Most buying and selling psychology articles concentrate on minimizing weaknesses reasonably than figuring out and enhancing one’s strengths.
That is most likely as a result of there’s a typical notion that whenever 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 concentrate on a special method by constructing your strengths first as a way to work round your shortcomings.
Earlier than we get forward of ourselves, what precisely are strengths, and why is it vital to determine them?
Merely put, a power is one thing that you simply’re good at. However except you apply that exact power in attaining a productive final result, you may not have the ability to acknowledge it, otherwise you would possibly even see it as a weak point.
So, how are you going to determine your buying and selling strengths? Listed below are a number of steps which may assist:
1. Overview your buying and selling journals
In case you learn my buying and selling psychology weblog often, you’d know that I usually emphasize the significance of conserving 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 assume you carried out properly.
Determine your high ten most worthwhile trades and pay attention to the next:
- Which pairs did you commerce? Did you persist with your buying and selling plan?
- Did you base them solely on technicals, fundamentals, or have been they a mix of each?
- How lengthy did you maintain on to your trades?
Except for asking your self these questions, determine different frequent components 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 will go about it.
Let’s use the VIA Survey, which was created by the VIA Institute on Character, to assist folks assess their strengths. Attempt to determine 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
Performed? Now what I would like 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 greatest power. I believe I can make the most of this extra by finding out totally different programs and by studying extra books on foreign currency trading.
3. Ask for different folks’s opinions
Though self-reflection is useful, we could overlook a number of traits that different folks can simply determine in us. So take the time to ask for an outdoor opinion.
Ask your colleagues, buying and selling supervisor, coach, and pals what traits you might have that make you a very good dealer.
Compile their enter and examine it to your personal record. You may be shocked to see how different folks understand you.
Identical to figuring out your weaknesses, it’s equally vital to know what you’re good at, no matter whether or not you’re on a dropping streak or trying to increase your recreation.
