How do you bring confidence or encourage yourself in trading? – A Simple Life Hack for Traders
Yes it is not always easy. It is not easy at the beginning as well. Some may have beginners luck. But most of the times people will face losses at the intermediate stage. This is true for day traders. Day trading requires being disciplined and following strict rules.
Losses doesn’t mean that you will be the same all your life. If you learn from your mistakes and correct it the next time, it will not be a problem at all.
But if you repeat the same mistakes, either because of lack of emotional control or lack of knowledge, there is definitely no space for improvement.
So when you are confident enough that you are learning from your mistakes and constantly improving, you can look for ways to motivate yourself after small losses.
Ways to motivate yourself
1. The best thing you can do to motivate yourself is to read or watch the success stories of experienced and successful traders. How they went on from a losing trader to a profitable trader etc. Don’t trust people who say they were profitable from the beginning or doesn’t show their losses and reasons for it. Pick few reliable traders and contact them, read or watch their entire journey or have them as your mentor if possible.
2. Another thing you can do is to have a vision board or do something goal oriented. If you fix your goals in mind, visualize it and look for videos where people do that in reality. This will help you keep you on track. It is better to take a break after a loss and then motivate yourself.
3. You can listen to your favourite music, comedies, web series or movies that will take your mind off the stock market. This itself will help you gain your confidence as you will ne able to clearly see where you went wrong.
4. If you have had a trading journal, look at your past trade entries where you have made profits. This will remind you that you can make profits despite of what the current scenario says about your trading skills.
5. You can also remind yourself of general successes in any area of life. This will help you believe that you have the potential to achieve anything in life.
6. You can try mindset techniques like positive affirmations and law of attraction. If you believe in concepts like law of attraction, or simply the fact that you can achieve whatever you set your mind to, it can be easier for you motivate yourself. You can also use positive affirmations along with visualization to change your mindset from negative to positive.
You can also try other self motivation techniques that works best for you.