Why is it difficult sometimes to maintain trading motivation?
In trading, just like in any other financial activity, there’s always conventional ups and downs. Sometimes, the market moves in a direction that is very beneficial to a trader; yet other times, it can lead to a losing position.
It is obvious that maintaining motivation during a successful trading session doesn’t present a challenge as it is in itself an inspiration and motivation to keep on trading and get more payouts. However, it is more difficult to want to continue trading when your trades have failed one too many times.
Not only that, but small and incremental payouts during trades can also discourage people from trading because they entered the market with too high expectations in the first place. Either way, whether it’s a loss or insufficient gains, it is easy to lose motivation in financial trading when things don’t go as planned.
Tackling the loss of motivation for trading
Now, traders with low low motivation need to remember that their condition is associated with their own trading psychology and their attitude towards financial markets. Because of that, there are mental remedies traders can try out to raise motivation levels and want to continue trading.
In the following article, we will take a look at five tips successful traders use to stay motivated in trading:
Refrain from comparing yourself with other traders
One key characteristic of success, whether it’s in financial trading or any other field of activity, is that it is purely subjective. Everyone has their own definition of success: some want to achieve the highest career goals in life, some are focused on having an ideal family life, and still, others want to travel as much as possible and see success through that lens.
The point is, there is no point in chasing one universal value of success, not in trading and not anywhere else. Comparing with others can often have a toxic effect on a person’s psychology and motivation to continue what they’re doing.
It is easy to look at a successful trader and think that your current level of success is nowhere near that. But it’s not about how you are doing compared to others; it’s about how you are progressing through time and becoming better than you previously were. Your only reference point in trading is yourself and by focusing on that, you’ll soon realize that compared to what you were yesterday, you’re pretty good today and will keep yourself motivated in financial trading.
Have realistic expectations from your trades
When entering a financial market, beginner traders often start off with a misconception that financial trading is the quickest way to earn a small fortune. They have heard stories about successful traders and how they managed to distinguish themselves in the industry, which leads them to unrealistic expectations.
Unfortunately, trading isn’t the type of activity that promises to make someone super-rich in a short period of time. In fact, statistics show that the average trader is set to lose when trading Forex, stocks, or other securities.
So, judging from all that, it is pretty easy to lose motivation for Forex trading and resort to despair, thinking that you are never going to make it as a successful trader. However, it is always important to realize that financial trading can hardly bring a small fortune in a short amount of time. Instead, it is a field that rewards patient traders. Therefore, keeping in mind that small and consistent payouts are what make traders successful will help you maintain motivation during trading.
Take time-outs every once in a while
Like any intensive work, financial trading can also make a person emotionally and mentally weary. Dealing with all the numbers and other sets of data can build up over time and make even the most experienced and successful trader exhausted if they do that continuously. This, in turn, translates into ineffectiveness, as well as a lack of motivation.
As noted earlier, the market is full of ups and downs and there is no effective control over that. What traders can control is how they handle those developments emotionally. Therefore, not to completely wear out after a set of continuous trading sessions and stay motivated in Forex trading, it can be a good idea to take a break, freshen your mind, and get back with more inspiration to trade.
And remember: the market doesn’t go anywhere. It will be there once you get back with rejuvenated energy and motivation.
Remember the times you were successful
Experiencing a loss can no doubt discourage a trader and make them feel like they’re not good enough to trade successfully and get payouts. Thinking that all their efforts are in vain can be the greatest enemy to a person’s motivation, especially if they’re looking at other traders who are consistently successful on the market.
But as we pointed out earlier, it is not about comparing with others and rating your success against other traders’ successes. It is your progression that is important to track and sure, you may be experiencing the low time of your trading career right now but it is important to remember that you’ve also had good times.
Remembering the previous successes and payouts you’ve earned from past trades is a good answer on how to motivate yourself in financial trading. It can show you that while you may currently think otherwise, you are good enough to keep on trading. You have the potential to succeed and the past successes are nothing more than reminders of that.
Reward yourself after a profitable session
Psychologists always say that the most challenging partner in the negotiation process is yourself. We may think we know ourselves and our aspiration but in reality, there are lots of hidden truths that even we cannot fully understand.
Nowhere is this more apparent than in our mental preparation to do something. Again, we may think we know what’s best for us and that it is absolutely necessary to do it, however, when the time comes to actually do it, we simply cannot find the motivation for it. It’s like our own self is rebelling against us.
This is because we have to negotiate with ourselves no less than we do with others. This technique can be applied to trading, as well as other fields of our activity. When we feel down and unmotivated to open a new trade, treating ourselves as if we were treating another person can have a positive impact on our motivation.
We can make a deal with ourselves that after a successful trade - no matter if it’s a substantial payout or not, - we will do something exciting like getting a snack, playing a video game, or watching a movie. This way, we keep the Forex trading motivation so that we can quickly get to that exciting thing we’ve offered to ourselves.