Why traders struggle to overcome the gambling mindset
If you are in the trading world, you would face both traders and gamblers. Actually, the Forex market is highly beneficial to any individual but most in individuals fail to remain in the market. Why does it happen? Why don’t they remain in the market? What is the major reason? To be said simply, they are gambling the market instead of trading. Why do traders gamble? What makes them gamble? As naïve traders, you should look at the successful traders i.e. Singaporean traders. What differences do you see in Singaporean traders? What makes them successful? How did they change their gambling mindset? If you want to find answers you should keep reading this article.
We will be detailing the reason to become a gambler. Most of the time, naïve traders are not disciplined from the time they enter the market. They enter the market with the intention that doesn’t suit a trader. A trader should think about being productive as much as possible. Once they make their mind to accept the fact of being productive, it will not run after money. When a trader runs after money, he tends to forget all the other important factors like having a plan, strategy and so on. The major reason why naïve traders get the gambler’s mindset is due to the fake ads and all the other fake marketing about Forex. Their mind is changed in a way to think that Forex is a money-making machine. Now is the right time to change your mindset.
You have to start taking the loss
Unless you know how to embrace losing trades, you are never going to become a professional trader. Most traders execute trades at the perfect point but they make mistakes in finding the perfect exit point. They simply hold on to their losing position for a long period of time and make things worse. On the contrary, when it comes to profitable trades, they are closing it very early in the market. You have to let the winners run and cut the losers at the right time. If you can learn this art, trading will become a very easy job for you.
They are not discipline
A naïve trader is not disciplined because he enters the market with the mindset of earning. The mindset of earning is good but ONLY earning isn’t good. On the other hand, if you look at a professional trader his mindset would be to become a successful trader at the end of the journey. In order to fulfill his dreams, he should work on most of the factors like the trading plan, trading platform, trading technique, trading journal, and strategy. In order to focus on these factors, the professional trader should be able to be disciplined in trading. So the naïve traders’ mistake is being indiscipline in trading. As naïve traders, you should change this behavior and then, you can get rid of the gambling mindset.
They are not humble
You would be questioning back, is being humble with the market that important despite market is a non-living thing? Absolutely, you are right, it is a non-living thing. If you try to be arrogant with the market you will be kicked out or you will end up as a gambler. If you don’t want to end up as a gambler you should be humble. When a trader is arrogant he tries to trade the market without a limit, so he ends up being a gambler as well as a loser.
They are not skilled
You wouldn’t be skilled at first, but with time you will absorb all the skills needed for a successful trading journey. If you look the traders who have the gambler’s mindset, he wouldn’t think about skills and methods, rather he will just trade. He will aim trades without specific techniques or methods. You should increase your skills in trading to overcome the gambling mindset.