Why should you be your own competitor in trading

Well, competition is an exciting topic. There are people who like to compete with one another. Actually, having a competitor is a good factor. If you have a competitor you would try to perform way better than him. You would look for a better method. You would look for a better plan. Likewise, you would always be looking for something better to do. Your main aim would be to become a better trader than the competitor. What if you don't have a competitor? You wouldn't mind being in the same place. You wouldn't think of anything better. You wouldn't even worry about your position in trading. You would be trading at the same speed as you started the journey. So, this is not good for a trader. If you want to become like the traders in the UK you should have the ability to compete with yourself. Unlike in ordinary jobs, you are not going to provide an appraisal sheet. Or you are not going to see someone who is being appreciated by the boss. You are not going to see the way he's being promoted to better ranks. So, you wouldn't see any of these if trading is your career. So, here are some reasons to be competitive.

The Forex traders are always at risk. They never know when they will have to face losing trades. But this doesn’t mean they are not able to lead their dream life based on currency trading profession. If you do some research you will find many successful traders making tons of money just by trading the live assets. So if you want to establish your career in the retail trading industry you must work hard and learn from your mistakes. Never let your emotions to take control of you as it will ruin your career. Try to be an optimistic trader to save your investment.

You would produce better results

As we said above, in a world of online trading you wouldn't get to enjoy the competition between one another. You wouldn't witness those things that you witness in ordinary jobs. So, basically, the outcome is you wouldn't perform better than anyone! So, what should you do? Should you find a better trading platform? Or is it the trading plan? Well, it is nothing else than you! You should work hard to become your own competitor. The moment you become your competitor you would try to work better than before. Actually, in the beginning, this can be really hard for anyone but with time it would be easy. You just have to look at yourself as a competitor. If you have entered into a certain amount of trades today you should intend to increase that amount. If you want to become your own competitor you should have self-discipline. Without the self-discipline, you cannot even dream of competing with yourself.

You would improve your performance

Once you intend to become a competitor for your own self, the way you perform will change. You would try your best to reach the next best level. It can be hard if you don't know any particular methods to compete with yourself. For example, you can create a list of things that you should do today in trading. And then, for the next day also you should prepare something like we mentioned but the next list should have some difference. At least, you should include something that you must study about trading. So, likewise, find your own way.

You would learn to be consistent

When there is a final tournament or competition, we would work really hard to win it. We wouldn't mind staying up late night or skipping meals because our intention is to win. Our intention is to prove ourselves in front of the competitor. Similarly, you should be consistent until you prove yourself. But we don't recommend skipping meals and sacrificing your sleep.

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Tags: Forex, Trading

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