You can call it grit, moxie, spunk, tenacity, or just good old determination. But whatever you call it, a strong mindset is a necessary trait if you want longevity as a trader.
If we lack confidence or are pessimistic—it will reflect in our performance.
However, a powerful mind builds a mental fortress…
Did you know Michael Jordan was actually cut from the varsity basketball team in his sophomore year?
He simply wasn’t good enough.
Imagine if he gave up after that?
However, rejection didn’t knock him out of the game. He used it as motivation and it allowed him to build a mental fortress.
M.J. was able to achieve his goals by focusing on them, one at a time.
He practiced harder, played with intent and had a plan to become the best version of himself.
Now, if you want to be the best version of yourself then you can’t neglect the mental game and how it impacts trading.
I’ve put together some all-important strategies that are certain to get your mind primed and operating at its highest capacity.
A strong mindset is what allows you to stay focused on your intentions, instead of negative thoughts.
It’s what helps you understand that struggle is impermanent and won’t derail your success… and keeps you from making self-destructive decisions.
So how do you cultivate a mindset that breeds success, just like the top Wall Street traders?
You learn from them… here are the top things that successful traders do to build a mental fortress for success…
The Power of Intention
Intention is a determination to act or accomplish something… this is a mindset that produces an insatiable belief in success.
Successful traders use the power of intention to build belief systems around the things they want to create or experience. Then they make them real.
To tap into this power, they use mantras that help build a mindset of success.
In a simplistic description, a mantra is basically a word or phrase you repeat over and over again, letting it sink in and take hold…
When you create and practice a mantra-based desire to become a consistent and profitable trader, you are harnessing the power of that intention…
It begins to flow through you and you naturally achieve it…
Quiet the negative thoughts
The best traders are aware of the negative thoughts but don’t get derailed by them… they are able to detach from the negative and replace them with positive thoughts.
If you have a negative thought come up… acknowledge it and then reverse it…
Let’s say you start to think: “I am never going to make it as a trader” … acknowledge it, and flip it…
Now repeat to yourself – “I am going to make it as a trader” – over and over… do it until that’s what you believe and feel inside…
Make this a practice and you will crush any power the negative thoughts may have had…
Meditation is a common theme among top performers in all walks of life.
It helps you become more awake and more purposeful about your actions. As well as, become more aware of your thoughts and emotions so you can respond, rather than react, to situations in your trading…
Practicing meditation will help you get to know yourself on a deeper level while also lowering your baseline of stress and anxiety.
It can and will help you build a powerful mental state that will take your trading to another level… as well as benefit you in all areas of your life.
Create a routine that becomes second nature, automatic, every day…
Top traders have a mindset that no matter what, they will follow the plan… take profits, cut losses, enter on point etc… No matter what.
And they do not argue with the plan…
Every trade matters, there isn’t one that’s less important than another. When you create rules that work… you cannot question them.
Successful traders know their system. They have defined the trades that work.
And they stick to those trades… they don’t trade on a whim… they trade their edge.
The Mind-Body Connection
We all know that exercise is good for us, yet how many of you actually do it regularly?
If you don’t, you are missing out on the huge benefit of the connection between a healthy mind and body…
As you know trading can load you with stress and when your mind and body are strong and healthy, it becomes much more manageable.
Find time to disconnect from work-related stress that can make it difficult to adopt a success-oriented mindset. Get outside, stimulate your body and mind through exercise, fresh air, sunshine, etc.
Grow from Mentorship and your Environment
And the best for last…
Mentorship is often discussed with regard to self-improvement and trading success…
The most successful traders have mentors or hire coaches to help them stay focused, remain accountable, and hone their craft. They know this is a key ingredient to push their trading to the next level.
And along the same lines, your environment also plays a significant role in creating a healthy mindset. After all, we’re social creatures and are influenced by those around us.
Surround yourself with profitable, hard-working traders who can teach you new things and encourage you, and you will thrive.
And that is exactly what I have created with my members… I teach and mentor my students and take pride in their success… and I have developed a community of members all striving for the same thing…
My members don’t just follow me into trades… they also ask questions and learn and share with each other… everyone is growing and winning as a team…
If you not only want to learn to trade, but also want to build the right mindset to be successful, you need a successful mentor and be a part of a supportive trading team.
Source: PetraPicks.com | Original Link