Trading is, in my opinion, one of the most difficult vocations. Because of the ongoing uncertainty, we are under a great deal of stress. This element puts a trader, especially a young one, under strain. I’ve encountered a number of novices who were so terrified that it took them days to open their first trade, even though their analysis was flawless. Some of you have asked me for starter advice, and my response will be “build self-confidence.”
Self-confidence is possibly the most crucial of all the attributes required for success. You must have faith in yourself and your trading strategy.
Self-confidence is developed by everyday routines and rituals, as well as focusing on what you can control rather than what you can’t. I’d like to suggest a few things to look into.
Take charge of your thoughts:
Negative self-talk and self-talking will never help you acquire confidence. Your trading career will come to an end here. Have a clear understanding of what went wrong and how to prevent repeating the same mistakes in the future. Everyone makes mistakes. You must remember your lesson and continue on your journey.
Look for a mentor:
Choose someone you can rely on and learn from his successes and disappointments. You will see that everyone makes blunders at first. Examine your mentor’s analysis and compare it to your own. When you have examples of good deals, you will learn much faster. It’s one of the concepts behind my signals channel, where you can watch how I place my trades and evaluate the market to choose a solid entry position.
Constant practice is one of the most crucial aspects of developing self-confidence. If you want to perfect any ability, you must practice it for millions of hours. Improvement leads to increased confidence. Even if your week went flawless, spend some time over the weekend to go through your analysis again. Don’t believe you know everything; keep practicing and learning new things to become the master of the game.