FX:EURUSD Euro / U.S. Dollar
1- Focus on the process:
Trading is like a boxing match. Unless there is a knockout, 1 round cannot determine the outcome of the fight. In trading it's the same, you must avoid at all costs the margin call, which is the technical knockout of the market. It happens when your capital decreases so much that your broker, the referee on the markets, decides to stop the game. This is one of the worst scenarios that can happen to you in the business. And it doesn't bode well for your capital. To avoid this, make sure you're up to speed before you take on the market. Focus on the process, accept that you have to go through all the necessary steps to become a seasoned trader. This will ensure that you are always the favorite when you enter a position.
2- Set long term goals
Just like in bodybuilding, it can be a long time before you can admire your transformation. And even once you've reached your goal, you still need to be able to maintain it... Think of trading as a bodybuilding exercise, refuse shortcuts that could lead to unsustainable results. Be strong in the face of difficulty and aware that ambitious goals often take a while to achieve. Carve out your success one victory at a time, but set long-term goals that will allow you to view each defeat as a warm-up.
3- Keep a cool head
In this activity, inevitably, one day or another you will find yourself in trouble. The reasons can be numerous: absent-mindedness, flash crash, technical problem... It is in these moments that you must avoid being emotional. To do so, you must be ready to handle the situation, which necessarily implies that you have prepared yourself in advance. Otherwise, the emotional tsunami that will fall on you will probably not leave you any chance to save the situation. Study your psychological limits and then trade consistently to keep a cool head and stay in a position to recover from such a situation.
4- Remember why you started
Trading is not the Mont Blanc, although... Just like in the mountains, when you start an ascent it is to reach the top. Of course it is possible to stop as soon as things start to get tough, but in that case, you can't expect to make it to the top. Because whatever happens, one thing is certain, long before the summit, things are bound to get complicated. So the real question to ask is not whether it will get difficult, but how do you plan to react when it does? And it's precisely at that moment that you need to remember why you decided to start in the first place. This could help you to recover enough energy and motivation not to miss the initial goal.
5 - Be well equipped
It's not even worth considering staying motivated if you are poorly equipped. For example, an inadequate internet connection will probably ruin your day even before the market does. A screen that hurts your eyes may cause you to prefer watching TV to working hard on your charts. A faulty mouse, an uncomfortable chair, a noisy environment... These are all problems that will undermine your motivation at the first sign of trouble. To beat the market no choice! One of the very first steps is to make sure you are always well equipped, in order to preserve your chances to go through with your project.