5 Mantras For The Developing Forex Trader

Lately I have been spending a lot of time crunching data on some of the forex price action algorithms my programmer and I created, that the data can at times become overwhelming to digest.  In times like these, in needing a break, I often enjoy reading something completely unrelated to forex so I can engage other aspects of my brain.  Recently, the subject and person which has consumed my attention is Benjamin Franklin who is an impressive man to say the least.

He had such a wisdom into getting things done, the process of tackling something, understanding oneself and what it takes to succeed, that it immediately made me think of trading – particularly the developmental process many of my students are going through.  I felt inspired to write an article based on some of the many gems of wisdom Benjamin has been sharing with me as of late and how they can help one in trading.

So here are 5 mantras for the developing trader:

benjamin franklin 2ndskiesforex.com

#1 “By failing to prepare, you are preparing to fail.”  – Benjamin Franklin
In trading, like all skill based endeavors we set out to learn, you need a plan to accomplish your goals of becoming a profitable trader.  I hear stories all the time about traders reading a book or two, expecting to learn the markets in a weekend, and then jumping in, only to find out it’s more complicated and difficult then it appears.

You can start this process by first writing very clearly what your goals are, and have a reasonable timeline to get there (likely longer than you think).  Then figure out what you need to do to get from here to there. You may need to find a mentor for this as most people who succeed in any skill or craft do.  Then write down the steps and create a plan of attack to get from here to there.

At this point, it’s a question of starting with step one until you get to the end.  One quote from Michael Jordan reminds me of this very point which was, “I never thought of the second step, only the first and worked to take that next step.  Because of this, I never felt like I could not accomplish something because I had taken all the steps to get there.‘”

#2 “Never Leave that till tomorrow which you can do today.” – B.F.
Author, painter, politician, scientist, musician, inventor, diplomat are just a few of the things which are credited to Benjamin Franklin.  How did he get time to do all these things is amazing, but there is only one way to accomplish all these things, and that is taking massive action while not wasting one’s time.

I am often perplexed at how many people waste time in chat rooms, idle conversations, or writing about silly blog posts.  Don’t get me wrong, having fun is always important, but your actions will be a part of the legacy you leave, and will be the difference between whether you become a successful trader or not.

Having clear measurable goals was the lesson in the first mantra, but working hard to make them a reality is the next step.  Ask yourself what are you putting your energy into today, and is it helping you with your goal or not.  Is it learning your price action or ichimoku trading system, or talking about something ridiculous which builds nothing of value?  I’m pretty sure Benjamin spent the majority of his day constantly working on things which helped take his work and inventions to the next level.  And this is what he is remembered for.

Ask yourself if what you are doing is what you want to be remembered for.  This will help you gauge your time and whether you are using it effectively towards becoming a successful trader.

fear and trading 2ndskiesforex.com

#3 “You will know failure so do not fear mistakes as you continue to reach out.”  – B.F.
Oh how true this is for trading, whereby all great careers (trading and otherwise) will be littered with mistakes.   If you fear making mistakes, you will become fearful to trade when the best opportunities come up.  Has it ever happened to you that you were hesitant to make a trade because of a recent loss you just had?

Fear has rarely ever lead to greatness and taking risks is part of what we do as traders.  Give yourself permission to make mistakes without making it mean anything about you as a person or a trader.  By doing this, you free yourself to put all of your natural intelligence into the process and build the mindset of a successful trader.

#4 “There are three things extremely hard: steel, a diamond and to know one’s self.” – B.F. 
Understanding one’s self is probably the hardest thing we will ever do in our lifetimes, next to facing our death and loving someone completely.  To embark on the trading process is to step in front of a mirror whether you realize it or not.  The markets will constantly bring up the most unrefined parts of you, your self-image, your emotions, how you deal with uncertainty and how you deal with failure.

Knowing yourself is critical for the trading process and the best approach is to be brutally honest with yourself, particularly your weaknesses and limiting beliefs.  Be brave to face them with understanding and acceptance.  Once you do, you will begin to work on the areas which are most likely holding you back.

persistence and energy to succeed 2ndskiesforex.com

#5 “Energy and persistence conquer all things.” – B.F.
Learning to become a successful trader, or maintain it once you have gotten there can be downright exhausting.   There will be days where nothing goes right, where you want to give up, where it is easier to not follow the discipline (part of the pyramid of trading) or do the things necessary to succeed.

It is in these moments that it is most important not to quit, not to take the easy road.  Every time you push forward in those challenging moments, you build a reservoir of strength which will give you a confidence and energy that becomes the backbone of your process.  This will allow you to eventually break through any obstacle in the trading process and will be the main fixture on the altar of your success.  When quitting is no longer an option, forward is the only path that awaits.

So there you have 5 mantras for the developing forex trader.  Whether you trade forex price action, ichimoku, are a scalper or trade the 4hr charts, we all have to go through a similar learning process, and all face similar challenges.

I hope this article has been helpful for your trading process and that you found it of value.

If you liked this article, feel free to like/tweet it and share to pass it on.

For those of you wanting to work with a mentor and help accelerate the learning process, feel free to check out my Price Action, Ichimoku Trading, or ProForex Course where every week, another trader turns the corner.

Kind Regards,
Chris Capre
Facebook: 2ndSkiesForex

Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

  • Glenn

    Hey Chris. I had to laugh when I saw who it is that you are quoting from. I also read a book on Benjamin Franklin, a supposed auto biography. I received alot of fun chuckles from friends, and,heaven forbid, my wife, about reading this book. However, I gleemed a ton of structure and memories from this great man. This isn’t a forex type of reply – just sharing out loud!

    • Hello Glenn,

      Interesting how people were chuckling about you reading the book – then I write an article about it. Benjamin was an amazing man and will be remembered throughout our history.
      So seems like a good thing you were reading/learning from him as there is a lot we can glean from his work.

      Kind Regards,
      Chris

  • DV4

    Brilliant.

  • Baback

    Hi Chris,
    Nice articles. I think there are patterns in life that somehow relate a lot of seemingly unrelated things in life and when you start to see them you can learn from everything and I’m sure the person you quoted these sentences from is brilliant to do so.

    • Hello Baback,

      Yes, very insightful indeed. There is many things in life which can provide insight and wisdom into trading and allow us to learn from these experiences, whether they are in front of the charts or in front of the kaleidoscope of life.

      So very well said.

      Kind Regards,
      Chris

  • Mary

    I am definitely writing these 5 mantras down – was struggling as of late, but this article really picked me up.
    Thank you chris and working to join you soon

  • Kristian

    I had problems with number 4
    did not really know myself in terms of trading and what best for me
    after reading all your articles, i found a style of trading pa that works for me
    appreciate all you do for us
    Kristian W.

  • Bobbie

    Probably one of hte best forex trading articles I have read
    This site is a goldmine of free material. Can only imagine what is inside the course
    saving up money now to join

    Bobbie

  • Autumn

    I think I have issues with all 5. need to work on each one. You shed a light on this as my trading has been struggling, but getting better since reading your articles

  • Adrian

    #3 is definitely me. had been fearing mistakes and failures
    totally had the wrong mindset about this
    thank you for sharing as it give me new perspective

    Adrian

  • Lawson

    will read this over and over again.

    have been to many forex sites, but yours is truly unique stuff

  • Leola

    Did not know what a mantra was, but im now using these as benchmarks for my trading
    thank u again professor

  • James B

    Damn fine article Sir. Had to look up in google what a ‘mantra’ meant, but am writing these on my desk so they will be in my head during trading.

    James B