In this article we discuss the major components of getting your desired trading results in the forex, futures, and stock market.
Forex, futures, and stock trading essentials for trading success
We are writing this article amid the December holiday season. Regardless of your ideological persuasion, everyone worldwide has a reason to celebrate! There is Winter Solstice, Hanukah, Kwanza, Christmas, etc. However you look at it, it is a moment to enjoy with friends, family, and acquaintances by opening your home and heart with an abundance of joyful noises and laughs. In essence, it is the moment to access the essentials of our lives’ most essential elements – relationships. Undoubtedly, relationships are important all year round. Albeit, their significance is usually more emotionally when we attempt to connect with people, making them know their importance in our lives.
Now, this may seem a bit of a stretch. Nonetheless, you are in a relationship with your trading and investing process. That is, to maximize the potentials of your trading process (a big part of it is your trading strategy of course), what you do to develop, support, and nurture your trading process while keeping promises is paramount. Hence, knowing a few of these essentials of promoting and fostering a vibrant and strong trading process is crucial. It is safe to call these the “keys” to revving the engine to your trading success. These keys are powerful ingredients for achieving valuable things. In essence, they’re the major components of getting your desired trading results in the forex, futures, and stock market. These keys include:
It is important to set goals when you start trading forex, futures, or stocks – they are designed to help traders objectify and prioritize their steps to become consistently successful traders. However, a prerequisite of setting those goals is clearly and specifically seeing your destination. The vision explains the exact reason you are trading; your purpose. It connects the “most important” in your life with the “most important” in the trade. In essence, this is where you invest your passion for propelling yourself to that destination. Consider the power of starting your trading session by imagining yourself doing the exact necessity to maintain your best game at the platform – i.e., trading your plan and religiously following and keeping all the rules and commitments, respectively. Bottom line you have to follow your trading strategy step by step.
After visualization, the next key is your belief. Your belief must align with your vision. You have to believe in your ability to be curious, to learn, to maintain an action, and generally, to strongly believe in yourself. However, this doesn’t mean that there are no challenges. On the contrary, you will want to uncover, neutralize, and extricate any underlying limiting beliefs while nurturing your positive beliefs by self-awareness and monitoring your thoughts to dispel negative non-aligning thoughts. Similarly, you will undoubtedly want to have confidence in your trading setups, the rules of your system, and procedures. You can support this through feedback (documentation) and back-testing so that you can measure and verify that your rules, setups, and procedures are working for you.
3. A trading strategy for actualizing the vision
A trading strategy (e.g. supply and demand trading strategy) is an action plan or policy designed to achieve a significant or overall aim. Whether good or bad, anything you do demands the use of a strategy. Several forex, futures, stock traders become victims of habits and destructive patterns that stem from negative programming in their past. They’re caught in functionless trading strategies; yet, they use them repeatedly, expecting a different result. It is crucial to develop a trading strategy to make your vision a reality. And this applies to both mechanical data (the mechanics of trade such as news, charting, execution, entry, exit, etc.) and internal data (emotions, thoughts, and behaviors). You will also want to establish a strategy for preparing and engaging a mindset with an attitude that has an altitude. This means that you employ emotional and/or mental tools that ensure that you stay on task, on target, and on purpose in your follow-through.
4. Managing your state
An internal state is a mindset or condition of emotions and thoughts. It’s a frame of mind that encompasses internal pictures, beliefs, memories, and biases. For example, consider anxiety. Anxiety stems from thoughts that are anxiety-producing, such as watching the price action gravitate towards your stop loss. Similarly, anxiety will also include memories of periods when you were taken out of a trade and left behind to watch it hit your predetermined target, alongside the feelings, sounds, and sights of that memory. Internal states govern your days and your forex, futures, and stock trading. Managing your internal states with the internal data strategies mentioned above is very critical.
So, there it is! Your trading is serious, and you will want to give the relationship to your trading process – yourself – every edge. You must bring & maintain your A-game at your platform when you are in the trader trenches. Only your best can create the conditions for consistent positive results. Let us face it: the name of the game is results! This is what we teach in all live trading classes and online courses.
If you want to learn more about professional trading and investing across multiple asset classes such as forex, futures, and stocks, please sign up HERE for free at our online trading academy www.onlinetradingcampus.com and get access to a free three-hour introductory course.
Author Bio: Bernd Skorupinski teaches the undiluted truth about trading and investing at Online Trading Campus and takes you through what it takes to be a consistently successful trader. His favorite moment as a trading mentor is the way peoples’ eyes light up with excitement and confidence when they understand how Supply and Demand trading strategy works and how it can help win in the trading arena. He believes in building core values and discipline that ensures his students do not succumb to the pressures and temptations of the market. He very much believes in following plans and strategy through. If you want to know more about the author Bernd Skorupinski please read HERE