Master your Mind, Develop the Perfect Trading Discipline

Every successful forex trader needs a set of skills and characteristics. Some of these skills we can acquire through training while others we can only develop from constant practice, which is why a demo account comes handy.

The ability to understand the fundamentals of a currency and the ability to point the direction of the trend, for instance, are some of the key skills that online forex trading demands, but none of them is as important as developing the proper trading psychology and discipline.

What’s it About Trading Discipline That is so Important?

If you ask me, or any other sober forex trader in Kenya, they will tell you that the psychological aspect of trading is the most important and defining part of trading. Forget about a fancy trading system or a million-dollar forex trading course, if your psychological game is not intact, you are headed for doom.

A s a forex trader you will always be entering and exiting trades, sometimes on very short notice. The market will constantly force you to make snap decisions. To operate profitably in such circumstances, you will need an incredible mental game, and by extension, discipline, so that you are able to stick to your plan.

This is what we call self-discipline.

According to Mark Douglas, the author of Trading in the Zone, self-discipline is “a mental technique to redirect our focus of attention to the object of our goal or desire, when that goal or desire conflicts with some other component of our mental environment.”

In short, self-discipline is the ability to develop a mental framework that lets you stay focused and motivated in spite of challenges, losses, mistakes, and conflicts of interest. Particularly, you will need to teach yourself how to get rid of the negative feeling that is associated with losses and setbacks.

Unfortunately, this is easier said than done. When faced by the real market risk, many traders abandon their trading plans and succumb to emotional trading. Greed, fear and euphoria can get the best of you and ruin your plans.

Things would have been different if self-discipline was a trait that you were born with. Unfortunately, it is not.

Many traders find it difficult to develop steady forex trading discipline, which is why automated forex trading software has become so common. But trust me, it is possible to develop the right trading discipline. Being disciplined will help you become a more profitable trader in the long run, even if you decide to use automated trading software in the future.

Here is how you can build your trading discipline:

Developing Clear Trading Goals

Setting clear trading goals and understanding the motivation behind your trading is a good place to begin. Ask yourself, “Why do I want to trade forex? What do I want to gain and achieve from investing in the forex market?”

Sitting in front of your computer, taking trades and hoping for the best is not enough. You must have a target in mind. What are you aiming to achieve by taking that particular trade? How many pips do you hope to gain?

Many beginner forex traders get into trading because they feel it is a get-rich channel. They set unrealistic goals and pay a hefty price for that. Don’t just set a bunch of crappy goals because I told you to do so. Your goals need to be realistic. It is important that you set challenging but achievable goals to avoid frustrations that may result from not hitting your target.

Without a goal in mind, it is possible to let the discouragement of being new to trading defeat your desire to learn.

Here is something that you must keep in mind as you venture into forex trading; every endeavor that you set to undertake will always be difficult in the beginning. This hold true more in online forex trading. Chances are that you will suffer many losses. This part will be disheartening, and if you are not disciplined, chances are that you will give up trading.

Maintaining Focus on What Needs to Be Done

Setting clear and realistic goals puts you one step closer to becoming a successful and disciplined forex trader. It is easier to stay focused on your goals, but that assumes that you actually get off your ass and do what needs to be done i.e. trading. For instance, if your goal is to let profits run and cutting your losses short, you must start putting trailing stops to your trades.

On the contrary, if you did not set clear trading goals, you’ll probably waste a lot of time trying to figure out what needs to be done. In return, this makes you more susceptible to your emotions.

Keeping a Trading Journal

Keeping a trading journal is an easy way to track your past trades. It can also help you identify areas that you need to work on. I also find that a trading journal helps me avoid making impromptu trades since I hold myself accountable for every trade that I take.

After a streak of losses, many traders, I included, start to take trades that are not in their plan. By recording your trades in a journal, you will identify this behavior and work to correct it.

A trading journal is also a great way to keep yourself motivated. It is unavoidable that you will face a lot of obstacles along the way. There will be a lot of times when you will feel discouraged and ready to give up. This is where your self-discipline will be put to the test. In order to succeed, your resolve to push on must be greater than the temptation to give up.

When you have reached your trading goals, take some time to refer back to your trading journal. What were the trades that you took that led to your target. What kind of analysis led you to hit your target? Can you replicate it on your future trades?

Best Forex Trade Training Courses and Classes in Nairobi Kenya

BECOME A SUCCESSFUL FOREX TRADER IN 30 DAYS OR LESS

Let me show you the Top 10 Secrets of successful forex traders!

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Online Forex Trade Training in Kenya

So, you are looking for the best forex classes in Kenya but you don’t know where to start. Relax. We’ve all been there. Before you leave here, I’ll show you some of the factors that you must consider when choosing a forex training school in Kenya.

