If your job is to think more than giving physical effort, that brain of yours has to be in good condition. Take CEO for example. In that position, the all work of your company or institute will be on your solder. And you have to keep track of everything. But, when your brain has to work a lot more than just operating, it has to be in the lightest condition possible. We are talking about the trading business and the mental condition of a trader. If you want to be successful in this business, your brain has to run smoothly. There should be no problems in your in your working process. Today we are going to discuss this context in a more defined way.
Don’t let anything distract your trading approach
If you want to make a quality trade, it has to be spotless when it comes to following the market. Plans are needed to be made for opening a trade for a good position. You have to use strategies and your experience when learning about the price behavior of the market. Then you have to make money management plans for your risks. When everything is done and a trade is opened, you have to think about a position size according to your preference and set take-profit and stop-loss for a particular trade. All these are the basic level of trading approach. How you do yours can be completely different. Your approaches should not be distracted by any other things like trading news. Those are for traders who use position trading for their business.
Some of you might think psychology has nothing to do with the outcome of your every trade. But in reality, without having a stable mindset you can’t make any real progress. Spread betting is all about managing your emotions and following your strategy. It requires a strong level of confidence to deal with the losing trades. Unless you train yourself to embrace the losing orders you can’t make any real progress in this industry. Start working on your mental development so that you can stay within your rules. The development of your mental stability is time-consuming task but you should focus on it.
Set and forget rules
Afar a trade is opened, it can also bother with the healthy condition of your brain. Because live trades are full of tension and fear of loss. If you have opened a trade, it will surely mess with your brain. If you are not careful, it may also mess with your trading performance by not letting you learn new things like strategies or making improved plans. Instead, it will make you fall for emotional attraction to trade and will not make a good impact on your thinking ability. So, you have to forget about a live trade for the sake of normal brain function. At that time, think about how you can improve the quality of your trading. Otherwise, make changes to your existing trading plans for a better trading performance.
Don’t let anything bother you after closing a trade
After closing a trade, there can also be some incident to your head. As there is money involved and it is your own money, your brain will not be able to forget the loss. Or it is a win for you, there will be excitement dancing in your head. For negative results, frustration and depression kick in really easily. On the other hand, excitement plays a different role in your head. It decreases your thinking capability with dopamine and makes your plans inefficient. Thus, your trading performance gets affected in every way possible. Your brain also gets disturbed from thinking and planning properly. So, you should forget about the results from the trades and focus on the next one.