Having your real hard earned money on the line and your financial future on a cliff’s edge is enough to drive any strong person into a panic.
Forex traders do this every day, with each trade they enter. You are human, and all that stress will pile up and come back to bite your rear.Oops!
There are easy tried and tested ways you can deal with your stress before it gets to levels that require strapping you into a strait jacket.
- Acknowledge
Your first step in dealing with forex trading stress is to acknowledge and accept that you are under stress or at least at risk of being stressed.
Openly admitting to self that you are anxious, feeling threatened, and overwhelmed is your first sure step towards overcoming your trading stress.
Use your trading journal to note down your emotions and their effect on you. Do you get sweaty when in a precarious trading position?
Do you suffer headaches as a result? What are your thoughts, feelings, and actions? Read more on a trading journal here.
- Switch Off
Stress will most definitely lead to poor trade and poor risk decisions. You will suffer losses if your mind and emotions remain unsettled.
One way to deal with forex trading stress is to simply switch off from trading. Stop watching your price charts, switch off your signals and indicators, and avoid financial and economic news.
If your cell phone and newspapers threaten to pull your back into the market, get rid of them too. Take a deep breath, a walk, or a nap to refresh your mind away from your trades. This will make you more and better focused upon your return.
- Identify Stress Source
The only way you can address, confront, and eliminate your stress is by first finding its cause.
Once you identify the source of your trading stress then you can determine whether you have genuine cause for worry.
In many instances, simply making an objective assessment of your situation is enough to reduce or eliminate your stress.
If that does not work, then at least the assessment equips you with a better understanding of your situation so you know who to approach for help.
- Define Goals and Objectives
Frustrations and anxiety generally occur when you feel you are not achieving your goals and objectives.
By clearly defining your goals and objectives, you can get a clear picture of what to do to make sure you fulfill all you desire out of trading.
Poorly defined goals will leave you empty, unfocused, rudderless, and even confused. This will cause a buildup of unresolved tension and anxiety.
Some brokers, like a forex broker in Australia, will give you a dedicated account manager to help you in defining your trading goals.
- Use Daily Affirmations
Having a trading mantra to remind you of your goals or having a set of affirmations to recite can keep you focused and stress free.
Affirmations strengthen your belief in your abilities and make your emotional, psychological, and physical burdens bearable.
Clear and specific affirmations with achievable goals ease your mind and relieve your stress. Read more on daily affirmations here.
- Work Out Regularly
Exercise is a fantastic way to relieve all kinds of stress. Pick an exercise regimen that is not too difficult to manage and follow it.
This keeps your body in top shape, your blood and adrenalin pumping, and your mind clear.
With your body less susceptible to illness and the clarity of thought, your stress levels will be significantly lower than when you were not exercising.
- Watch Your Diet
You are what you eat, and this applies to every sector of your life. Eat healthy well balanced diets in the correct portions.
This will keep your body and mind functioning at their highest levels for longer periods of time.
Frequently replenish your energy during your trading periods by taking nutritious well-spaced snacks.
- Drink Enough Water
A well hydrated mind and body is less at risk of stress and illness. Water gives you a sharper mind, a more active body, and keener eyesight.
When well hydrated, you also tend to be more focused and your ability to multitask effectively is multiplied. In contrast, when you are thirsty you are more irritable, restless, and of course stressed.
- Meditate Regularly
Meditation is a superb way to clear your mind and get rid of piling stress. It is also a very cheap way of staying focused and can be done anywhere, even in public places.
Apart from regular meditation, you can also try out relaxing therapies, yoga, and pilates.
Have a routine that does not disrupt your trading times. Remember to engage in meditation daily so as to reap the full long term rewards and keep stress at bay.
10.Have a Trading Plan
A simple rule that every trader should live by is to plan all trades and trade your plan. Most beginners trade without any clear plan at all, while some of those who have a trading plan regularly trade against their plan.
Sticking to your plan is a sure way of maximizing big forex profits and minimizing losses. Of course when your plan is working out, then your stress levels are significantly lowered.
