Are You Sabotaging Your Own Forex Dreams?

#OPINIONLEADER#

Do you think that your Forex trading is suffering from self-sabotage? You may be surprised to learn that an alarming number of traders, especially novices, suffer from this condition. If you have not taken the time to develop your trading psychology so that you can trade with the discipline and consistency that is required for success, then you could well be your own worst enemy.

You will find that self-sabotage can adversely affect your Forex trading in a number of ways such as the following:-

1.   You know you must place stop-losses for every position that you open in order to protect your account, but you do not.

2.   When you are already aware of the golden trading rules for Forex success, but you cannot be bothered to use them.

3.   You have been advised to carefully design and test your trading strategy, but you do not. You just go on trading mindlessly instead.

4.   Experts have advised you to treat your Forex trading like a business and produce a business plan. However, you cannot be bothered because this task will involve you in too much work.

These are just a few examples of this condition. You must understand that the central causes for self-sabotage emulate from your own internal conflicts and emotions that are out of control and counter your best interests.

As such, you will discover that you are simply repeating the same mistakes time and again. If you do not develop the ability to be brutally honest with yourself, then you will not be able to enter your own head and sort out your beliefs. Instead, you will do what many traders do and just stick your head in the sand playing mindless games with the numerous Forex toys on the market.

You need a plan that will enable you to trade Forex using a consistent set of rules. If you do not have any rules at all, then everything you do will simply be mistakes. For example, your rules may advise you to always trade by risking not more than 2% of your total balance per trade. However, you decide not to do this and risk 10%.

If you do this once, then you could pass it off as a simple mistake. However, if you do this action more than three times in a row, then this is self-sabotage. In addition, if you perform such a stupid series of actions, then you will also find that you will have hardly any account left.

If you want to achieve Forex success, then you will have to strive hard to extract yourself from this very negative mindset. You will probably require some time to perform this action because Forex is such a complex subject. However, you must always remember that other professionals such as doctors and lawyers require many years to perfect their craft. If you do not take the required steps, then you are, instead, just gambling on Forex