Using Intention In Your Forex Trading
Intention is essential to being an outstanding trader. Let me first talk briefly about intention from a Taoist Tai Chi perspective and then how it applies within the world of Forex trading.
When I teach a Tai Chi or Qigong form to my students, I can teach the exact same form, but attain different goals simply by changing the intention. We may practice one week focusing on the intention of creating an internal fire. This is done to burn away tension, pain, illness, and also to stimulate energy. The next week we could practice the same form, but with the intention of refining our movements and making them as smooth and flowing as possible. Now our intention is focused more externally than internally. Same form, different intentions, different benefits. If we praticed the forms with no intention our forms would be “empty”. We would just be moving without any true benefit gained.
What is your intention when you enter a trade? Do you have a clear intention when you enter a trade or are you simply trading. Just like with a Tai Chi form you do not want your trading to be “empty”. Otherwise you will be trading, but without any benefit gained, in this case growing your account or at least learning from your experiences.
If you don’t know what you are trying to achieve how can you possibly succeed? Every time before entering a trade I make sure my intention is crystal clear. I know why I am entering, what my hard stop will be, when I will exit early, and what I will do if price moves in my favor.
Traders can have diverse intentions and be profitable, so thekey is having a concrete intention in your mind BEFORE entering a trade. Two traders could enter at the same price, one Short and one Long, and both could end up being profitable if they have different intentions. One may be a scalper or intraday trader, while the other trader is looking long-term and willing to hold their position.
The difficulties set in when you are not quite sure of your intention. “I’ll take a scalp if things go against me, but I’ll try to turn this into a long-term trade if things go right.” Being flexible is good, being wishy washy is bad.
How many people have moved stoplosses once they were in a trade to avoid being stopped out? This is a recipe for disaster in the long run. Your intention should have been strong enough before placing the trade to know where your stop loss level would be set.
Playing or watching sports is a great way to realize how intention works. If you play sports think about a time where you hesitated. Perhaps on whether to take a shot or to make a pass. When an athlete’s intention gets confused it usually leads to a bad play. When a trader’s intention gets confused it usually leads to a smaller trading account.
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