Admit it or not, even the things you are passionate to do can exhaust you at a certain point. To traders, it happens all the time. Seeing the stock market crash and their investments collapse can be a waterfall of discouragement and self-doubt. Forex trading, like any other high-risk career, can also bring out the worst in any stressful day.
For you to grow in this field, you not only need to acquire technical skills but also learn how to be a good manager of yourself and a success mindset. It is vital for traders to work on their psychology and be prepared for obstacles head on. With this, here are the top 5 TED talks that will teach you ways on building your trading character.
Angela Lee Duckworth: The Key To Success? Grit
What is grit and why is it considered the key to success? In this TED talk, Angela Duckworth discussed how having perseverance and passion for long term goals, also known as grit, is one of the best characteristics to possess to achieve success. She explained that the ability to learn is not stagnant and you can be modified with your effort.
The principle behind grit is that you will persevere more when you face challenges or failures. This is very important for traders to learn because the stock market is unpredictable, thus, failing might be inevitable, especially for starters. Developing this trait will help you focus on your purpose as a trader and become motivated to push further beyond what you currently do.
Kelly Mcgonigal: How To Make Stress Your Friend
Being stressed can influence your trading performance and might lead you in making bad trading decisions. But did you know that you can make stress an asset to bring the best trader in you? Kelly McGonigal explained how stress can actually become useful to people. Research suggests that by changing the way you think about stress, you can avoid its negative effects.
She further emphasized that oxytocin, a hormone released when experiencing stress can help facilitate social connection with people. This is very helpful for forex traders as looking after the rise and fall of the stock market from day to day can make you disconnected with the outside world. Knowing this can help you welcome stress as a beneficial factor to become successful.
Chris Davenport: Taking Risks
Forex trading is all about risk taking. Foreign currency and stock exchange prices get unpredictable sometimes and all you have to do is gamble. There are instances that you will lose and it will take time for you to recover. Big-mountain skier Chris Davenport delves on how you can manage risks by using the MEAT or the Mitigate-Eliminate-Accept-Transfer Method.
Although sport and trading are different realms, there values and principles that can be both applied in the said fields. In this TED talk, Chris explains that weighing consequences against accomplishments can help you be in charge of the risks that come to you.