Updated: May 8
When it comes to becoming a successful Forex trader a lot of people focus on chart time and trading itself. However, there are other things that play a factor in your trading performance. Yes, you need an edge and you need to be able to execute that edge flawlessly. However, if your daily habits are bad the chances of making mistakes increase, making it harder for you to profit. In this article you are going to read more about the importance of daily habits and what you can do outside your trading to become a better Forex trader and maximize your trading edge.
When it comes to daily healthy habits there are two things you can work on, these things are:
· The physical body
· Your mentality
You might think, what does working on your body have to do with profitable trading? A lot, everything is connected. This means if your body is in bad shape, your mind will suffer. If your mind suffers your trading will suffer. The same goes for a bad mentality. A bad mentality or way of thinking will make your body bad, which makes your mentality worse, which causes bad trade execution.
It sounds weird, but this is the truth. A lot of professional firms focus on these things, because they know these things are valuable. Taking care of yourself is a vital part of your trading edge and should be taken seriously.
The physical body
When it comes to the physical body a few things are important, these are:
· Healthy weight
· Feeling energized
· Good stamina
· Good posture
These are the most important things when it comes to working on your physical health to become a better Forex trader. Taking care of this makes sure you can execute your trading edge with better precision.
Let’s start with a healthy weight. Everyone knows being overweight is bad. Your confidence goes down, your energy levels go down and you get depressed. When you are overweight your body doesn’t feel strong and energized. This makes it harder to follow your plan or work on your trading edge.
Trading is a performance sport. You have to bring your A game every single day. In order to bring your A game you need to be fit, physically and mentally.
Feeling energized is also important. If you don’t feel energized you won’t be working on your trading edge every single day. This partly has to do with your motivation to succeed, but it also has to do with your physical health. So make sure that’s in check to become energized.
The same applies to good stamina. When you have good stamina and your body feels fit and strong, it’s easier to work on your trading edge. This makes sure that you get better every single day and you eventually get to your goal of becoming a consistently profitable Forex trader.
Posture is one of the things most people overlook. The way you carry your body has a direct impact on how you feel. If you look down and walk with rounded shoulders you will feel very bad. If you walk up straight, keep your head up and smile you will automatically feel better. So, the way you carry yourself is important. Make sure your posture is always good. Get a good office chair that matches the shape of your body. As traders you will be sitting behind your screen for quite some time. If you don’t have a good chair you will develop some back problems. Prevent that and buy a good chair.
A good chair will make sure you have good posture, increasing your energy and reducing the chances of getting back issues. This helps to increase your trading edge.
We at CDFX Trading love to work out in the gym and do some yoga. Working out increases our muscle mass, which increases our fat burning abilities making it harder for us to gain weight. Working out also increases our stamina and makes sure we have good posture. We do yoga to relax our body and mind. This makes sure we recover well and have plenty of energy to stay focused on our goals and our portfolio.
Just like taking care of your physical health, taking care of your mental health is important. If you have bad mental health your trading will suffer, making you a less profitable Forex trader. You want to put all the odds in your favor to succeed, so don’t skip this step but take it seriously. Having a trading edge and executing that trading edge is very hard, so you want to put all the odds in your favor, both on the charts and off the charts.
Your mental health is very important. Trading is about confidence. If you are not confident outside trading, you won’t be confident while trading. Make sure your mentality is good. A few things you can do to have a better and healthier mindset is to:
· Focus on what you can control
· Do things that you enjoy
· Explore your demons
· Audit yourself
These are a few important habits you can implement in order to have a healthier mindset.
Let’s start with focusing on what you can control. This is a very powerful mindset, but hard to implement. Everyone has a lot of thoughts every single day. Most of these thoughts are about things we can’t control. This costs energy. If you decide to start focusing on what you can control, such as working on your trading edge instead of making profits, you will start to feel more free. You can also apply this outside trading. If you get ill, focus on what you can do: rest, don’t focus on the fact that you’re ill. Accept it and move on, no need to keep thinking about the fact that you’re ill and start worrying about all the things you have to do. Try to implement this way of thinking and you will notice some differences which can potentially help to increase your trading edge.
Do things you enjoy is important. First of all, you should not be trading if you don’t enjoy it. But you should also do things outside of trading that you enjoy. Go to your friends, go do something fun, whatever you like. Doing something you enjoy has a healing effect on the body and can help you to become a better Forex trader. It makes it easier to execute your trading edge.
Another thing you can do to become a better Forex trader is to explore your demons. This sounds a bit weird, but everyone has demons, things that trigger them. Everyone has had some experiences in the past that still have an impact on them today. It can be very healing to learn about those experiences, understand them, look at them from a different point of view and accept them.
For example, let’s say you got bullied as a child. This might still have an impact on you today. However, this doesn’t have to be this way. The world is not a fact. What I mean by that is that how you view the world is not how it actually is. The way you see the world is shaped by the beliefs you have. See them as filters. You see things, our beliefs filter them and give you the information, filtered. This is a good thing in most cases. However, it can happen that you have bad beliefs, so bad filters, because of things that happened in the past. A belief is not right or wrong, but it can either help you or work against you. When you take the time to explore your demons and get to know your beliefs you can change them. This can give you a better and healthier state of mind and can help you to become a better Forex trader.
Auditing yourself is also a very powerful tool. These days everyone is rushed. No one takes the time to ask themselves how they really feel. Take some time each day without screens or anything. Sit with yourself. Ask how you are doing. Is something bothering you? If so, figure it out and talk to people about it. Don’t underestimate the power noticing what’s bothering you and speaking about it. This should be an important part of your trading edge.
Meditation is a very powerful tool to become calm and relief stress. Many traders use meditation to prepare themselves for a trading day. We at CDFX Trading also use meditation. You have to stay focused when trading, otherwise you can easily make mistakes. Meditation can help you to let go of the things that need to be let go off, and help you focus on the now, which increases your Forex trading performance. Meditation helps to execute your trading edge, without making mistakes.
To become a profitable Forex trader you need to put all the odds in your favor. You do that by having a profitable and proven edge that fits your personality, but you also do that by developing healthy habits outside of trading. In this article you read a few things you can do to improve your mental and physical health, making you better at Forex trading. There are more things you can do, these are just some ideas, nothing is right or wrong. Find what you like, test it out and apply it.
If you are interested in learning more from us you might want to check out our 1-on-1 coaching program. We will be teaching you everything we know about Forex trading. This program takes 5 months. After these 5 months you are steps ahead of other people that didn’t get a mentor.
Work on yourself and become the Forex trader you've always wanted to be.