Your level of confidence as a trader can have a tremendous impact on your success. The more confident you are, the less time you will spend second-guessing your decisions and the more positive energy you will focus on your desired outcome. Confidence is based on two things: what you do and who you are. When a trade stops for a loss, your confidence may become shaken because it is based on what you do. However, when confidence is based on who you are and your ability as a trader, one who is prepared for all outcomes, whether a loss or a profit, then you will remain consistent with yourself no matter the result. You will feel confident because you took the loss as intended or because you closed with a profit, and you will choose correctly in either scenario.
Each time you make a correct decision in trading, whether it is for a loss or for a gain, the more confident you will become with your ability to act accordingly to the current market situation in a manner that is appropriate. Your confidence is now based on your awareness as a trader, not on failures, mistakes, or missed opportunities.
You can help to build confidence by reviewing your trades diligently to discover when, why, and how you chose to act during the time of the trade. Doing so will help you to better understand the markets and yourself. The more you learn from each trade, both failures and successes, the stronger and more confident you will become. This confidence will increase your flexibility in your decisions and your behavior, creating a sense of comfort in your trading that will further feed your confidence.
Start working on your confidence today. Believe in yourself and have faith in your abilities. With the right mindset and dedication, you can become a successful trader.
If you have a passion for trading or would like to find out if you do, consider joining the group and let’s take your trading journey together.
More information about the group can be found at the following link: https://livetraders.com/groups/detail/2b144965-1248-4117-a8e0-be3f70c5725d
