TAKING CUES FROM THE DIVINE SONG
“You speak like someone knowledgeable but behaves just the opposite.“
This is an observation that Krishna makes about Arjuna. All his intellectual talk vanished to thin air when Arjuna, the mighty warrior, faced the army in the battlefield. Now pause for a moment, and look inside – do we also belong to the same category where all the lessons that we learnt precipitates into thin air when we sit in front of the computer for trading? If yes, read on – read on to find out why this happens and what can be done to overcome this problem that truncates our profits.
Knowing what to do is easy
Doing what you know isn’t
There is a great difference between knowing the path and walking the path. Mere intellectual understanding of what is the right thing to do will not ensure success in your forex trading journey. Often times, it is not because of lack of knowledge of the right approach or strategy that stands in the way of making our desired profit. It rather is the inability to apply the knowledge that causes all the trouble. But why does this happen?
The answer is quite simple. We have learnt only to amass information or knowledge, but we have not put enough effort to learn how to apply the knowledge that we have learnt. We know how to gain knowledge by reading books, undergoing training, discussing with colleagues and so on.
Identify opportunities to apply knowledge gained
Whenever you learning anything new, try to identify the areas or circumstances where you can apply that knowledge. This will help you to remember to apply the lessons you have learnt when such an opportunity presents itself. Moreover, it helps you to create mock or simulated sessions to practice application of learnt knowledge.
Have a clear plan of how to apply knowledge gained
Mere resolve that you will apply what you have learnt in the next best opportunity is not enough. You should have a clear plan on how you will deviate from your current method of dealing with the opportunity and how you will apply the newly learnt method in that circumstance. This is necessary as we may lose our cool head to formulate a plan impromptu and apply the learnt knowledge when an opportunity arrives.
Don’t try to apply everything at once
One common mistake many improvement enthusiasts make is trying to apply everything they have learnt from day number one. Neither will this help improve one’s performance, nor will it help in proper application of any of the lessons learnt. Therefore, it is wiser to start with one or maximum two lessons at a time. This will ensure visible results in the shortest possible time. Once results become visible, motivation to apply the rest of the knowledge will kick in. This will pave the way to consistent success in the trading journey. In short, it is worth remembering Khalil Gibran’s quote here – a little knowledge that acts is worth infinitely more than much knowledge that is idle.
Keep a log of knowledge that is applied and not applied
This is one area that is often overlooked even by experts. Often training courses and workshops teach many things that need to be applied one after the other. One without the other may not yield result in the long-term. Therefore, it is imperative that an aspiring forex trader keep track of what all knowledge he has applied in his trading journey and what are yet to be applied. In this way, chances for him or her to gain consistency and mastery are more as opposed to a flippant approach to putting what is learnt into practice.
These four strategies that are discussed above are so powerful that it can change the way you approach stock or forex trading. These many not sound as complex and highly involved strategies, but they can create subtle shifts in the mind that can yield visible changes in results.
When these steps are taken with the commitment that it demands, then the gap between knowing and doing will narrow, helping the stock/forex trader to create meaningful change from inside out. It makes the training programs he or she attended more meaningful. It reduces the need for huge investment in undergoing training. It also increases contentment. And needless to say, all these make the trader more efficient in his trading journey.