Most buying and selling psychology articles give attention to minimizing weaknesses quite than figuring out and bettering one’s strengths.
That is in all probability as a result of there’s a typical notion that once 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 give attention to a distinct method by constructing your strengths first in an effort 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 just’re good at. However except you apply that specific power in reaching a productive final result, you may not be capable to acknowledge it otherwise you would possibly even see it as a weak point.
So how will you determine your buying and selling strengths? Listed below are just a few steps that may assist:
1. Evaluate your buying and selling journals
Should you learn my buying and selling psychology weblog usually, you’d know that I usually emphasize the significance of maintaining an in depth buying and selling journal.
So put them to good use! Evaluate your buying and selling logs and pinpoint these situations the place you assume you carried out effectively.
Establish your prime ten most worthwhile trades and be aware of 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 had been they a mix of each?
- How lengthy did you maintain on to your trades?
Other than asking your self these questions, determine different frequent elements that helped you win these trades.
2. Checklist 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 thought 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 individuals 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 would like you to do is consider SPECIFIC methods how you can make the most of them in your day by day buying and selling.
For instance, I ranked the love of studying as my largest power. I feel I can make the most of this extra by finding out completely different programs and by studying extra books on foreign currency trading.
3. Ask for different individuals’s opinions
Though self-reflection is useful, we could overlook just a few traits that different individuals can simply determine in us. So take the time to ask for an outdoor opinion.
Ask your colleagues, buying and selling supervisor or coach, and buddies what traits you may have that make you a very good dealer.
Compile their enter and evaluate them to your individual listing. You could be stunned to see how different individuals 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 shedding streak or seeking to increase your recreation.
