Learn the benefits of self-compassion and how to apply this when trading30 July, 2018 by Paula Rodriguez in Forex Lifestyle
Develop self-compassion to build a fruitful and enjoyable forex trading career. When facing struggles or setbacks, it is important for traders to always cultivate mindfulness and self-kindness. With the volatile nature of trading, self-compassion is an advantageous frame of mind to develop strong emotional wellbeing. In the long run, this conscious mindset can build better mental wellness and inspire self-confidence for success.Practicing self-compassion can help traders manage emotions and move forward from failure. Click To Tweet
What is self-compassion?
According to self-compassion advocate and co-founder of the center for Mindful Self-Compassion, Dr. Kristin Neff shares that self-compassion is the ability to confront yourself with kindness and understanding in the same way as having compassion for others. At the same time, she also expresses the importance of recognizing personal inadequacy and the experience of suffering or imperfection as part of being human.
Self-compassion means becoming more mindful of self-criticism or negative self-talk especially during stressful or disappointing circumstances. It also means fully understanding the importance of learning from failure and problem solving. In forex trading, feelings of anxiety or doubt are mostly encountered when traders do not achieve the results intended for a trade. Because of this, forex traders can really make use of self-kindness when facing hardships and moving forward from difficulties.
How does self-compassion help you in trading?
In a changeable forex market, it is essential to prepare for both wins and losses. Aside from having a reliable trading strategy, forex traders should also get ready with a stable mindset to overcome any scenario. This includes practicing self-compassion to encourage a more proactive way of thinking and strengthen a growth oriented mindset. It drives traders to not only recover from setbacks, but also take necessary actions to get back on track.
With the demands of forex trading, it is important to maintain mental wellbeing and practice self-compassion. Here are the best benefits of self-compassion when trading:
- Inspires self-confidence and self-worth even during difficulties
- Strengthens psychological wellbeing for a healthy trading career
- Encourages traders to confront shortcomings and work on the areas that need improvement
- Boosts resilience during challenging trading scenarios or disappointing trades
- Increases motivation and efficiency especially at the start of a trading career
- Improves point of view towards trading setbacks as valuable instead of threatening
- Enhances overall happiness when trading as well as life satisfaction
Ways to apply self-compassion
After a challenging trade, negativity and self-criticism can compromise overall efficiency and hinders optimization. Through self-compassion, every experience can be faced with mindfulness and confidence. Forex traders can immediately recognize oversights or errors and move forward from failure without affecting self-worth and drive.
Self-compassion is a highly beneficial mindset to help traders achieve goals for both career and personal life. When going through your forex trading journey, get to know the different things you can do to practice self-compassion and avoid negative self-criticism:
Mindfulness is key for inspiring more self-compassion during any endeavor. When applying self-compassion, mindfulness is one of the best ways to become more attentive to your emotions. It practices the ability to observe reactions or strong feelings while acknowledging and working on them. This means being aware of both negative and positive emotions and avoiding suppression of either.
In the end, being more mindful will encourage a healthy relationship with yourself and your personal abilities while reaching your trading goals. Here are tricks to help you become more mindful in every situation:
- To observe current behaviour and frame of mind, look at the present and be in the moment.
- Carry out and apply mindfulness in day-to-day tasks and routines.
- Consciously eat, sleep, work or behave more mindfully.
- Practice meditation on a frequent basis.
- Always keep your goals in mind and examine if your current state helps bring you closer to your objective.
- Schedule time to step back from work or digital distractions through time blocks or digital detox.
- Look into yoga philosophy to give both body and mind relief from stress or anxiety.
To enhance kindness and self-care, Patricia Rockman of Mindful suggests picturing your best self and describing your life in five years to bring more awareness of who you want to be.To encourage self-compassion, have a healthy relationship with your emotions through mindfulness. Click To Tweet
To attain self-compassion when trading, master and learn how to emotionally detach from difficult trades. Emotional detachment describes the ability to let go of undesirable trades and accept outcomes without affecting overall mental outlook. It is a valuable skill for traders who tend to become attached or too focused on trades that did not go as planned. This mental block may discourage traders from moving forward.
