Forex Trading: Begin With Yourself Final Part

By in Intro to Forex on April 20, 2019

Change of demoralizing belief


If you repeatedly do things which don’t support your trading success wonder “what belief forces me to do it?” Then wonder “in what I should believe to trade effectively in this situation?”

Identification of negative and favorable belief won’t change belief, but it will help you to understand motivation underlying your destructive behavior in trade. That is even more important, it places you in position where you can start to change your belief.

Let’s tell, on any small rally during a long bear market, you enter and buy the falling market tool. Your positions are closed under stop warrants and you lose money. And still, you persistently repeat behavior which doesn’t work.

At first, wonder, what should be your belief forcing you to do it. You will come to some surprising opening. For example, you can find out the following:

• you are convinced that a basis, certainly, somewhere nearby.

• you are convinced that if market tool has once been estimated on 240$ at the price in 35$ it is represented to be especially valuable.

• you are convinced that your can’t wait for confirmation because you should purchase on bottom price.

• you are convinced that you are more reliable, than your technical tools.

Now wonder, in what you should believe to trade with greater advantage. You will think up some possibilities, for example:

• you should believe that the market and your technical tools will show to you when the trend changes.

• you should believe that you have time and there will be quite enough possibility to place the positions when the trend will change.

• you should believe that can trust probabilities of the technical tools.

• you should believe in abundance of possibilities.

To weaken negative belief start to call them in question. Whether there was sometime that it wasn’t true? In what cases it isn’t true? As soon as you keep away from negative belief it is required not enough time that they have started to fall.

You can reverse belief declaring opposite. For example, you can change belief that you are more effective than your technical tools on “my technical tools are more exact and are more reliable than my guesses”.

To strengthen favorable belief, search for examples when it was true. For example, take the first favorable belief that the market and your technical tools will show you when the trend will change and see historical schedules paying attention to all cases when it worked. It will convince you of probabilities. (Unfortunately, everything that we have in the market is only probabilities. But probabilities happen quite often.)

You can take belief which would support your trade and transform them into confirmations. For example, take aforementioned belief and transform it into confirmation: “the Market and my technical tools show me when the trend will change”.

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