Most buying and selling psychology articles give attention to minimizing weaknesses moderately than figuring out and bettering one’s strengths.
That is in all probability as a result of there’s a standard notion that whenever you deal with your weaknesses, you robotically improve your buying and selling efficiency, however that isn’t all the time the case.
This time round, let’s give attention to a distinct method by constructing your strengths first so to 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 power is one thing that you just’re good at. However until you apply that exact power in reaching a productive consequence, 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 number of steps that may assist:
1. Overview your buying and selling journals
When you learn my buying and selling psychology weblog frequently, you’d know that I usually emphasize the significance of holding an in depth buying and selling journal.
So put them to good use! Overview your buying and selling logs and pinpoint these situations the place you suppose you carried out effectively.
Determine your high ten most worthwhile trades and pay attention to the next:
- Which pairs did you commerce? Did you follow your buying and selling plan?
- Did you base them solely on technicals, fundamentals, or have been they a mixture of each?
- How lengthy did you maintain on to your trades?
Except for asking your self these questions, establish different widespread components that helped you win these trades.
2. Record 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 amongst these:
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
Achieved? Now what I need you to do is consider SPECIFIC methods how you would make the most of them in your day by day buying and selling.
For instance, I ranked the love of studying as my largest power. I believe I can make the most of this extra by finding out completely different techniques 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 number 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 associates what traits you will have that make you a very good dealer.
Compile their enter and evaluate it to your personal record. You may be stunned to see how different individuals understand you.
Similar 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 dropping streak or trying to increase your sport.
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