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5 Tips For Building A Successful Mindset

To trade profitably takes many things, all of which are borne of a successful trading mindset. You will never find a highly profitable trader without a successful mindset. You will need mental strength to complete this journey – but just like muscles, this mental strength can be built with proper training.
It is important to keep the perspective your journey and equity curve will not be a straight line. No success story was built without failures, speed bumps, or mountains to overcome. These failures and obstacles aren’t just part of every success story – they help to define them.
Here are five tips for building a successful mindset for trading and life.
#1 “I Can Do This”
A mind riddled with doubt and a lack of confidence will only make the situation more difficult. It will deplete available brain resources, and actually engage emotions which make it harder to succeed in trading.
We will all make mistakes and have losses in trading. To trade is to be married to both wins and losses. There is no way around it.
Trading is not going to kill you. Every obstacle you face in trading you can get through. You must have a mindset that ‘I Can Do This’. This will make those tougher moments becoming more workable.
A successful mindset is willing to keep trying till they get it right. Failures are not used as reasons to give up – but opportunities to grow stronger. By resolving in your mind to find a way, your intelligence, experience and resources will be directed in ways to overcome your obstacles.
#2 Persevere and Stay Committed To Your Goals
The success and change you want will not happen overnight. Thus it is critical to have a mindset that stays committed – one that perseveres. You don’t lose 50 lbs of weight overnight. You will also not become a millionaire overnight with trading, nor be consistently profitable. It takes time, hard work and a focus on the process.
Staying committed keeps your attention, focus, time and effort on things that will bring you closer towards your goals. Build an inner perseverance understanding you will face challenges, losses and mountains to climb in trading. By staying committed to your goals, you will eventually find a way to overcome those challenges.
perseverance in trading 2ndskiesforex
#3 Stop Worrying About Past Losses/Mistakes
This one is tough, because we are actually wired biologically to feel pain and losses more than gains. We placed emphasis on avoiding threats than on maximizing opportunities. This was simply to survive. But your goal in becoming successful isn’t just to survive – it’s to Thrive!
People who are mentally strong do not waste much time dwelling on the past or getting back their losses. You can wish every second for the rest of your life something you did in the past was different. You could become the wealthiest person in the world, and you still would not be able to change this. Why waste your time worrying about what you lost on a mistake or bad trade?
Far better to acknowledge your mistake and learn what to do differently. This is how you protect your mental capital.
#4 Patience Is Not About Waiting
People seem to think patience is some passive thing where you wait for things to come. Patience is an active process, whereby you understand little things done well build up a big result, but do not come overnight. While one result may take a lot of little actions to get there, you are actively moving forward – working on your growth.
Being patient means working hard for what you believe in taking those small steps each day.
patience in trading 2ndskiesforex
Many times, it will be hard to see your progress. Your equity curve will have flattened and the results you want aren’t there. But that does not mean progress isn’t happening. It is very possible you are advancing. The space shuttle actually has to build up a lot of force and propulsion before it starts to climb. Often times your trading process will be the same.
Keep your focus on the process. That is where you build the momentum. That is where the fuel & propulsion to your success lies.
#5 ‘A Smooth Sea Never Made a Skillful Sailor’
Obstacles, pain & challenges come in two types: 1) Those that hurt or stop you, and 2) those that change you (for the better). Learning from them brings change, growth and confidence. A sailor will never become highly skilled by taking on easy voyages. The best learn from the rough waters they have to traverse. This is no different from trading.
a smooth sea never made a skillful sailor chris capre-2ndskiesforex
You want to be a successful trader, so accept the fact you’ll have to overcome obstacles and rough seas to get to the other shore.
Strength and confidence doesn’t come from what you can do easily. Overcoming is the currency of confidence.

20 thoughts on “5 Tips For Building A Successful Mindset”

  1. hi chris
    this should be lesson 1
    if we have this in our head we have made it.
    thanks for your time and effort to get us there.

  2. Hi Chris
    Hope you are getting better.
    Great article.I have been on this journey for the past 4 years . Yes i am progressing and will reach further step by step. I got a mentor that wants his students to succeed- that is the real reason I have not given up. Your principles and values keep me motivated to go on .
    All the time that you have spend digging up information to make sure we have the proper mindset, Once we get that right then you know 70% of your work is done.
    Thanks for being there in 2013 and hope you take care of your health and good life for 2014.
    Thanks my friend

  3. Chris,
    Excellent article. The tip about “patience” ties in very well with a previous article where you mentioned the value of “frustration” Trading is a process and that takes time, lots of time which always means frustration and of course patience.
    thanks again for the insights

    1. Yes, people seem to think patience is some passive thing – but this misunderstands patience.
      Trading is a process that takes time so glad you caught onto this.
      Kind Regards,

  4. hey chris, out of the topic just wanted to know how many pc screens ya use for trading in your office? i see dere are a lot of people using mutilple some even 4 pc screen when trading. does that help ?it gives oneself a feel like he/she is “doing”something professional ..

    1. Hello FXW,
      I use 6 screens.
      I don’t look at it giving me any feeling. To me its pure function.
      I trade actively and need to look at multiple time frames, instruments and perspectives with a quick glance.
      Find me a bank trader that doesn’t have multiple screens.
      Kind Regards,

  5. Another Great post Chris.
    The mind is a powerful tool and a key difference between average and great, its a shame that most people don’t work as hard on developing the mind and mindset to become what they want to be.
    “Life is not about how hard You Hit, its about how hard You can get Hit and keep moving” Rocky Balboa

    1. Ha Alex – great Rocky quote.
      And yes, most do not work that hard on the mental game which would explain the most likely reason they are not becoming what they want to.
      Kind Regards,

  6. Great article. I’ve been learning a lot from your course and related articles. Three things stick out to me and keep me going every day – (1) I can do this, (2) I’m going to do this, (3) It won’t happen overnight. It’s like a reoccurring cycle of necessary thoughts.
    (1) I can do this. I’m smart enough and capable enough to be successful.
    (2) I’m going to do this. Even during the tough times or when there are other things competing for my time, I’m going to make this work. I’ve come to the realization that this is how I want to make a living, therefore I’m going to make it happen.
    (3) It won’t happen overnight. I can’t buy into the infomercial mentality that this is easy. It is going to be hard work and take a lot of learning. That is what it takes to be truly successful at anything. But don’t lose hope…repeat thoughts 1 thru 3.

  7. Another great post here Chris.
    “A mind riddled with doubt and a lack of confidence will only make the situation more difficult. It will deplete available brain resources, and actually engage emotions which make it harder to succeed in trading.”
    This is by far one thing I am working on changing in my train of thought. But what’s interesting is that the way to change our level of confidence is by overcoming the thing that causes us to doubt.
    The more we are defeated by that which we doubt the greater our doubt and lack of confidence grows. But the moment we overcome that which we doubt we actually increase our confidence.
    Thanks again for this wisdom.

  8. Very nice article, Chris!
    Two things I took out of this one especially:
    1) You could become the wealthiest person in the world, and you still would not be able to change this.”
    2) Overcoming is the currency of confidence.
    Very well said!

    1. Hello Gabriel,
      Yes, how often to people spend way too much time thinking about their losses, when they cannot change one of them?
      Focus more on ‘Overcoming’ which builds mental strength and confidence.
      Kind Regards,
      Chris Capre

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