When cultivating self-compassion, emotional detachment can minimize frustration and strengthen emotional intelligence especially in a demanding trading career. To achieve self-compassion through emotional detachment, Learn the top ways to emotionally detach from any trade.
Much of self-compassion, comes from love and belief in oneself. Self-empowerment is the strength to believe in yourself and your abilities no matter what the situation is. This means being able to set goals, make good choices and recognize personal strengths and weaknesses. Being self-empowered will also help you better understand your innate abilities and reach your true potential.
In a challenging trading environment, it is natural to feel disappointed or anxious when falling short of reaching a target. Through self-empowerment, forex traders can efficiently take control of discouraging feelings and turn this into drive for improvement. In the end, personal empowerment can promote self-compassion and inner confidence needed for trading success.
Positive self-talk is one of the most effective ways to practice self-compassion especially when in the middle of a disheartening situation. Whether for personal matters or trading efforts, positive self-talk can immediately redirect focus towards growth. It can help steer traders back towards a more constructive and proactive way thinking. For long term mental wellbeing, using positive self-talk will guide and strengthen traders to apply self-compassion in every scenario.
Positive self-talk is not only about encouraging words or optimism, but also the mental recognition of your current situation and analysing methods to attain a better outcome in the future. Constant pessimism can affect the follow-through of plans, quality of future trades and the mindset of traders during “damage control”. Get to know the dangers of negative self-talk and the best ways to counter this with positive self-talk:
- Negativity can lead to traders become unproductive. Instead of finding a solution, negative self-talk may hinder or distract traders from accomplishing other tasks well and on time. A great way to remain productive is to give yourself time to properly reflect and analyse recent setbacks. This means finding ways to allow yourself to move on while being analytical about what happened. By being more constructive in your analysis, you can maintain productivity without risking negative self-talk from personal inabilities.
- Negative self-talk may undermine your personal skills and lessen self-confidence. To achieve self-compassion and avoid discouraging thoughts, it is vital to build self-sufficiency as well as intensify your strengths as a trader. Doing this will boost confidence and deprive thoughts of inadequacy.
- Aside from feelings of sadness or stress, negative self-talk can also cause limited thinking and belief. The best way to counter negative thinking is to shift your perspective towards your long term goals. This means you have to gain control of your current point of view and then envision your target goals. Though it may seem difficult now, your future goals may require you to go through your current setbacks.
Mindful self-compassion requires practice and preparation. When facing stress or threatening situations, humans naturally turn to their defenses to either fight or avoid the issue. Because of this, it is important to strategize and exercise methods of self-compassion for every situation. Much like preparations needed before entering a trade, traders can greatly benefit from mental preparations and habits that encourage self-compassion.
With the risk-reward nature of trading, it is common to feel discouraged or stressed from the demands of the forex market. To help manage feelings of anxiety and harsh self-judgement, traders should always have reliable strategies to counter negativity. To inspire the habit of self-kindness and mindfulness as a trader, get to know the Best mental preparations you need to achieve forex trading success.
Practice self-compassion for a successful trading career
To create a successful and gratifying trading career, practice self-compassion. The goal for self-compassion is to ensure mental wellness especially during hardships or losses. Similar to showing kindness and empathy for others experiencing hardship, self-compassion is the capacity to be more kind to yourself throughout all difficulties. It prevents harsh self-criticism and promotes self-kindness instead.
Self-compassion inspires a more positive and proactive outlook especially when experiencing stress or setbacks. Amidst a challenging market, it displays self-control, emotional resilience and belief in oneself to succeed. As a result of self-compassion, traders can also encourage better goal management and set more realistic expectations.
Being more compassionate to yourself also improves your reaction towards negative experiences and inspires the drive for growth. Greater Good explains that self-compassion at work does not mean shying away from challenges or shortcomings. But instead, this means acknowledging the facts and encouraging more emotional awareness for progress-driven action.