Do you prefer to overcome difficulties or to find the easiest way to avoid them? In the article we’ll consider some trader’s ways of thinking which may help them to become successful or make them losers who constantly waste their deposits.
There are two ways within the context of self-development and aspiration to success:
- fixed mindset
- mindset of growth
Most people don’t know which group they are, but it’s extremely important to be successful not only in trading but also in real life.
A fixed mindset trader
It could be argued that more than 90% of aspiring traders have a fixed mindset and this is the reason of their failures, they just can’t see forward-looking success. A trader of this type even can’t realize that he reduces his chances to be successful in trading by his own hands.
There are some obvious signs of a fixed mindset:
- You’re too focused on profit and loss. Focusing on money won’t let you make progress, because you can’t be objective in your trading decisions, you’re too obsessed about the results. By the way, the results may be not satisfying for you, especially on the Forex market.
- You don’t learn from your mistakes. Traders with a fixed mindset don’t have a trading note, so they don’t view their trades. I encourage you to read the article “The main reason why traders lose their money.”
- If you often change your trading strategy because of any loss trade, you have a fixed mindset.
- You blame anybody but never yourself. Traders with a fixed mindset lose their deposits and blame irrational market, brokers, friends, wives, but never themselves. The Forex market is a perfect example. I’m sure, any trader knows that Forex is a scam. Most people lose money there and don’t even try to understand why. They just shout that it’s a game show and everything was rigged to take over their 100 dollars. Do not deny the fact that you’re responsible for all your defeats and losses. It hinders your individual development.
A growth mindset trader
These people stand out in any scope of activity. It’s just impossible to achieve success without this way of thinking. There are the signs of the second mindset:
- You get to work, no questions asked. A growth mindset trader never looks for excuses not to review his trades and not to write a trading note. He just does what he’s supposed to and understands the significance of all this for attaining the goal. No more excuses or shortcuts. Get what you can for it! Motivation is an excuse for rookies. Professional traders just act decisively!
- Full commitment to the business. Traders who have a growth mindset don’t try to achieve success for free. They understand that everything it’s not that simple and they have to work hard for years. At the same time, they know that success is not a happy accident, it’s an elaborate plan and long years of hard labor. Success is the result of their long way and determination to attain the desired.
- Overcoming difficulties. A growth mindset trader knows that it’s impossible to avoid problems and difficulties. But he also understands that every failure makes us better. Defeats teach a lesson to identify our own shortcomings. Do not ignore this! And which is why a successful trader doesn’t try to avoid problems. Instead, he understands the sooner he finds a solution, the better for achieving the goal.
- The ability to accept criticism. A successful person can’t ignore constructive criticism, because it’s a perfect opportunity to grow.
What now? If you seriously consider to become a professional trader, get your trading under control, put things in perspective and start growing right now. Seemingly, it’s just a way of thinking! Who needs it? But it turns out it’s extremely important.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered as financial advice. Trading and investing in financial markets involve risks, and individuals should seek professional advice or conduct thorough research before making any investment decisions.