Trading Mindset Training: The Battle of The Brain

Most Important Skill To Build: Winning Trading Mindset
Trading Mindset

If you do not have the right trading mindset you will fail. This is the most important thing you possess as a trader. The trading mindset is something you need to start working on right now even before you learn a trading strategy. A positive trading mindset will need to be continually improved and protected throughout your life as a trader.

Definition Of Mindset:

The established set of attitudes and beliefs held by an individual.

Therefore we must have the exact set of attitudes and beliefs that will make us successful in trading.

Proof: Winning Trading Mindset is The Only Way

Successful trading is difficult and building the correct attitudes and beliefs is the way to develop the habits and skills necessary for profitable trading.

The reason is quite simple, there is always resistance to success in everything you do and trading is the same.

It doesn’t matter what field you are in there will always be a bottom 10% a top 10% and the middle group. The ones that have the best mindset will rise to the top.

Identifying the Correct Attitudes and Beliefs

Here is a short list that I have found to be essential in my development of a good forex trading mindset. This is listed in the order of importance.

  1. Commitment: I believe that you must be committed to the task set before you and that you will not quit and that you will do anything that is necessary to accomplish your goal. That includes working and developing your mindset and not just your trading skills.
  2. Persistence: Becoming a profitable trader and maintaining a winning trading mindset is not going to be easy. Be ready for ups and downs and just keep moving forward and improving despite difficult times.
  3. Self- awareness: Self examination is critical to developing a successful winning mindset. The best way I have found is to not be judgemental, critical, or emotional when I find things I do wrong but rather acknowledge it then create an action plan to build out and improve my weaknesses.
  4. Performance Metrics: Build a list of performance metrics with goals to show whether you are growing or not. Analyze the results of your goal on a regular basis. Keep yourself accountable to analyze the results. This is where persistence comes in, be persistent in analyzing your performance metrics and implementing ways to improve.
  5. Positive Attitude: A positive attitude does not deny the truth by saying everything is great no matter what. A positive attitude is where if something is wrong you remain positive and try to fix it. You say yes I had a losing week or yes I didn’t follow my rules but I am confident I will do better next time. The opposite of this is negative attitude where people will find and attach blame for thier problems and if they attach blame then they will not do the necessary steps required for self growth.
  6. Hunger: Not hunger for achievement but hunger for growth, a growth mindset will keep you on the path to continual improvement as long as I am growing as a person and as a trader I know that I will see financial improvement follow.
  7. Humility: Someone who has a winning trading mindset isn’t better than anyone else or smarter than anyone else. But understands that growing is challenging and we need to stay humble and keep learning or we will start to decline.
  8. Openness: It is so hard to share our faults especially those of us that are leading other people. If you are willing to share struggles and reach out for help then it keeps you growing. Some of our most greatest times of growth comes through some of the most painful circumstances. Everyone goes through those so we must be ready for them and share them.

Critical: The Battle is in Your Mind

Having a successful trading mindset alone will do nothing to Improve your trading results.

You must combine the right mindset and then combine it with action.

I say that because I hear people say have a positive attitude and you will be great, but that isn’t true, the truth is that the right mindset is the catalyst for growth. If you do not possess the correct attitude then you will never be able to go on your growth journey as a trader.

The attitude comes first then the actions follow, next comes results, then the cycle continues.
Mindset; Actions; Results. I call that the traders growth cycle.

That is why I am writing this post because I want you to start that growth journey so that you can achieve anything and everything you want to achieve as a trader and to grow as a person.

How can you get started Building Your Trader’s Mindset Now?

Read the list above, and start looking at yourself. And create a questionnaire and start writing it down on a piece of paper.

Ask yourself am I committed to the trading process including developing trading mindset?

Then write down everything that comes to your mind about your level of commitment.

Continue going down the list above and write out the answer for each of those questions, this is could be the beginning of self awareness for many of you reading this article.

Take your time and go deep in understanding your traders mindset.

If you are honest with yourself you should be able to find many areas that you will need to improve on. This is a great first step to developing a successful trading mindset and becoming a successful trader. There are other mindset trading psychology resources available on the internet as well as many trading psychology books that can assist if you want to gather additional studies.

Once you get this part down, then you can start working on the strategy and tactics but I truly believe that the battle is in your mind and if you can’t win that battle, why bother trying to be a successful trader.

The mindset comes first and then you will begin to work on strategies, skills and tools. However the mindset is always there and will always be something that successful traders will be working on.

Winners Edge Trading Is Here To help You Build The Winning Trading Mindset.

If you have a real desire to be successful and you want to use this community to develop a succsefful forex trading mindset please go ahead and share your results of your deep dive in the comments below.

It will be help you grow as a trader and it will also be an inspiration to others that you would be vulneraable to share on a public platform.

