Most buying and selling psychology articles concentrate on minimizing weaknesses slightly than figuring out and bettering one’s strengths.
That is most likely as a result of there’s a standard notion that if you sort out your weaknesses, you robotically improve your buying and selling efficiency, however that isn’t all the time the case.
This time round, let’s concentrate on 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 vital to determine them?
Merely put, a power is one thing that you simply’re good at. However until you apply that specific power in reaching a productive consequence, you won’t be capable to acknowledge it, otherwise you may even see it as a weak point.
So, how are you going to determine your buying and selling strengths? Listed here are a couple of steps that may assist:
1. Assessment your buying and selling journals
For those who learn my buying and selling psychology weblog commonly, you’d know that I usually 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 situations the place you suppose you carried out properly.
Determine your prime ten most worthwhile trades and be aware of the next:
- Which pairs did you commerce? Did you stick with your buying and selling plan?
- Did you base them solely on technicals, fundamentals, or had been they a mix of each?
- How lengthy did you maintain on to your trades?
Except for asking your self these questions, determine different widespread elements that helped you win these trades.
2. Record down your strengths as a dealer
I do know that it may be a frightening job, however famend buying and selling psychologist Brett Steenbarger got here up with the concept 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 folks assess their strengths. Attempt to determine your prime 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
Finished? Now what I need you to do is consider SPECIFIC methods how you would make the most of them in your every 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 totally different methods 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 couple of traits that different folks can simply determine in us. So take the time to ask for an out of doors opinion.
Ask your colleagues, buying and selling supervisor, coach, and associates what traits you may have that make you a very good dealer.
Compile their enter and examine it to your individual checklist. You is perhaps stunned to see how different folks understand you.
Similar 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 seeking to elevate your sport.
