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Daily Motivation for Discouraged Forex Traders

Turn discouragement into positive action through daily motivation

Daily motivation is one of the more effective ways to inspire discouraged forex traders. With tense emotions involved in the forex trade market, even the most persistent trader can benefit from daily motivation. As long as you allow positive change to happen, any dampened feelings can slowly change into inspiration. Feeling discouraged is a common reaction when experiencing constant losses from trades. For a forex trader, discouragement can affect self-confidence in capabilities and intended strategy. The best thing to do is to stay motivated, re-evaluate your moves and focus on your trading goals. By practicing daily motivation, you can continue to trade with positivity and enthusiasm despite any challenges. Motivation is a behaviour that is influenced by experience or mental well-being. Each forex trader is different and can be driven  by a number of ambitions. According to Abraham Maslow’s “A Theory of Human Motivation”, everyone has 5 basic needs in order to feel motivated. These include physiological, safety, belonging, esteem and self-actualisation needs. In this study, Maslow explains that any lack of these basic needs naturally motivate people towards their goal.

Motivation and Productivity

In any line of work, daily motivation inspires productivity. Quality of any output will always be affected when there is a lack of enthusiasm. The first thing to realize is that motivation has much to do with emotions and perception towards the job at hand. Even if you have a properly outlined to-do list, your level of productivity and output will be weak if you feel discouraged. To ensure productivity before a day of trading, be aware of the top causes for lack of motivation:
  1. Anxiety from fear of trading failure in the past
  2. Lack of knowledge on what it takes to be a successful forex trader
  3. Negative self-criticism and self-doubt while trading
  4. Delay of gratification from small successes
  5. Bottled up emotions of frustration and helplessness from overwhelming trading scenarios
In a fast paced work environment like forex trading, the smallest tasks can discourage an unmotivated trader. To fight any wasted efforts and avoid low productivity, make sure to take care of your emotions and find your motivation when trading.Before practicing daily motivation, check your motivation levels with Mind Tools’ How self-motivated are you? quiz.

Effective practices for daily motivation

Optimize your trading mindset and inspire better performance with effective practices for daily motivation. In forex trading, constantly motivating yourself improves personal development and enhances results. In the long run, the rewards from self-motivation will lead to quality trades and self-confidence. To overcome discouragement, test these effective practices to inspire the best attitude towards trading:

Set realistic trading goals

Setting trading goals is one of the most important practices for daily motivation. In most cases, traders set goals that are too high or beyond their current skill level. Once you implement reasonable goals, the failures or rewards from all the hard work will keep you motivated. Make sure your objectives are based on extensive research and dependable sources. Time can also be an issue for some traders - if you want to earn from forex trading, plan a reliable schedule in order to achieve your goals.What to do: Studies show that people are more likely to stay motivated if they sincerely wish to achieve a goal. If you want to be a better forex trader, encourage and enhance all your trading skills. If you want to earn more income while trading, set money-making strategies to build more growth in your career. Make sure you stay honest with yourself and your capabilities to get a good start when forex trading.

Look at the bigger picture

In a forex trading career, you must remember that every task should focus on the bigger picture. The key here is to be patient with every loss as well as every success. When you begin to look at the bigger picture in every trading session, you will create more motivation and build a goal oriented mindset everyday. Also remember that small successful trades eventually add up to better trading performance. What to do: Empowering your thoughts by looking at the bigger picture is a great way to achieve daily motivation. Value every trading experience and practice keeping your trading goals in mind with each step. For every trading session, empower yourself with the possibility of your rewards from accomplishing daily tasks. This will strengthen motivation and minimize any discouragement along the way.

Remember the positive in every failure

Discouragement often follows after failure or loss of capital from trading. According to Tradeciety, losing money in forex trading is a common occurrence. In fact, most forex traders experience losses during the first few months. Despite this, it is important to also keep in mind the great possibilities of forex trading. In an analysis of 50 forex traders by Broker Reviews, more than half of the trades on average were completed with a profit. What to do: Practice daily motivation by sticking to the opportunities instead of failure. Instead of focusing on the probability of loss, think about learning from every trading failure. See the trade as an education or experience in order to perform better. With self-motivation and positive outlook, learn from every trade, optimize your skills and get the desired results next time.

Avoid negative comparisons

Whether it is during a forex trading scenario or a personal experience, feeling discouraged can come from comparing yourself to others. Measuring what you lack or how much you are earning compared to other traders is not a healthy habit. It is also one of the fastest ways to feel unmotivated. If you concentrate on what you lack compared to other traders, you will prevent any personal growth in your career.What to do: Stay away from negative comparisons. Instead, let other forex traders’ success motivate you. Everyone has their individual skills and strategies. Rather than negatively comparing yourself to others, get inspired by the success and motivate yourself to become as good as the rest. Remember that success is the result of struggle and setbacks in the past. Be prepared to face these and get daily motivation from the people who have earned their achievements.

Practice rewarding yourself

Performing well in forex trading is already a great reward. But once in a while, treat yourself to an incentive that will motivate you to push forward and improve. All trading sessions that lead you to a successful month of good work is worth celebrating. Doing this will increase motivation and lessen any disappointment from past losses. The best way to promote daily motivation through rewards is to be creative. Make sure to match your incentive with your own interests and what makes you feel most rewarded. What to do: Give yourself rewards for every major task done successfully. Indulge in a relaxing Sunday at home or treat your family out to dinner. Do any satisfying activity that can improve your forex trading habits and enhance inner motivation. This will refresh the mind and provide more inspiration for the next goal at hand.

Best inspirational sayings

Most people find quotes and sayings to be inspirational, especially during times of self-doubt. Here are the best sayings to keep in mind when practicing daily motivation in a forex trading career:Set realistic trading goals:
“Whenever you want to achieve something, keep your eyes open, concentrate and make sure you know exactly what it is you want. No one can hit their target with their eyes closed.” - The Devil and Miss Prym by Paulo Coelho, internationally awarded novelist
Look at the bigger picture:
Never say that you can't do something, or that something seems impossible, or that something can't be done, no matter how discouraging or harrowing it may be; human beings are limited only by what we allow ourselves to be limited by: our own minds. We are each the masters of our own reality; when we become self-aware to this: absolutely anything in the world is possible.Master yourself, and become king of the world around you. Let no odds, chastisement, exile, doubt, fear, or ANY mental virii prevent you from accomplishing your dreams. Never be a victim of life; be it's conqueror.” - Mike Norton, bestselling author and American veteran
Remember the positive in every failure:
“Failure should be our teacher, not our undertaker. Failure is delay, not defeat. It is a temporary detour, not a dead end. Failure is something we can avoid only by saying nothing, doing nothing, and being nothing.” - Denis Waitley, motivational speaker, writer and consultant
Avoid negative comparisons:
“Compare yourself to the best so you have a goal of what to surpass, compare yourself to the average man so you gain confidence in your abilities, and compare yourself to where you were so you can appreciate how far you’ve come—and gauge how far you have to go to be the best and how long it will take.” - Jarod Kintz, self-published author
Practice rewarding yourself:
“If you believe in yourself and have dedication and pride - and never quit, you'll be a winner. The price of victory is high but so are the rewards.” - Paul Bryant, college football player and coach

Start making progress!

Daily motivation is a great tool to encourage forex traders. In a risky business like forex trading, daily challenges and losses often cause great discouragement. Before going through your to-do list, make sure you are motivated in order to optimize productivity and output. Through daily motivation, forex traders can refocus and get back on track with the career goal despite any setbacks. As long as you motivate yourself daily, any discouraged feeling can turn into a more positive reaction.