I will also be responding to each comment to anyone who responds becuase I want to help you with your growth. Take action today and begin working on your winning trading mindset.

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Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web. Winners Edge Trading has trained thousands of people to trade the Forex markets.

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  • Thanks Trevor, Glad to hear that you took the first step and thanks for the complement. If you need anything don’t hesitate to ask.

  • Trevor

    Hey Cassey, great topic and truly relevant. I’m 42 and just took the step of going all in,learning to trade the financial markets.I am relatively new in the trading arena but have been following you for some time now and I can honestly say that I feel fortunate to have a mentor/tutor/advisor as yourself to help. You are absolutely correct,cause I can safely say that 80% of the overcoming the obstacles out the is between you and yourself. Please keep up the great work that you doing. Trevor

  • Great post David, thanks for sharing and I believe that you will succeed.

  • You are welcome thanks for taking the time to leave a comment.

  • thien kim

    Thank you so much for this topic, Casey. I appreciated with this sentence: “The battle is in your mind”. Mindset is a main factor which effects the success, mindset control the feeling, subscribe the market,.. So building mindset is an important thing and necessary for all investors.

  • David Yearwood

    I empathize with Brad I am stuck between a rock and a very hard place. I am 65+ got a stroke at 49 went to university got a degree + in 2010 at 59. During which time I chalked up 200k in debts. I do not want to lose our property. My job does not generate sufficient funds to accelerate reducing my debt. I cannot leave my job I have no time I have to get it or else it will get me. I have been trying for 6 years to make money online. There is so much to learn and so little time. I tried Forex a few years ago plus the other shiny objects. Nadas. I have come back to Forex tried robots nothing doing. You tell me what to do. I am not giving up There MUST be a way to fit in my very busy schedule.

  • Thanks for the encouragement and sharing your story, Congratulations on your success.

  • I actually just recently wrote a post where I show you how to optimize a strategy, maybe this will be helpful to you.

  • Thanks for the comment please keep coming buy and you will find lots of good info.

  • Refilwe van der Mooi

    Thanks for sharing this with us I’m beginning in Forex trading I really needed to hear this cause it gives me hope to become successful trader

  • Jesse

    I’ve been trading for almost a year now in forex and have just recently started getting into the psychology of trading. One thing I’m now kinda struggling with is questioning if my strategy is good enough for me to stick with my strat or find something new. I think my psych is there, I’m not giving up and have a winning attitude, but since reading about the psychology of trading I’m now questioning if my strat could be profitable long term. I’ve been testing new strats out and keep jumping around but haven’t seemed to nail one down until recently. So far for the past 3 wks I’ve been making gains, but how do good traders know they have a strat to keep. I honestly just want to nail down on the strat I’m doing and stop jumping from strategy to strategy.. Thoughts?

  • Freddie

    Brad! I am 67 years old and I decided 5 years ago that I wanted to learn how to trade.
    I had a business to run, had my house foreclosed on, lost much financially and persevered and made the time to learn…today,I have reached a level of trading that surpassed my expectations and I am a happy Forex trader.
    So make that decision, commit to your decision, take action and stick to it…you will be amazed at what you can achieve; the whole process is indeed a Mindset…Goodluck.


  • I am not sure what you mean by that comment, It is relatively simple to trade one standard lot, and only risk a few hundred dollars.

  • Charlemagne Lancelot

    To have a trading bank large enough to be able to risk only .05-2% while supporting a stop loss that is large enough to cover a draw down that allows for the trade to breathe and that prevents being stop-hunted, and at the same time enables a position size of 1 standard lot for a 20pip gain, (which would not yield an amount equivalent to what one might earn at a reasonable job) would require significantly more capital than most would-be traders have (and if they did have it they probably would not be trading forex- and certainly would not be hungry enough to overcome all the obstacles you mention. Please correct me if I am mistaken..

  • Brad,

    I am not in your shoes so I cannot know what your circumstances are but I would say take a look at your life and evaluate what you want out of it.

    I believe in living the life that we want to live and not let circumstances dictate to us.

    I do a life plan every year so that I live the life I want to live.
    Check out this book.

    Make a plan for your life then determine how to accomplish the things you want.

    One other thing you can do is to trade long term price patterns or other types of investments.

    Once you determine the what then the how becomes possible.

  • Brad Phillips

    Casey, I know the reason I want a signal or point and click system is lack of time. I work/commute 12 hrs a day then have home life which leads to a minimal amount of time to study and play with the markets. So I need to grow my account to the point where I can quit. I know I need to learn the whys and what-fors of how to trade, but with no time to focus on it. It is almost impossible. Should I just give it up?

  • Challenge: Read the Trading Mindset Qualities and determine what areas you need to improve and share them in the comments.

    For me I know I need to work keeping my performance metrics on track so I can be disciplined in my trading.

    Thanks again everyone for commenting.