According to the statistics, only about 5% of traders can make it out being successful Forex traders. That makes around 95% of the market joiners as market leavers either by losing all their capital or not being able to cope with the market stress. Most of the people who failed are surely failed to set their standard at the right level. Standards? Are you wondering over the term in the context of Forex trading?
Let’s dig down and dissect the concept and its importance.
What are the Trading Standards?
If a person wants to figure out his own trading standards, the easiest way to find them is to realize his expectations. He can begin with questioning himself about his trading beliefs, outcome, his rituals and routines, expectation. He should look deeper into how much time he is spending on reading charts and unnecessary content. Getting clear about all these factors will help him conceptualize his standards in trading.
Setting Better Standards
The best way to adapt anything new is to make some room for it into one’s daily trading schedule. Then to habituate it by doing it daily. To raise their standard, traders must first be capable of defining their current condition. Then they should define their destination. Once done, now they should come up with ideas and strategies to reach that destination. That’s the pro traders at Saxo capital markets pte always emphasize on trading schedule. They know it is one of the most effective techniques by which they can maintain discipline at trading.
The traders must write all these strategies and ideas and incorporate them into their daily routines. After practicing all of them for a couple of months, they should adapt them into his characteristics.People must know that this is not an once-in-a-lifetime task. Standards are subjected to be refurbished or replaced often. It will keep the core motivation for the traders always on.
The Opposite in Not Always Attractive
Opposite of one’s standard raising is his inability to moving from his current state and thoughts. Traders must know that there is no profit in being the same. Being the same will produce the same result. If anyone is making a satisfactory profit with the mind-set he currently has, he can and should hold on to that. However, no successful traders, no matter how massive their earning volume is, seem to remain unchanging all the time. They are utterly welcoming to changes and personal transformation when they draw betterment.
People may think that it may require him to change all his trading strategies or reshape his existing plan. But uplifting the standards have nothing to do with any of them. It’s more about working with psychology, investment size, and the total volume of risk management. It’s a measure executable.
Raising One’s Standards Systematically
The whole endeavor of levitating one’s standard can be done systematically and instantly. Here is the process for your benefit. Inspect your lifestyle and realize where you want to go. And now tweak your current lifestyle towards it a little bit. And then a little bit. Once at the time, replace one of your habits and thought with the ones you want to have.
Ask for family members’ help. Make them judge your take on the whole habit of replacing the thing. Make them give feedback. Ask for their suggestions. Implement the BCG concept Matrix and work on particular strategies. This step may take some time. You should retain your patience and complete one step at a time. Recheck the required changes that you wrote on a paper. Measure up how far away you still are from your determined destination. And take the next thing to change and repeat the whole process.
Every market participant must consider levitating their standards. It will startlingly change their whole game of trading. Because when someone set his standard high, he doesn’t allow petty things concern him much. He shoots for his ultimate goal.