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How do I become a mentally strong trader? This is a question that has troubled many traders, and the answer lies in the field of trading psychology. A trader's state of mind plays a crucial role in their success, and that's where the genius of Norman Welz comes in.
Norman Welz, psychologist, journalist, and author of "Tradingpsychologie" has been praised by readers and reviewers alike for his unique insights and expertise on trading psychology exercises.
And what sets Welz's work apart is its emphasis on the practical application of trading psychology. Simply knowing discipline is key to success won't cut it in the markets.
So, how does Welz help traders get their heads in the game? By working on the subconscious and hypnosis, of course. He also stresses the importance of personality modification, as traders who focus only on the technicals will quickly be taken down by the emotions that come with trading.
In this article, we'll dive into Welz's insights and reveal the top three exercises for knowing how to stop panicking when trading: the right mindset, personality modification, and tapping into the power of the subconscious and hypnosis.
Get ready to take the markets by storm!
Exercise 1 – The Right Mindset
Working on having the right trading mindset is among the first forex trading psychology exercises that a trader needs to work on. Forex trading is one of the most insecure businesses you can be in. No other profession generates such intense emotions and personal reflection as forex trading.
Creating the right mindset for trading is easier said than done. Our personalities are shaped by various influences such as our upbringing, the environment, society, and media. As a result, by the time we start trading, these influences have often ingrained us with fixed, and sometimes suboptimal, trading patterns.
The challenge lies in breaking away from these patterns and adopting a new mindset.
This is no easy feat. Trying to change long-established patterns can be difficult but overcoming this challenge is crucial to having a positive trading mindset.
Exercise 2 – Modifying one's behavior
"How do I train myself as a trader?" you may ask. According to Welz modifying one's behavior is crucial to developing a trading discipline.
Welz believes that the integration of market knowledge with the right mental capabilities is what makes a successful trader, but those skills can easily be overridden by the wrong behavior patterns.
To tackle this, Welz believes that traders must be willing to work on personality modification and overcome their fears, anxieties, and resistance to succeed. Merely focusing on charts and trends is not enough, as emotions will inevitably come into play. New studies indicate that the characteristics that make us unique, our personalities, can be more easily altered than once thought to be unchanging. However, simply wanting to change isn't enough, we need to feel a sense of urgency and make it a priority.
Think about it, whether it's changing your trading habits, improving your relationship, or sticking to a healthier lifestyle, we all face obstacles. And, when we fall off the wagon, we often see it as a failure. But, what if we flip that script? What if we saw relapse as an opportunity to learn and grow?
Here's the thing, change isn't just about progress, it's about maintenance. To make lasting changes, you gotta have a plan in place for when you hit a setback. Because let's be real, we all will. As the adage goes, 'Fail to plan, plan to fail.' So, embrace relapse and use it to strengthen your commitment.
Exercise 3 – The Power Of The Subconscious And Hypnosis
Unlock your trading potential with the power of the subconscious and hypnosis. That's right, Welz helps traders tap into the hidden potential of their minds through a combination of subconscious work and hypnosis. Say goodbye to mental blocks and hello to winning trades. And the best part? This isn't just limited to the trading world. Welz has a proven track record of helping individuals overcome fears, win championships, and even secure Olympic victories.
Think of your subconscious as the foundation for your trading success. It holds the key to unleashing the right mental energy, motivation, and behavior. With Welz's expertise, you can build strong and durable mental bridges and learn how to master trading psychology like the pros.
So why wait? Embrace the power of your subconscious and watch your trading reach new heights. It may sound unconventional, but the results speak for themselves.
Final Thoughts
In conclusion, developing the right mindset, modifying one's behavior, and utilizing the subconscious and hypnosis are all valuable trading psychology exercises. These methods help traders overcome mental barriers, build a stronger connection with the market, and make better decisions.
Whether you choose to work on your mindset, personality, or subconscious, the ultimate goal is to cultivate mental agility and discipline.
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