinely smile.
When we smile and think positively it’s easier to accept the challenges we face and make sound decisions moving forward.
Let’s achieve a face with permanent turned up smile lines being evidence of a life spent happy rather than sad.
Taking deep breaths can bring us calmness and the feeling of restoration.
Take some deep breaths right now, slow and deep. See how different you feel in just a short time. It’s like our physiology just changed.
When we’re suffering from anxiety or stress there’s a common tendency to breathe shallow or even to hold our breath. By actively and consciously spending a short time breathing we can help restore a clear and decision-ready mind.
Exercise can release those endorphins that are like a powerful happy pill.
I find I can be truly inspired after a good bout of exercise. A walk along the waterfront at my local picturesque beach with an empty mind is often filled with new and exciting original ideas or the answers to burning questions I’d been holding. The environment combined with exercise just brings it out.
Competition tennis for me is a sure fire way to hone my ability to perform under intense competitive pressure. The parallels with trading are enormous.
Try exercise to feel good, clear the mind and maybe you’ll be struck by inspiration too.
For those of us that like music, we can put on some of our favourite songs, turn it up and get lost in the sound. You can really go somewhere else taking you away from your worries.
The mental break can feel like a holiday and you can become reenergised and content from it.
Each of us is unique and has special gifts that make us “us”. Take the time to reflect on your own talents and gifts to appreciate what you have that equips you for life. You’ll find you’re well equipped to take steps forward for measurable progress.
Meditation can help combine the benefits of quieting of your mind, correct breathing and true relaxation to give you a calmness and refreshed mental energy that makes you feel ready and able to handle the road ahead.
Try it to experience the joys of true calmness that you can experience at your will through meditation. It’s there readily available to transgress you momentarily from even the greatest of stresses. Afterwards you’ll likely find yourself in a different and better mental place.
8. Let it out
Talking to a friend who’s supportive or writing in a diary can clarify the fuzz in your head to make your mind think more clearly. There’s something about saying it out loud or writing down your concerns. By being an observer hearing yourself express it or seeing it on paper can often help you find the way to stabilise your thoughts.
Having definite plans for the future for something that excites you is great to have. Not only do you feel good to think about the fantastic experience you’ll have, but it gives you a reason to feel positively energised.
We all need a dream. A dream of the future, of the life we’d love to enjoy.
When we’re young it’s easy to dream huge and there’s seemingly infinite time to get it done. But as we age, reality can set in and it’s tempting to compromise your dreams to bring them down closer to where you are to achieve satisfaction.
What’s the difference between the people who achieve the extraordinary lives that we’d love to transport ourselves into? They’ve never stopped dreaming, never stopped believing and never stopped moving forward to the abundance they once only held in their minds.
Let your dreams for the future fire you to positivity and greatness. Keep our sights set high.
11. Care for you
Take care of your body through healthy eating, exercise and sleep. When times are difficult forex traders can lash out with self-destructive tendencies in subtle ways that may be hard to notice.
Look after your body because it’s the only one you’re going to have. If your body’s in good health you’re better able to handle the focus and intensity that forex trading can demand of you.
Our body repairs and recuperates when we sleep. Getting sleep can be just the medicine we need to handle our troubles and move forward in a positive direction.
Make sure you’re getting enough sleep.
Replace a bad habit with a new one and reconnect yourself to the realisation that you’re truly in control. Whatever you felt you were at the mercy of, you can overcome it with consistent decisive action.
Knowing you’re in control can help give you the confidence to take charge of your forex trading and transform it. No matter where your forex trading is now, you can take action to improve it.
We can charge through life, constantly focused on the road ahead.
When you feel stressed and overwhelmed, take time to stop and take a moment to reflect on what you’ve achieved. Let yourself feel proud.
You’ll be reminded of the long road you’ve come down and gain confidence that you’ll conquer new battles as nothing was unsurmountable in the past. There’s always a way and there always has been.
When we give to others we receive so much in return. The best feeling we have is the magical knowledge that we do make a difference.
Now I’m not just talking about giving money. Giving can be a smile to someone, a nice greeting to a stranger, letting someone into a queue of traffic and your mind can go wild with the possibilities.
It feels good to give and make a difference in the world. Giving makes you feel good and when you feel bright the stresses seem lighter and more surmountable.
Emotional Stability Strategies Can See You Right
Whenever you feel tense, doubtful or stressed out to the max, use some of the 15 strategies for emotional stability to clear your head and find a positive way forward.
With emotional stability a forex trader can steadily make progress, making sound decisions free of regret.
Share your thoughts:
- What do you do to stay calm during stress and other emotional turmoil?
- What helps you stay clear headed when life inevitably throws you tough times?
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About the Author: I’m Rachel Hunter, TraderRach, a Forex Trader who helps traders achieve the life they love with forex. Be strategic and design your trading business for sustainable success and have fun! That’s my mission. Join many traders’ gaining the edge with “10 Powerful Lessons for Forex Trading Success” plus other goodies. Years of precious learning specially packaged up for you. My background before trading is as a Chartered Accountant and Chief Financial Officer. I know what it takes to make a trading business rock on. It would give me great pleasure to make a difference to your success.