Doubt, that little thing that creeps into the back of your mind and makes you wonder whether your forex trading will be ok.
Doubt, that little thing that makes your forex trading freeze in its tracks, when you start to wonder if your equity curve is skydiving rather than heading for the moon.
Doubt, that little thing that eats you alive and serves you no good.
Doubt describes that feeling you have when you’re uncertain about your forex trading.
Why should forex traders care about doubt?
Inside all of our minds there’s a constant battle going on. This battle is what makes trading psychology so important to successful forex trading.
Doubt comes to all traders, if we’re human and honest, when we experience a prolonged drawdown or series of losses outside the norm for our system(s). It causes us pain, the greatest of motivators of action, then our minds start looking for escape routes to stop it. This is the driving force for experiencing doubt.
3 main sources of strength to overcome doubt in your trading
The polar opposite of doubt is faith. The faith that it will all turn out right. There’s a constant battle going on when we’re trading between faith and doubt. We’re all wired to be more influenced by avoiding pain than pleasure. That makes us more ready to listen to the doubts that play on our mind. Which is going to win that battle with you? How are you wired and prepared for that battle?
“Doubt is a pain too lonely to know that faith is his twin brother” – Khalil Gibran
There are three major sources of strength we can draw on to help us overcome doubt. Each can have more or less influence on us, now and in the future. It’s part of the uniqueness that makes you “YOU”.
Trading can really get to you at times. Hey, I even had a forex trading nightmare. It’s the action we take when this happens that makes all the difference. But with self-awareness and increasing our resources and resilience against doubt, we can be prepared and fight another day.
I’ve developed the TraderRach Doubtmeter ©. An assessment tool to help you understand and interpret your own personal strengths and weaknesses with doubt. Be aware and get prepared!
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- How has doubt affected your forex trading?
- Has doubt stopped your forex trading dead in it’s tracks?
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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.