IG Morning Markets

If you are having trading fatigue and are looking for ideas to stay inspired and trade financial markets with confidence, you’re tuned in to the right station! So how do you find inspiration? One easy way to look up to your trading heroes. If you don’t already have trading heroes in mind, seek traders you relate with and who you can emulate, in terms of their methods, but more importantly, their mindsets.

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When it comes to trading outcomes, especially when things go south, we often try to identify the cause and more often than not, attribute blame. This is perhaps one of the most difficult lessons to learn in your trading life. If you do not take responsibility for your own actions, then your trading ability will probably never improve.

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Before you can triumph, you have to try. But what motivates you to try in the first place? Inspiration can be elusive, but good traders know not to just sit back and wait for inspiration to come along. Rather, they go looking for it – and once they find it, they nurture it. But what is inspiration exactly, and can it help your trading?

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We’ve talked previously about how positive affirmations can make you a better trader. But what’s the catch? Is there some fine print somewhere? Keep in mind that this is one of the areas that responds to consistency. Research suggests that affirmations are the most relevant and effective if you use them before you end up in real trouble. 

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We’ve talked about the power of positive affirmations - where believing in your capabilities and goals helps you achieve them. Here’s an example of how you can make your positive statements even more effective with just a few alterations. 

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Self-belief sets the professionals apart in every endeavour. If you weren’t lucky enough to be born with a high belief in your own abilities, there are still ways that you can cultivate this enviable quality. One of the ways is using affirmations, which can guide you toward your goals.

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One thing professional athletes and good traders have in common is understanding the value of a solid recovery plan. Looking after both your physical and mental health is important for handling the booms and busts. For effective recovery, you should tap the power of positivity.

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Rationality in trading is the ability to make choices that will result in the best possible outcome given the information available. Rational decisions aim to maximise an advantage, while minimising any losses. Although rationality is all about seeking the optimal outcome, studies have been quick to point out that this doesn't always mean making money – a rational decision can involve minimising losses and even accepting a loss.

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Every trader requires a certain level of confidence so that they can identify and act on opportunities, as well as bounce back after a losing streak. IG's survey found that investors and traders had higher levels of confidence when it comes to financial decision-making than non-investors. But there is a difference between confidence and over-confidence, which is an unrealistic view of one's abilities.  

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In trading, like in life, your personality can be a driver of what you do and how you do it. One big area that affects how traders make certain decisions is their decisiveness. This is the ability to identify opportunities and act efficiently – it includes making decisions about when to enter and exit trades, assimilating new information into a plan and learning from mistakes.

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