Ever felt like getting really sleep as you are starring at your trading platform, running a technical analysis or catching up on fundamental events which could impact your forex trades? I mean it is not easy scanning chart after chart and applying the same technical analysis over it, time and again. Mixing it up by reading about political developments around the world or dissecting economic reports which are released throughout the day doesn’t make things any easier.
I have only been trading forex, or learning how to become a trader to be more precise, for less than three years. I will celebrate my third anniversary just after Christmas. It was a different type of Christmas present my dad gave me. He told me one day I would understand and I think I am slowly approaching that day. I did learn a few very important lessons and the one I am writing about today is one that I have never come across anywhere else. Everyone likes to talk about strategies and how to trade forex, but that is not all that matters.
Since I started to actively engage into the forex market, I have learned that it is a huge brain drain. What I mean is that it requires a lot of mental energy to learn, analyze, process, execute and manage. I meet many who believe it is something you can do a few minutes per day, follow a few traders, get a few free signals or just sign-up for some copy-paste trading service. While that is one way to participate in the forex market, those who want to learn how to trade on their own, know what I mean.
You can only stare at a screen for so long and repeat the exact same things over and over again until your brain gets tired. It is the same if you eat the same food every day or do the same workout routine. Your mind and body get tired and progress will slow down before even reversing in the worst case. Once your mind gets tired, you basically are just wasting your time as your brain is on leave. That would also be the time when you start making a lot of mental mistakes which can cause you heavy losses.
That’s one reason why I believe that in order to become a great forex trader who makes money every quarter, you need to stay in shape. I made it part of my trading routine to go the gym for my lunch break. Staying in shape is not only good for your body, but also for your mind. At first I was a bit lazy to be honest, told myself that I am too busy to make the time available. As I matured in the process, I realized that I was making up excuses and changed my approach.
Now I make sure to be in the gym at least four days a week. I add a healthy diet to the mix as well, especially food which is good for your brain. I have noticed a big change a few weeks into my routine. As I conditioned my body more, I grew mentally stronger as well. This didn’t only allow me to perform my forex related tasks better, things such as analyzing charts for longer, but also increased my ability to deal with unexpected events and trading losses. In my opinion it has become a key aspect any successful forex trader needs to embrace.
A lot of traders try to deal with the psychology of trading, but they don’t engage into tactics to strengthen their mind which will ultimately determine if you let your emotions guide your trading decisions or if you are in charge. It has helped me a lot in my journey and I am trying to be a better trader than I was yesterday. Trading at PaxForex gives me the right environment to learn and grow and I can only recommend them. Alright everyone, it is time for me to head to the gym and practice what I preach.