Most buying and selling psychology articles deal with minimizing weaknesses somewhat than figuring out and bettering one’s strengths.
That is in all probability as a result of there’s a standard notion that once you deal with your weaknesses, you robotically improve your buying and selling efficiency, however that isn’t at all times the case.
This time round, let’s deal with a unique method by constructing your strengths first so as to work round your shortcomings.
Earlier than we get forward of ourselves, what precisely are strengths, and why is it necessary to establish them?
Merely put, a power is one thing that you simply’re good at. However except you apply that individual power in attaining a productive end result, you won’t be capable of acknowledge it, otherwise you may even see it as a weak spot.
So, how are you going to establish your buying and selling strengths? Listed here are a number of steps which may assist:
1. Evaluate your buying and selling journals
In the event you learn my buying and selling psychology weblog often, you’d know that I typically emphasize the significance of protecting an in depth buying and selling journal.
So put them to good use! Evaluate your buying and selling logs and pinpoint these cases the place you suppose you carried out nicely.
Determine your high ten most worthwhile trades and be aware of the next:
- Which pairs did you commerce? Did you follow your buying and selling plan?
- Did you base them solely on technicals, fundamentals, or had been they a mixture of each?
- How lengthy did you maintain on to your trades?
Other than asking your self these questions, establish different frequent elements that helped you win these trades.
2. Record 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 concept 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 folks assess their strengths. Attempt to establish your high 5 amongst these:
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
Executed? Now what I need 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 believe I can make the most of this extra by finding out totally different programs and by studying extra books on foreign currency trading.
3. Ask for different folks’s opinions
Though self-reflection is useful, we might overlook a number of traits that different folks can simply establish in us. So take the time to ask for an outdoor opinion.
Ask your colleagues, buying and selling supervisor, coach, and pals what traits you have got that make you a very good dealer.
Compile their enter and examine it to your personal listing. You may be stunned to see how different folks understand you.
Identical to figuring out your weaknesses, it’s equally necessary to know what you’re good at, no matter whether or not you’re on a dropping streak or trying to increase your recreation.
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