Open trading account 
Hello everyone.
I decided that I'm going to write a few articles about trading psychology and some personal experiences with regard to this matter. I would like to go back and down to pure basics and look at the most important terms and what they really mean. Because if we have a good understanding of them, only then we can truly understand the whole trading advice. Terms that I mentioned are actually mental skills. Let's take consistency today and give it a close look:
Consistency is the quality of always behaving or performing in a similar or the same way. Another definition would be that it is the quality of achieving a level of performance which does not vary greatly in quality over time. Now, hopefully we all know how important it is to be consistent with your trading strategy. But is it easy to maintain consistency? No. At least not for a beginner. I think that beginner must fail hard at least few times to learn that consistency matters and to put enough focus on what he/she is doing. I also think that consistency is closely related to willpower. Every day you need to follow the same rules, procedures and you need to have the will to do so. Willpower is the ability to control yourself (thoughts and actions) and to have strong determination to do something. It should also be linked with self-respect; you do it because of you, because of your beliefs. And a lack of it could be diagnosed as laziness. So, what to do to build up enough of willpower and be consistent? I think that it takes a series of actions including these ones:
force yourself to do the work, don't think too much about it, you can analyze later when you're done, focus on what you need to do and cut out anything that distracts you, don't wait for the right mood, avoid perfectionism, motivate yourself, state your core values to yourself, trust in your faculties, do not procrastinate, use self-affirmation statements and positive thinking, meditate, eat and live healty, it will positively affect your brain functionality, do the work first because willpower can deplete, avoid people that could deplete your willpower unnecessarily and surround yourself with people who support you. The more actions you take the better.
That is what I have learned. If you too have any suggestion, please let me know and write it down in a commentary.
Have a nice Sunday.
I decided that I'm going to write a few articles about trading psychology and some personal experiences with regard to this matter. I would like to go back and down to pure basics and look at the most important terms and what they really mean. Because if we have a good understanding of them, only then we can truly understand the whole trading advice. Terms that I mentioned are actually mental skills. Let's take consistency today and give it a close look:
Consistency is the quality of always behaving or performing in a similar or the same way. Another definition would be that it is the quality of achieving a level of performance which does not vary greatly in quality over time. Now, hopefully we all know how important it is to be consistent with your trading strategy. But is it easy to maintain consistency? No. At least not for a beginner. I think that beginner must fail hard at least few times to learn that consistency matters and to put enough focus on what he/she is doing. I also think that consistency is closely related to willpower. Every day you need to follow the same rules, procedures and you need to have the will to do so. Willpower is the ability to control yourself (thoughts and actions) and to have strong determination to do something. It should also be linked with self-respect; you do it because of you, because of your beliefs. And a lack of it could be diagnosed as laziness. So, what to do to build up enough of willpower and be consistent? I think that it takes a series of actions including these ones:
force yourself to do the work, don't think too much about it, you can analyze later when you're done, focus on what you need to do and cut out anything that distracts you, don't wait for the right mood, avoid perfectionism, motivate yourself, state your core values to yourself, trust in your faculties, do not procrastinate, use self-affirmation statements and positive thinking, meditate, eat and live healty, it will positively affect your brain functionality, do the work first because willpower can deplete, avoid people that could deplete your willpower unnecessarily and surround yourself with people who support you. The more actions you take the better.
That is what I have learned. If you too have any suggestion, please let me know and write it down in a commentary.
Have a nice Sunday.
