TheFxSignal.com

Buy Usd/Cad @ 0.9774   stoploss:0.9745

1st target: 0.9800   2nd target: 0.9850

As a trader, I always discovered that whenever I started comparing my trading performance with other traders, my performance would usually worsen. This “distraction” cost me lots of money in terms of losses.

While I hardly watch television, I admire Oprah Winfrey so I watched an interview of her on the Biography channel one day. She and the interviewer were discussing her success and she made the comment that comparing herself to other folks in her business always made her take a step backward from her goal. Her words made me realize that even highly successful people experience this.

Don’t compare yourself to others. It’s tempting in the modern, competitive world to constantly ask, “How am I doing?”

It’s easier said than done, but you should NOT allow how well you do compared to others affect how you feel about your inner worth and feelings of success in life.

Comparisons are useless. Run your own race.

Like the sport of golf, you alone are the one who needs to hone your trading skills. You are the one who must find a method that matches your skill level and personality. Comparisons to other traders just make you feel frustrated.

Don’t constantly think you are trying to beat others to an imaginary finish line. People who achieve great things work independently and on their own terms.

They don’t care how others are doing. They follow their own timeline, follow their own passion, and look INWARD for where to go next.

Notice how I said inward, and not outward. They look inward for where to go next.

How you perform has nothing to do with how others perform. All comparisons will do is torture you. You will feel jealously or envy.

When you see that you are doing relatively poorly compared to a fellow trader, you are likely to think distracting thoughts such as, “Why can’t I do as well?” or “I must not be as good of a trader as I had thought.”

To maintain motivation, focus on improving your past performance record, rather than looking at how other traders are doing.

You usually don’t know what factors created their performance records, so comparisons can only mislead and hinder you. They could just be on a lucky streak or have a market wizard standing right behind them on every trade providing advice.

Put your “blinders” on. Don’t look at anyone else’s record but your own. Everyone has a different learning curve.

Sell eurchf@1.2404  stop loss: 1.2445

Target1: 1.2375    Target2:1.2350

It’s easy to get caught up in daily defeats. Your trading strategy isn’t working. You’re losing money hand over fist even though you know your system works and you’re following all the rules.

If you aren’t careful, you could get discouraged and feel like giving up. When you aren’t making the profits you desire, you could end up feeling like a failure, thinking you’ll never make it as a trader.

When you are discouraged by everyday setbacks, it’s crucial to keep your eye on the big picture. You could be losing a battle here and there, but you may end up winning the war.

Many traders make the mistake of letting their feelings of worth be determined by everyday trading results.

You think, “If I make profits today, and every day this week, I’m doing well. But if I end up losing most days, then I’m doing horrible!.”

This kind of thinking is based on how people view compensation for a conventional 9-to-5 job. You put in your 40 hours, do a good job, and you get paid handsomely. You feel good for working diligently and productively for the week.

But when you trade, you may not always receive sufficient compensation for your efforts. When you don’t reach the profit goals you set, you can feel as if you didn’t get paid enough for your efforts.

It’s going to be tough, but as a trader, you must avoid thinking in these conventional terms. An extremely productive week may produce ZERO profits. When you are trying to achieve a certain level of income in a given timeframe, you are setting “performance goals” that you may not be able to achieve.

A better kind of goal to set is a “learning goal.”

You may not be able to achieve a particular performance goal during a given week; that is, you may not always be able to achieve a particular dollar amount, but you can achieve a particular learning goal.

Every day you trade, you gain valuable experience regarding how you approach the markets. You see various setups and learn how they can or can’t lead to a profitable trade. Don’t undervalue these learning experiences.

Every day, you are achieving learning goals. Your daily efforts may not directly lead to profits, but indirectly, they do add to your wealth of experiences. You may only win a battle here and there, but when you add up the battles you do win, over the long haul, you end up mastering the markets, and winning the war in the end.

If you merely focus on how much money you make as a trader, and use a conventional payment schedule, you’ll work your butt off but fail to get the conventionally defined “paycheck” you expect, and feel ripped off. But if you define your paycheck in unconventional terms as the amount of experience you gained, you’ll feel rewarded for making a series of trades, profitable or not, and feel you’ve accomplished something.

And regardless of how much money you actually make, you will have indeed accomplished something: You will have further honed your trading skills.

In the big scheme of things, winning these minor battles will help you win the war. You’ll master the markets and become a winning, profitable seasoned trader.

buy usdchf@0.8857      stoploss: 0.8810

tp1:0.8887   tp2:0.8917