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Paula Rodriguez

Titan FX - Forex Lifestyle

Paula Rodriguez - Titan FX

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Bad Habits of Unproductive Traders

11 November 2016  |  3012 views  |  0

Bad habits are the enemy of peak productivity. In a high risk profession like forex trading, conquering bad habits is one of the best ways to ensure efficiency and success. With every activity of trading, it is crucial to exercise good habits instead of bad practices. This will lead to profitable trading sessions and the development of overall performance.

Optimal productivity can be achieved with good habits and better mental well being. To reach your goals as a forex trader, you must acquire good instincts and eliminate those bad habits that can put your trades at risk.

Everyone experiences different levels of effectiveness in a trading journey. To ensure peak productivity, here are risky habits to avoid in any forex trading scenario:

BAD HABIT: TAKING ON TOO MUCH SELF-CRITICISM

The better habit: Replace negative self-criticism into positive action

Self-criticism is a natural habit in a business that deals with the risks of money. With a changeable market, forex traders tend to criticise every move especially when the consequences are unsatisfactory. This trigger leads to a reaction that involves personal blame and self-doubt. Once a trader has the habit of excessive negative criticism, it will be difficult to carry out personal growth.

Forex trading deals with challenges and requires a lot of hard work. Oftentimes, negative self-talk can lead to damaging effects for daily productivity. The best way to increase self-confidence is to replace criticism with positive analysis. Exercising affirmative thoughts will allow you to focus on your trading goals. 

BAD HABIT: REPEATING MISTAKES AFTER LOSSES

The better habit: Learn from the loss and act diligently during the next session

The only way to break this bad habit is to stop repeating your mistakes. In the business of forex trading, repetition of any previous errors is critical especially when risks are high. Impatience or stretching losses are some of the mistakes that traders instinctively turn to. These patterns can determine the success of your strategies as well as the development of your trading performance. To avoid going through the same loss, you must be more aware, take control then redirect the habit towards better trades.

BAD HABIT: HARBORING EMOTIONAL ATTACHMENTS TO TRADES

The better habit: Take each trade as a business opportunity or loss

When it comes to investing in forex trading, most traders might find it difficult to emotionally detach from executions. If you have done your research, forex trading involves more than just currency. A business like this has plenty to do with upsets and victories.

A bad habit is formed when a trader lets emotions dictate a trade. With the nature of financial markets, emotional investment are high. 

BAD HABIT: STRAYING FROM YOUR TRADING PLAN

The better habit: Actively sticking to your trading plan

All forex traders must have a properly outlined routine. In fact, some new traders make the common mistake of trading without a dependable method. Because of this, the bad habit of straying from your strategy can more likely result in possible losses and further inner conflict. 

BAD HABIT: HAVING UNCONTROLLABLE ANXIETY AND PRESSURE

The better habit: Keep track of your trading performance

The main reason why most traders feel anxious is because of lack of belief of their trading plan especially for beginners. To increase efficiency, a forex trader should keep track of profits and performance. This constant inspection of trades will encourage improvement and lessen trading anxiety.

Another common cause for anxiety is the experience of recent trading losses. Aside from enhancing your system and reviewing trading performance, give yourself time to unwind. With odd hours and the body strains of forex trading, stress can build up and affect efficiency.

Bad habits can threaten a sustainable career in forex trading. Over time, these patterns can evolve into a mindset that results in less productivity and inefficiency. To prevent habits from affecting trades, acknowledge the negative habits and apply better practices. Make sure to track any positive changes and reevaluate habits that need more improvement.

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job title Content Manager - Forex Lifestyle
location Auckland
member since 2016
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My name is Paula and I am the content manager for Titan FX - a global forex broker based in New Zealand. I handle Titan FX's Forex Lifestyle section. I write articles aimed to help and guide readers t...

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