Home Private: Forums Psychology Corner With Dave Celebrating Victory large and small

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  • Doug Charles

    Participant
    Post count: 4

    Hello Dave,

    I’ve got an idea and I want your feedback on it. Forex overall has a very high fail rate. When a trader, like me, wins 3 or more trades in a row, I think a victory celebration is due asap. I want to know what you do to celebrate a great day, trade or even an entire week please.
    I’ve already decided I’m gonna leave the lights on in my house for an entire day when… I win 3 trades in a row. TP must be used, I have a habit of letting trades ‘go’. What do you think? If anyone has ideas, suggestions or input please share. I’m here to learn and my journey never ends.
    Thx Doug Charles
    p.s. if you have a celebration after 1 trade, I’d like to know that too…

    David Kessler

    Moderator
    Post count: 3

    Hey Doug!

    Sorry for the late reply, what a great question! And a really good idea too…I don’t have anything in particular I do to celebrate a win (or series of wins), but I’m going to think about it and start doing that ASAP. I do sometimes talk about my wins with people – it’s great to share and receive positive feedback with others – so I guess maybe that’s a form of celebration in a way?

    What I like about the idea is that it helps to concretize and reinforce successful trading strategies, and is likely just as important as analyzing our losses. I think it’s really important to learn (or reinforce) something with each trade, win or loss, and celebrating them can definitely help with that. It’s too easy in forex to ignore things that don’t work for us, or take successes for granted, both of which can keep us stuck in unhelpful patterns in our trading.

    Thanks for bringing up this interesting idea! I’m curious to hear if others have ways they celebrate wins?

    Jennifer

    Keymaster
    Post count: 3

    Hey Guys. It is a good conversation to have. I would love to hear how others celebrate wins, too.

    When I was learning to trade, I had a mentor talk about punishment all the time, as a means of training yourself not to do stuff. After talking to hundreds of traders I know for a fact that just doesn’t work. Last year I figured out why.

    Punishing yourself to try to break your bad habits and or make you somehow stop taking bad trades is the opposite of what actually works to make you a better trader. We got into Forex because we love everything about it, not because we want to suffer. It’s private and personal and fun… it’s fast and furious and crazy how we learn to read price action… it’s got loads of potential, we can do it from anywhere… The list of reasons is endless and they have one thing in common. It feels good and it’s fun. That’s why we want to do it. That’s why we should do it.

    A better way to improve your trading is to reward yourself and celebrate and focus on your wins. Do more of that.

    An even better way to improve your trading is to be clear about what you wanted out of your trade, and then throw a freaking party when you accomplish it! Make it a small goal so it’s easy to accomplish, such as trading for only 6 pips! When getting 6 pips was your plan, or even your intention, and you did it exactly as planned, it feels good. It feels GREAT actually, so you want to do it again. The more you do it, the more sure you are about how you do it, and a positive feedback loop is born strengthening your good behavior.

    So, ya, Doug, I agree! Celebrating your win is a great idea. More specifically, celebrate the fact that you made a plan, and you accomplished it. If you like how that feels, do it again! Make plans that are easy to accomplish, so you know you can do it again tomorrow. And next week, and so on.

    One time, I had winning trade that made me so happy, I got a painting made of it.
    Cheers!

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