FOREX BLOG – SEVERAL WAYS TO OVERCOME A TRADING BURNOUT:
Forex trading may seem like an easy job to outsiders. To them, all a Forex trader does is sit in front of a computer, read a bunch of news articles, put up some lines on a chart, and then money will magically appear. But every trader will tell you that is not the case. Every single time a trader goes on his trading platform, he knows that he will be exposed to a variety of stressful situations. This makes Forex traders very susceptible to what I call “mental burnout.” This pertains to the collapse of the mind due to overwork or stress. Read more about this topic below in our frequently updated forex blog.
Mental burnout can be triggered by many factors like over trading, extreme market conditions, unrealistic expectations, and of course, losses. Mental burnout is indeed a terrible thing as it interferes greatly with trading performance. If you want to find out whether you are undergoing or about to undergo a mental burnout, then keep on reading. The first thing you must understand about mental burnout is that, typically, there is not one single event that can trigger it. It is a gradual process that happens over a long period of time. Burnout is also very broad, as it doesn’t only affect one part of your life. It can manifest itself in school, at work, in your relationships and sometimes even affect the burnout victim physically. Burnout can sneak up on you without notice, so it’s very important to pay attention to the early warning signs. Below are a few questions for you to ask yourself to see if you are about to burn out or are already experiencing burn out. The more times you answer “Yes”, the more likely you are to experience burnout:
- Are you beginning to question why you should care about your trade rules?
- Even with proper diet and fitness habits, are you having frequent migraines, muscle aches, and sickness?
- Do you feel self-doubt?
- Do you feel helpless, trapped and unmotivated?
- Do you hold off in closing a losing trade even though you know it’s already doomed?
- Have you started to eat more, take drugs or consume more alcohol than usual?
- Do you feel angry towards others for the smallest reasons?
If you feel that these warning signs apply to you, here are some tips from this forex blog that might help you recover from a trading burnout.
1: TAKE A STEP BACK:
When you are feeling more stressed about your trading fx than usual, you run the risk of making things worse if you force yourself to trade more and work harder. Taking a moment to unwind could help you clear your mind and make it easier for you to focus later on.
2: ASK FOR HELP:
More often than not, trying to overcome a burnout on your own can result in twice the pressure you already feel. In this case, there is nothing wrong with consulting a friend or even a psychological counsellor. After all, it’s possible that burnout might be a result of a different concern other than trading and it is best to isolate which problem you really need to work on.
3: TAKE CONTROL:
One of the major causes of burnout is the perceived loss of control over a situation, which is something that traders could be prone to given the market’s dynamic nature. When you feel this kind of anxiety when trading, try to regain control by setting simpler goals. These can be in the form of managing your time wisely, updating you trade journal regularly, or developing a trading plan and sticking to it.
4: REMEMBER THE WARNING SIGNS OF BURNOUT:
Simply go through the list of questions above and make sure to take it easy with your trading when you answer “Yes” more than a couple of times. Also take note of the usual factors that trigger a burnout for you and try to work your way around those problems.
5: RECALL THE FEELING YOU HAD WHEN YOU FIRST STARTED TRADING:
Do you remember that light bulb moment when you first understood how fundamental and technical analysis made sense? Did you fell giddy when you placed your very first trade? Use that excitement you felt when you first started trading to renew your enthusiasm for the craft. This way, you will be able to focus more on the positive aspects and less on the stressful ones.
6: FIND A TRADING BUDDY or BOUNCE IDEAS OFF A CLOSE FRIEND:
Instead of holding hands and cursing the Forex market, share your trading thoughts with your buddy instead. He might be able to help you determine your common mistakes and correct them, allowing you to avoid stress from these problems down the line.If you do not have a trading buddy, use your closest friend to talk to, sometimes this will reason matters out. Read this forex blog again if you forget any of the rules.
7: TRY AND SPOIL YOURSELF:
By this I don’t exactly mean having a relaxing massage or getting your nails done. We all have our own ways of unwinding –be it through a beach vacation or a few rounds of golf –it is important to know what works for you and then do it. As much as I know you love trading, make sure you also do something else that you enjoy on a regular basis to avoid burnout. Read more in this forex blog at Platinum Trading Academy blogs to improve your knowledge further on how to cope with the stress and strategies of the forex market.
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The information you’ll find in this article is for educational purpose only. We make no promise or guarantee of income or earnings. You have to do some work, use your best judgement and perform due diligence before using the information in this article. Your success is still up to you. Nothing in this article is intended to be professional, legal, financial and/or accounting advice. Always seek competent advice from professionals in these matters. If you break the city or other local laws, we will not be held liable for any damages you incur.