This week I want to depart from my usual technical discussion and reflect on a subject that should get more attention than it does and that is the day-to-day mindset of a trader; something I like to think of as the “Mind of a Warrior”. Now what is this you may ask? Should a trader be adequately armed and prepared to do battle with the market on a daily basis? No, that’s not exactly where I’m going with this, but trading is, if not a battle, it is at least a struggle, and being mentally prepared and fit for this task is hugely important if one wishes to participate in this business and, most importantly, be successful.
So just how does one develop the mind of a warrior? Let me be clear – this really has little to do with battle and conflict or taking up arms against enemies real or perceived! More than anything, it’s about having a mindset which is focused and prepared, ready and able to deal with whatever eventualities present themselves during one’s trading activities. Because I guarantee you one thing – this business is no picnic. There will be adversity, there will be struggle, they will be disappointment and despair, but with perseverance and a calmness of spirit, there will also be satisfaction and delight from profit acquisition and the knowledge of a job well done. And as I’m a firm believer in the notion of planned activities being equated with predictable results, let’s look at an adequate plan for developing the mind of a warrior.
This would seem to be a good point to insert a plug for an interesting piece of literature (not necessarily a favorite of mine but an interesting read nonetheless), Sun Tsu’s “The Art of War”. A wonderful collection of lessons that are as relevant today as they were 16 centuries ago when they were first written. Remember, in war, as with any other type of struggle or conflict, planning and preparation are important keys to success. And if one wants to be successful, one needs to be fit – and I’m not talking about mental fitness here, but being physically fit. It’s important to take care of your body and keep it in good shape physically. Apart from the benefits and strengthening one’s character and presence, keeping fit will help you develop the confidence you need in your professional activities. This is a very important point: trading may be a very sedentary activity in and of itself, but remember, sitting in a chair for hours on end staring at a computer screen will go a long way to enlarging your buttocks and softening your brain.
To further develop the mind of a warrior, one must be responsible for one’s actions. The benefits are strength of character and decisiveness in decision-making. This point can’t be overemphasized: you must be willing to accept the consequences of your decisions. You made a bad trade, it is your fault. The Russians didn’t hack your account. Get over it. Move on, and focus on the next trade. And remember, after having made a poor decision in terms of any market activity that resulted in loss, the very best thing you can do is – forget about it. I don’t mean to act like it never happened, as it needs to be a learning opportunity, but do not let it consume you. Don’t get discouraged and run away from the next trading opportunity the market presents. That’s a mistake. It’s also a mistake to think that you can somehow “punish” the market by immediately placing “vengeance trades” that will really teach that dirty rotten market a lesson. Let me tell you something, the market is benign. It doesn’t care about you, and you can’t teach it anything. Ever. Emotions will only ruin your business. Be calm. Be stoic. Be patient. Be successful. Be a person who takes advice and criticism to heart, and don’t let emotions rule the day. Remember what Master Yoda said “… Fear is the path to the dark side.”
Another great thing to help one develop the mind of a warrior is joining a community of like-minded folks whose struggles, accomplishments, failures, and successes can be shared as a mechanism of encouragement as well as an opportunity to learn. For those traders who chose to partake in Sapphire membership in Slick Trade Academy do indeed take an important step in developing the mind of a warrior. If you have been thinking about joining, then why not sign up and give it a try? A great opportunity to learn Forex while getting some hands-on experience with trading, receiving trade signals, accessing expert advisors, great strategies, as well as help and insight from other traders just like you and more! Don’t delay! Sign up today!
That’s all for now – next time I will take yet another look at some more aspects of the psychology and mental aspects of trading. Until then have a great week, and thanks for reading!
PS – for those of you who can’t get enough Pipsqueaks, I now have my own blog; check it out here at https://www.forex-pipsqueaks.com/