How Much Do You Know About Yourself As a Forex Trader?

You are visiting this page probably because you like to become a good forex trader. If you are already a good forex trader then skip this page because you have already known yourself!Did you know that you have to know yourself if you really like to become a good forex trader? Yes; it is true because a forex trader has to be able to control his emotions. Do you know what kind of emotions we have? We have five main emotions that our behaviors, decisions and actions can be influenced by them: Pride, Greed, Fear, Ignorance and Desire.

Two of these emotions are more important than the others in forex trading but these two emotions also become affected by the other emotions. For example the reason we want to learn and trade forex is based on Desire and when you like to become wealthy you are somehow feeding your Pride not just your greed.

Believe it or not! If you don’t learn to know yourself and become the master of your emotions you will never become a good trader even if you hold ten PhDs in economics, politics, mathematics, computer and … . Trading is different than these things. I don’t want to ask you to go and sign up for a Yoga or meditation class (although I believe it would be great if you could that) or go to one of the temples in Tibet and become a monk and then come back and start trading forex. What I am trying to say is that you should know yourself and your emotions in order to become able to control them. People are different from each other. You can have more fear than your friend and your friend can have more greed than you.

So start knowing yourself basically by asking some questions and analyzing your behavior and reactions:

1. Are you an emotional person in general?
2. Do you get angry or scared so easily?
3. Do you get upset so easily?
4. Do you work long hours to make more money but you don’t enjoy the money you make?
5. Do you fall in love so easily and frequently?
6. Is it hard for you to give something for charity?
7. Is it hard for you to forgive someone who has made you upset?
8. Do you always try to keep everybody happy and satisfied?
9. Do you exaggerate when you describe something like a movie or an event?
10. Do you consider the problems much bigger than they really are?
11. Do you like to talk a lot but listening to the others is not easy and pleasant for you?
12. Do you always try to be the first and the best in everything?
13. Do you hate anybody who is better than you?
14. Do you get upset when someone who is younger tries to teach you something?
15. Do you like to buy and keep books that you don’t really read?
16. Is it hard for you to admit that somebody knows more than you?
17. Do you try to answer any question that you are asked and it is hard for you to say “I don’t know”?
18. Do you like to learn from your own mistakes or you prefer to learn from the others’ experiences?
19. Are you sometimes so happy and sometimes so sad without any special reason?
20. Do you believe that you are always right and only the others make mistakes?

Ask the above questions from yourself and try to answer them properly. You are the best to judge about yourself. Don’t ask the others to answer the questions for you. You know the answers if you think.

Again believe it or not! I wish I had enough time and patience to explain how any of the above 20 problems affects forex trading but if you answered yes to any of the above questions, you will not be a good forex trader and you will make a lot of mistakes. But it is easy to resolve these problems. You just need to find and know them and then control them. In order to achieve anything which is more psychological based we need to solve the above problems first.

I read all of the Carlos Castaneda’s books about “Don Juan” and his trainings. In one of the books it is written that one day Carlos asks Don Juan that if he got upset when Carlos did this and that … and Don Juan started laughing to death. After several minutes when he stopped laughing he said: “Someone becomes upset about the others behaviors and talks that those behaviors and talks are important to him. Nobody’s behaviors and talks are important to me.”

Among all the strange and amazing things that I read about Don Juan in Carlos Castaneda’s books, the above sentence looked more interesting to me. How does someone become able to reach to that level? But Don Juan could never become “Don Juan” if he couldn’t achieve this. And so all the other great people that we know like Buddha, Gandhi, Jesus and Mohammad (PBUH).

We want to become good forex traders not saints but we still need to resolve the mental and emotional problems that those who want to become saints have to resolve too. How? It is not that hard if we find and know those problems. It is impossible if we don’t know them.

Watch the below video and see how Buddha achieved enlightenment only when he succeeded to defeat his Pride, Greed, Fear, Ignorance and Desire after several years of struggling and trial. If you really like to know the full story you have to watch “Little Buddha” by Bernardo Bertolucci and see how emotions and illusions can prevent us from achieving our goals.

Further Reading: Before leaving our website, please take a look at the other articles we have published.

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