Meditation & Forex: forex Mentorpro member Senaka sent in this “how to prepare yourself mentally for trading” tip. I have my own routine that I follow. I don’t drink more than one glass of wine or beer the night before I trade. Think of the old pilots adage “8 hours between throttle & bottle.” I also make sure I get a good 7 hours sleep.
If I do not feel 100% then I walk away. I lock myself in my basement office. Phones turned off. Kids & dog turned off “Your dads trading don’t you dare make a noise….”. etc. Banish my mother in law to Alaska (sorry that was me day dreaming)
I know other traders who swear by meditation & I did once buy a tape that someone recommended, but its gathering dust somewhere. It wasn’t my style but hey if it works for you or you think it might, then give it a try. What I do know is that its important you prepare yourself to be “in the zone”. Athletes stretch & meditate & foucs before starting to compete. I never dive straight into trades.
I have a look at my favoured pairs on multiple time frames. If I have missed the entry then I leave it alone. If I dive straight in you can guarantee it will lose.
Maybe you have a similar or different routine? Let everybody know, either by writing to me or posting in the forum.
Here is Senakas’ preferred way of preparing to trade.
I have been trying to master FOREX for some years now on a part-time basis. I never felt confident in taking trades as I never had a proven strategy. Watching Marc, Dean, and Pierre, I begin to feel that there is a light at the end of the tunnel.
I think over trading is a big problem for most of us. Planning the trade and trading the plan is the way to go. If you watch Marc’s videos over a period of time, I think you will learn to formulate your own trading plan.
There is so much information out there on forex which I think will clutter your mind and also distract you. Whenever, some strangers try to sell new products on forex, I will just ignore them.
Patience and Discipline are key to consistent success in forex. To that end I think meditation will help.
I have been meditating consistently for 10 minutes almost every day for the last two months. My awareness of the present time is much focused. After all, if I am fully aware of myself, I can control stimuli and conditions that make me lose temper, patience, etc.
In meditation, I take deep breaths counting from 1 to 5 and then go from 1 to 6 adding 1 each time up to 1 to 10. Then again I go back to counting 1 to 5. After some time, I will increase meditation sessions to half an hour. Most important thing in meditation is to relax and not rush through.
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