There are three obstacles Apiary Fund traders must overcome in order to get funded: trading knowledge, trading skill, and trading psychology. The toughest of these is trading psychology.The next few Apiary Fund blog posts will focus on a different barrier we have in our trading psychology and present ways to break the barrier!
Breaking the Trading Psychology Barrier: Commitment.
Breaking the trading psychology barrier of getting something for nothing is as simple as making a commitment.
The usual excuse for the uncommitted is that:
– “There’s something ‘better’ around the corner” – or –
– “There’s no clear evidence of a win with what I’m doing.”
Modern psychology will tell you that ‘WHAT’ you commit to is secondary to ‘HOW’ you commit to it. It is ‘how’ you commit to trading that will make you successful. Only the smallest part of committing is a passive process that evaluates whether or not something will work. The #1 factor that will make the choice to trade currencies successful or not is what work you put into it.
One thing that may trip us on our road of commitment is the realization that trading currencies is hard. Any trader will tell you that developing necessary trading skills takes time, practice, and instruction. There is going to be a learning curve, especially in the beginning, and it can be discouraging when your equity curve isn't quite as positive as your attitude when you first started your journey.
The key is to keep trading and keep learning. If you are continually and consiously putting effort into learning about, analyzing, and practicing your trades in the market then you will gradually realize that you are getting it. Just like how a child learns to play the piano by repeatedly running scales and practicing technique, you'll find that devoting daily practice to trading will result in a burgeoning ability to be a successful trader.
Here's a tip that might help you get going when the going gets tough:
Determine the reason you are learning to trade. Are you trading so that you can take some stress off some student loans? Or is there a vacation you've been wanting to take your family on? You might even be looking to make retirement a tad more comfortable (or maybe you're just plain bored of retirement). No matter what your motivation is, it can become a support to you and you start to build this new skill, and will strengthen your trading commitment.
Stay tuned for tips on the next trading psychology barrier: Fight or Flight.