Advanced Forex Blog

Top Meditation Practices for Forex Traders

October 19, 2022 | 4:56 pm | Advanced Forex Blog
October 19, 2022 | 4:56 pm
Advanced Forex Blog
Top Meditation Practices for Forex Traders

Meditation for traders

Everyone who is into forex trading is looking for ways to be successful. The drive to do more and make more profit pushes you to explore different avenues. It’s no surprise that many traders opt for mindfulness and meditation practices. Many people dismiss this as they see it as unnecessary. They either think it signifies weakness or they can do whatever they want through sheer willpower. Thankfully, regardless of what people think, mindfulness and meditation for traders have proven effective. 

Many of us don’t know how to compartmentalize ourselves and our emotions for several hours. You may have experienced it too. It might be indecision in the heat of the moment, or you’re questioning a trade or a decision you made. Incorporating meditation practices as a forex trader can make all the difference.

 

Meditation practices you should try out

There are several types of meditation practices.

  1. Basic trading meditation

    Anyone can do a simple form of meditation. This is the basic meditation for traders. You’ll see the difference if you’re consistent in doing this for 5 days.

    • Sit in a comfortable place with your back straightened out. It can be on the floor, against the wall, or chair.
    • Breathe deeply and steadily through your nose alone and with your eyes closed. Using your mouth to breathe can activate a flight reaction, such as when you’re running from danger.
    • Concentrate on your breath without thinking about any other thing. You can count up to five in your head as you inhale and exhale each time to make your breathing even. You can try and imagine that there’s an empty white movie screen standing in your front. This will ensure you’re relaxed and your thought is out of your mind.
    • Do this for only 5 minutes. You can use a timer with a gentle alert tone to notify you.
    • Before opening your eyes, take the last deep breath in while visualizing yourself in a calm and collected state. Exhale slowly before standing up and going about your day.
  1. Transcendental meditation

    This is another popular type of meditation that you have probably heard of. The simplicity of this meditation and the fact that it isn’t tied to a lifestyle or religion are some of the reasons why it has become so popular. It’s also very simple to practice.

  2. Qi Gong

    This meditation practice is a good alternative for people that don’t like sitting still. It’s different from the conventional kind of meditation, but it also provides similar benefits. The main idea behind this meditation practice is that you’re cultivating and redistributing the energy in your body. You have to move and breathe in a way that you’re more centered.

 

Why do you need meditation practice?

There are several reasons why you should practice meditation as a forex trader:

You need the skill to focus

Every professional athlete spends several hours daily training and improving their skills. They work on the same moves repeatedly until it becomes automatic. This embeds the movement into their memory and makes it a part of them. This is the same with focusing. It’s a skill that you be honed. Humans focus on interpreting information as it comes in and filtering out the irrelevant ones. Brain mapping shows that focusing works similarly to muscles in the body. While practicing focusing, the pathways and neurochemistry align for the process to be faster and more effective. The best technique to help you achieve this is meditation. 

Improved decision making 

As a forex trader, it’s easy to start trading and forget time. You get so engrossed in the act that you lose track of time and lose yourself completely. You’re only focusing on the prices and other actions. This is why professional traders who are also into meditation propose holistic trading. This encompasses your lifestyle and trading. These pieces work together whether you’re trading or not. 

If you take a few minutes of your time for meditation, you’ll enjoy a world of benefits. Apart from your stress levels reducing, you’ll see that your decision-making ability improves over a while. 

Mindfulness in trading 

Finding ways to add meditation to your daily routine without it becoming a burden is important. You must find time to meditate daily, whether before you start trading or after you’re done for the day. It doesn’t have to go beyond five minutes daily. Make sure you get yourself in a comfortable position and remove every distraction from you as much as possible. Shut your eyes, focus on your breathing, pause a bit, and then breathe out. Focus on the pauses in-between your inhalation and exhalation.  

Afterward, you should have some options left. The first one is body scanning. Start by thinking about your different parts, from your head to your toe. Think about these body parts without trying to force anyone of them to relax. They’ll relax by themselves. 

Another technique is visualization. Imagine a scenario where everything is peaceful. Then imagine yourself being in that scenario. Consider what it sounds like, feels like, and smells like. 

You can use any of these practices and see that your mind starts to wander. You only have to focus on your mind while it wanders away and gently guides it to yourself while focusing on your breath. This action itself is the practice. 

You can get guided meditation online or use apps that can help you. There’s no specific length of time for you to meditate, and there’s no right or wrong way to do it. You can try out meditation along with your forex trading. You’ll see that it’s very beneficial and will help improve your overall decision-making in a short while.

 

Conclusion

Meditation practice is important for you as a forex trader, and it has several benefits that you can enjoy. Try out some of these practices and see how much it helps improve your date. 

 

Author Bio

Charlie Svensson is a fast, engaging freelance writer who produced content for Superiorpapers. He’s skilled in content writing and blogging. The favorite topics of his posts are education, social media, marketing, SEO, motivation blogging, and self-growth. Excellent adaptability of skills to reach diverse audiences. 

 

👉 If you want to receive an invitation to our live webinars, trading ideas, trading strategy, and high-quality forex articles, sign up for our Newsletter.

👉 Click here to check our funding programs.

👉 Don’t miss our Forex Trading Ideas

 

Follow us: 👉YouTube 👉 Linkedin 👉 Instagram  👉 Twitter  👉 TradingView

Share:

WE FUND FOREX TRADERS!

The5%ers let you trade the company’s capital, You get to take 50% of the profit, we cover the losses. Get your trading evaluated and become a Forex funded account trader.

Get Your Forex Funded Trading Account

Your message is underway!

You will be hearing from us shortly