Forex traders need to be many things at once. They must be disciplined, patient, calculating, alert and emotion-free. They must also have the dedication to spend large amounts of time learning and fine-tuning their trading skills.
In order to find this dedication, it’s vital that a trader has willpower. But willpower does not always come naturally so it’s important to work on improving it. Here are a few quick ideas for improving willpower:
Eliminate available choices
One of the easiest ways to disrupt the brain and cause mental fatigue is by simply being exposed to too many variables and too many choices. Our brains only have a limited supply of energy and if we spread that over too many things it is far too easy to become distracted and demotivated.
In today’s world, this is a huge problem since there is information and opportunity everywhere you look. The solution is to limit your choices in advance.
For example, let’s say you only want to eat healthy, sodium free food instead of chips and other junk. Well get rid of all the junk food in your house and remove all the takeaway leaflets and it will be much easier to do.
Likewise, let’s say you only want to trade forex in the morning at the busiest time. You could easily download a program that locks out your trading program when that time has passed. Thus allowing you the ability to stick to your schedule.
Do the hardest tasks first
One of the best tips for improving your results, your mood and therefore your willpower is a simple one: to get all of the hardest tasks done first.
When you first wake up is normally when you’re at your most productive and in the best frame of mind. If you can spend the first hour or two of the day doing the things you don’t want to do you will feel much better when they’re done and this will have huge knock on benefits for the rest of the day. This will allow you to better concentrate on the markets and do the thing that you love to do: make money.
Prepare in advance
As already mentioned, too many alternatives or choices available leads to mental fatigue and this can drain willpower and concentration. A good way to overcome this is to prepare your schedule for the day, the night before.
If you spend half an hour every night planning your steps for the following day you will find that the day will run much more smoothly. You won’t have to make any choices or decisions and you can concentrate on the important tasks at hand.