Psychological GRIT for your trading success: 5 VIRTUEs you must keep.
If you are flexible enough to swiftly change your strategy in order
to follow the trend for the best result, you can minimize critical losses. You
must understand the goal is to maximize the profit, not proving that you were
right. You can be wrong and sometimes very unwise. However, you can always tilt
the handle to be on the right lane. An experienced trader is not ashamed of
admitting the fault, but rather, will be vigorously criticizing the wrong
decisions for a better outcome. Be flexible and critical.
Boldness is one of the vital characteristics of a trader, because it
means you will not hesitate to go forward. As your trading experiences
accumulate, a lot of traders become very passive and would prefer to not risk
anything. When the fear of loss prevails, it is less stressful to not bet on
anything big. However, if you are led by the market, trading becomes too
mechanical and there is no excitement in it. Although it is involving your own
fund at stake, you must lead your decision and become audacious. Even if you
lose, learn from it. Don’t hold any grudges and move on.
Trading is like fishing. You choose the size of reel and rod, put
proper bait on hook, and cast it into the right spot. Professional traders are
masters of wait trade. You wait until the trend to bite the bait that you’ve
selected and plan the whole scenario of the chained action. When to loss cut,
when to lock in, when to change the stop loss, and when to expect the trend to
reverse. If the trend pulls back in the middle of its upkeep movement, you must
choose between mid-entry or re-entry. Waiting for every kind of situation,
contemplating on what to do. You must be tenacious and cling onto your rod
until you finally get whatever profit you intended.
Here’s a question for you: are you a Jesus? Are you the perfect savior of Forex? The successful traders learn from every trading experience regardless of the circumstances and how many years they’ve traded. No matter how many profits you’ve made and how much knowledge you have, there is always a room to grow. Once you become disciplined trader and start making increased monthly net profit, you get used to winning, you grow pride inside and become a stiff neck. Always remember that market does not follow you. You follow the market and you can lose trade unexpectedly at anytime. It’s not about you earning the money. It’s about keeping the consistency. Since you are the CEO, CFO and COO of your own trading company, you’ve got to set the emotion aside and be ready to change the trading strategy accordingly.