In this episode of Truth About FX, Walter gives points on taking down barriers that hinders you from becoming a successful trader. He suggests some handy tools on how to take down these psychological walls, the importance of identifying your beliefs, and how your perception of others can affect your decisions.

Download (Duration: 07:05 / 8.11 MB)

In This Episode:

00:55 -a “male thing”

01:32 – the best advice

02:34 – barriers to overcome

03:09 – the gold standard

04:43 – what drives our actions

05:44 – biggest help for trading

06:41 – bubbling up

Tweetables:

What are the barriers that are stopping you? [Click To Tweet].

Watch other people and pay attention to what you say.  [Click To Tweet].

The drivers for our actions are our subconscious beliefs. [Click To Tweet].

Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.

Hugh: Hi, Walter! Here is another question for you. I’ve come to realize that I need to work on my mindset more than my trading method. Where do you recommend I start?

Walter: This is a tough one. First of all, most traders have something along this line. Most traders are dealing with something like this and so, there’s two ways to approach it. One is to just say “I need to find out what is going on and I need to fix it” which is like typically a male thing.

Something is wrong with the car, I will figure it out, fix it. Something is wrong with the clock, I will fix it. That sort of thing.

The other way is to say “You know what? Does not really matter what’s wrong, I am just going to replace the underlying beliefs that are restricting me from, that are holding me back. These barriers to success, I am just going to overwrite those subconscious thoughts with something more profitable and more positive”.

So, there is really two ways to approach it. If you are one of those people that feels like you just have to know what is going on, then there’s a lot of things that you can do. The best advice I ever received going through school — and I went three degrees in psychology all the way up to PhD.

The best advice I had was this professor who said “You want to know, you want to do some free therapy. You want to do something that’s like it’s going to tell you sort of what is going on in your head? This is what you do: you sit down on a bench in a public spot — you can do this at the mall — sit down in a mall and you just watch the people walking by and listen to what you say to yourself. ‘He’s an idiot’, ‘she’s too fat’,  or  ‘what a jerk’”.

You know what I mean? And so, what was happening is you are projecting the things that you do not like about yourself onto other people. Pay particular attention to what you say when you see someone who is clearly wealthy. What’s happening is you are going to project what you think about wealthy people onto those people walking by.

That helps you to see what are your barriers to overcome.