Do you think this question is necessary? Is there an unhealthy way of trading? If you think you are one of those who needs to nurture a healthy trading passion, then this one’s for you.
How many trading hours do you spend each day? Are you having some difficulties in peeling your eyes away from the candlestick charts? Have you already heard someone telling you that you only live and breathe the market? Do you think it is passion? Or it more likely resembles addiction?
In the business of forex trading, there is a thin line between passion and addiction.
Both of this kind can perform well in the financial markets. But, traders who are addicted usually do trading at the cost of other issues in their lives. They develop obsession and what’s driving them is not the enjoyment of doing their passion, but the fear of failure.
Passionate ones can sustain their success in the market. Addicted traders, on the other hand, wear out when they experience highs and lows in the market.
How do you assure that your trading passion does not go wrong?
According to a book, it lies with the critical concept of harmonious passion. It involves creating a mystery mindset. Harmonious passion also means engrossing in a certain activity for intrinsic rewards.
In the trading world, this means that a trader enjoys analyzing the market and trading itself. You take delight in improving yourself continuously as a trader. And some external factors influence you like money, fame or fear of failure.
Now, how do you develop harmonious passion? There are three viable ways to do so. Although these are not limited to traders, you can quickly adapt them to cultivate your passion in trading.
Process Over Results
The first principle can directly be applicable to forex trading.
Trading is probabilistic, thus, in a brief time, results are inaccurate success indicators. Now, it makes perfect sense for the traders to focus on the process rather than the results. The starting point is your trading plan.
Assess your success by your loyalty to the trading plan that you set, and not on the quantity of profits that you earn. Celebrate even small wins and remove your fascination with lucrative trades.
There is an unavoidable roller coaster ride in the trading world: the highs and lows of the financial markets, the great frustration, and the idea of taking a step forward and three steps back afterwards.
Being so enthusiastic for success will drive you into making quick fixes.
Developing patience will position your expectations and build your resistance.
The 24-Hour Rule
Have you experienced having so much pride after winning a series of trades? Or initiated a revenge trading after a streak of losing trades?
If yes, then the concrete recommendation to help you is the 24-hour rule. It is spending 24 hours thinking about your losing or winning streaks. This rule is a period of cooling off. Walk away from your PC or smartphone for a while and ponder.
Trading is devoting yourself emotionally and financially. Do not focus on becoming the best trader. Instead, take delight in the process of being a better trader. In the end, you alone are the sole responsible for your trading journey.