Some guys purport to offer training, but they are only after your wallet. Beware of such fellows. I’d recommend that you do due diligence before you sign up for any forex training course in Kenya.

How reputable is the person offering the course? How is their presence on social media? Are they full time traders or do they make their money simply from training new traders? If in doubt about a forex trainer, call me on 0710251380. Chances are that I have information about the person.

See Below For Some of the Features of Forex Training With Kenya Forex Firm

Cost of Training

Kindly note that the price of our premium forex course is Kes 30,000, and is non-negotiable. This amount must be paid upfront before training commences. Kindly note that you are required to make the payment through Mpesa number 0710251380 (registered to Patrick Mahinge)

Online or One-on-One?

Most of our students are comfortable with our interactive online training. We therefore offer most of the training online. Once you we have received your payment for the course, you will be granted a private members area from where you can access all the training material including downloadable course guidebooks, exclusively prepared video tutorials and chat with our instructors.

Special Cases

Students who are not comfortable with our online training are required to pay an extra Kes 10,000 to cater for one-on-one training within Nairobi.The student will also make arrangements for the venue of training. Students who would like to receive one-on-one training but are outside Nairobi should call us for arrangements.

If you want to successfully and profitably trade forex in Kenya, there is no doubt that you are going to need a forex teacher or coach.

Note that there are no formal forex classes in Nairobi. The lessons offered by many traders are meant to give you the knowledge and skills that you will need in order to get into the forex market. There is no certification for most of the the forex courses offered in Nairobi.

These forex lessons are offered by individuals who got into forex trading some years earlier.

It is not in my position to say who these individuals are. Nevertheless, I will show you how you can choose the best forex expert in Nairobi.

Factors to Consider When Hiring an Online Forex Coach in Nairobi

What factors should you consider when you are hiring a forex teacher in Nairobi?

If you do not do your due diligence, you might end up wasting your money on a guy who does not know anything about forex trading.

  • Reputation of the coach/forex classes

A simple Google search for forex courses in Nairobi returns about 250,000 results!

Don’t believe everything that you read. Some of these ‘forex gurus’ have scammed vulnerable Kenyans a lot of money. Before you sign up for classes with any person out there, do your due diligence. Ask them to give a list of contacts for persons they have successfully trained.

A lot of the scammer forex classes in Nairobi will promise that you will make incredible amounts of money after you sign up for their training. The more decent trainings will never promise anything but solid information on forex trading.

  • Price of the forex lessons

Since forex trading is relatively new in Kenya, the guys who offer forex classes in Nairobi tend to charge an arm and a leg for their expertise. One of the forex experts, who also happens to be my close friend, charges a good 20K for forex training.

Other forex traders in Nairobi charge anywhere between 10 and 15K. This price is however negotiable.

To keep the training fee even lower, consider using online manuals and forex blogs to learn the theory and the basics, and only hire a forex coach to show you the practical bits of trading.

  • Mode of training- one-on-one versus online training

Usually, a lot of training in Kenya is done online but if you understand the intricacies of forex trading, you will insist on a forex coach who will physically train you to trade forex.

I do not recommend online forex trade training. You need to be there to see exactly how the trader executes the trades.

During the one-on-one training, the forex advisor should take you through the different forex trading strategies as well as guide you on risk management.

  • Venue of training

Since most of the forex trade training in Kenya is done by individuals, finding a convenient venue to hold the lessons remains one of the biggest challenges for the trainers as well as for the trainees?

Are you willing to go to the trainer’s residence for the training? Or would you like the trainer to come to your place?

Before you allow to hold the classes in a private residence, make sure that your trainer is of reputable morals.

Generally, when I am offering classes for the first few times, I prefer meeting my students in a public place such as a restaurant. To learn more about my forex training course, contact me on 0710251380.

Alternative Ways of Learning Forex Trading in Nairobi

If you don’t have the cash to invest in forex trade training, you can use other methods to learn the trade.

I personally learned what I know by investing in books that teach forex trading and watching YouTube Videos.

Learning to trade forex is also an ongoing experience. The learning never stops. After you have learned the much that you will learn from your trainer, you need to keep yourself adept by visiting blogs that are dedicated to teaching forex trade analysis and strategies.

One of the other best ways to learn forex is by using a forex broker’s website. Many brokers have a lot of invaluable training materials on their websites. Such is the case with the forex broker that I use, XM Global.

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Once you have identified a broker who you think will accommodate your trading preferences, spend some time on their website looking at the training materials that they have to offer.

Although these alternative ways of learning forex do not come anywhere close to attending a live forex class in Nairobi, they are a good place to start when you do not have a lot of money to invest on one-on-one training.