It’s a fact that professional traders don’t think about money as much as amateurs do, instead they focus on mastering their craft and being exceptional traders, which means becoming an expert at reading a chart’s price action. There is no doubt that most aspiring traders focus much of their attention on how much money they can make, when their primary concern should be developing as a trader.
This article will discuss why focusing your efforts on mastering price action analysis, instead of worrying about how much money you can make, will help you develop into a successful Forex trader much faster than what would otherwise be possible.
– Trading success is a function of self-mastery
One common attribute of professional traders is that they are very well disciplined when it comes to trading the markets. Put simply, there is no way you can make money consistently in the markets if you are an emotional train wreck who gives into every little mental
impulse you feel about the market. You have to have the fortitude to know when to trade and when not to trade; you need the ability to consciously over-ride your emotions and do what is best for your trading account, instead of what feels best.
– Transfer your focus from making money to becoming a master trader
So just how does one truly “master” their own mind and emotions in the market? Well, when it comes to trading, a key ingredient to mastering your mind is forgetting about how much money you “want” to make or how much you “could” make, and instead focusing that energy on really learning all the nuances of the trading strategy you are employing.
In essence, you should be passionate about trading in and of its self; not because you want to get rich. A by-product of being passionate about trading and truly mastering the art and skill of price action analysis is that you will naturally start to attract money to yourself. This may sound a bit “fluffy”, but it really is rooted in logic; if you make mastering your chosen trading strategy your all-consuming desire, instead of making money, you will naturally reduce the probability of committing emotional trading mistakes because you will not be focused on money (focusing on money induces emotional trading). These principles apply to any area of life you wish to excel in; in order to truly master anything you have to go “all-in” and make it your passion; people who do this by specializing in one particular field naturally attract money to themselves as a result of becoming an “expert”.
You aren’t going to fully develop your trading skills or your ability to read price action by constantly thinking about how much money you can make on a trade, conversely, you aren’t going to make any consistent money in the markets until you develop your trading skills. Essentially, spending any time thinking about how much money you can make on a trade, beyond normal risk reward calculations, is wasted mental energy and wasted time. If you really want to become an efficient and effective Forex trader, you need to follow the path that takes you there; mastering your trading strategy.
– HOW to forget about the money
Now that we have discussed why shifting your focus from making money to trading mastery is so important, let’s discuss how this shift is accomplished.