Most buying and selling psychology articles give attention to minimizing weaknesses slightly than figuring out and bettering one’s strengths.
That is in all probability as a result of there’s a typical notion that while you deal with your weaknesses, you routinely improve your buying and selling efficiency, however that isn’t at all times the case.
This time round, let’s give attention to a distinct method by constructing your strengths first so that you could work round your shortcomings.
Earlier than we get forward of ourselves, what precisely are strengths, and why is it necessary to establish them?
Merely put, a energy is one thing that you just’re good at. However until you apply that specific energy in attaining a productive final result, you may not be capable to acknowledge it, otherwise you would possibly even see it as a weak spot.
So, how will you establish your buying and selling strengths? Listed below are a couple of steps that may assist:
1. Assessment your buying and selling journals
Should you learn my buying and selling psychology weblog commonly, you’d know that I typically emphasize the significance of conserving an in depth buying and selling journal.
So put them to good use! Assessment your buying and selling logs and pinpoint these cases the place you assume you carried out properly.
Determine your high ten most worthwhile trades and be aware of the next:
- Which pairs did you commerce? Did you keep on with your buying and selling plan?
- Did you base them solely on technicals, fundamentals, or had been they a mixture of each?
- How lengthy did you maintain on to your trades?
Apart from asking your self these questions, establish different widespread elements that helped you win these trades.
2. Checklist down your strengths as a dealer
I do know that it may be a frightening activity, however famend buying and selling psychologist Brett Steenbarger got here up with the thought of how we are able to go about it.
Let’s use the VIA Survey, which was created by the VIA Institute on Character, to assist individuals assess their strengths. Attempt to establish your high 5:
creativity, curiosity, open-mindedness, love of studying, knowledge, bravery, persistence, integrity, vitality, love, kindness, social intelligence, citizenship, equity, management, forgiveness, modesty, prudence, self-control, appreciation of magnificence, gratitude, optimism, humor, spirituality
Executed? Now what I need you to do is consider SPECIFIC methods how you possibly can make the most of them in your every day buying and selling.
For instance, I ranked the love of studying as my largest energy. I feel I can make the most of this extra by learning totally different methods and by studying extra books on foreign currency trading.
3. Ask for different individuals’s opinions
Though self-reflection is useful, we could overlook a couple of traits that different individuals can simply establish in us. So take the time to ask for an outdoor opinion.
Ask your colleagues, buying and selling supervisor, coach, and mates what traits you will have that make you a superb dealer.
Compile their enter and evaluate it to your individual checklist. You may be shocked to see how different individuals understand you.
Identical to figuring out your weaknesses, it’s equally necessary to know what you’re good at, no matter whether or not you’re on a shedding streak or seeking to increase your recreation.
