Meditation Practices for Traders
Forex trading is a volatile and unpredictable market, a forex trader is constantly being exposed to such toxicity which can cause a lot of mental and physical stress. Having a quiet and stress-free mind can boost your level of concentration. When a forex trader can achieve 95% concentration and completely focus on the forex market, this is enough to boost the trader’s earnings. This can only be achieved through meditation practices by traders.
Irrespective of how volatile and chaotic the forex market is, a forex trader is expected to be disciplined and careful when it comes to market analysis and execution. A trader needs to be a rational thinker on every occasion, all trading decisions must be carried out based on data and good strategy. This is why it is extremely important to develop a calm and quiet mind when trading.
The main aim of going into forex trading is to earn income, to achieve this a trader has to learn to trade without getting swayed by emotions, it is advisable to trade without emotions, or go for trades that are not emotionally draining. A stress-free trading technique will help a trader keep calm during market hours and make good trade decisions.
DIFFERENT WAYS TO IMPROVE EMOTIONAL STABILITY IN THE FOREX MARKET
There are a lot of different ways a trader can use to ensure emotional stability during trading hours. Although there are different ways to ensure calmness and mental stability, mediation has proven to be the best bet. Meditation is one of the best methods of calming the mind and getting the brain to focus on the important things. It has been proven scientifically that meditation helps several people retire inner peace within a few minutes of practice.
As a Forex trader, your level of concentration and stress level should be balanced when dealing with money-related risks. This is because your mental health and emotional strength contribute greatly to your success in the market. A calm state of mind must be maintained to continually achieve success during trading hours.
WHAT IS MEDITATION?
Meditation is an exercise that has been in existence for several years. This form of exercise was previously done as a method that allowed people to comprehend the mystical and spiritual forces of life which have a religious significance.
Nevertheless, presently, this technique has been adopted by a lot of people as a means of stress reduction, reducing anxiety, relaxation, and having a peaceful mind. Meditation is known to stabilize the mind and body by producing a deeply relaxed state of mind.
The technique behind meditation practices is just to concentrate and focus your attention while ridding your mind of any distracting emotions that might be causing distress and pressure. By doing this your body and mind adjust to a stabilized mental and physical state.
The good thing about meditation is that it can be done by anyone and it is a simple exercise. Meditation does not need any equipment or tools, it can be done by anyone at any location and it’s not expensive. Meditation can be done at your convenience whether in the office, at home, or just taking a walk, etc.
ADVANTAGES OF MEDITATION
As stated earlier, medication is a good way of maintaining emotional stability and well-being. The benefits of meditation are enormous, and can’t be overemphasized.
Meditation not only increases your level of concentration and focus but also helps you detect early onset symptoms for any ailments or medical problems.
Let’s take a look at the various advantages of meditation in our everyday lives.
Meditation practices for Traders help in the regulation of the mind and also eradicate all unnecessary information that can contribute to pressure and anxiety, which a trader faces every day. Listed below are the ways meditation can help a trader focus.
By enhancing the trader’s tolerance and patience.
Acknowledging stress conditions and looking for ways to remediate the situation from a rational point of view.
It helps traders in stress managements
It helps traders focus on the present and not past occurrences.
It helps improve a trader’s self-awareness.
It decreases negative thoughts
The news and outcome of markets can sometimes stress a trader, the risks associated with investing and trading can cause emotional distress and increase stress levels. Meditating will help decrease your stress levels and at the same time help in navigating through tough market situations.
CURTAILING ANXIETY AND IMPROVING CONCENTRATION
Another benefit of Meditation is the reduction of Anxiety and improvement of concentration. As a trader, being anxious about the outcome of a trade is inevitable. Anxiety also comes from making mistakes and making wrong trade judgments.
Meditation helps to keep your feelings and emotions in check by decreasing inner conflict and turmoil thereby enabling you to achieve your trading goal. And, when your inner chaos and conflicts are resolved, it will enable you to come up with good trading decisions and focus on the profitability aspect of your trades.
DECREASES THE HEART RATE
The Forex is known to be volatile and unpredictable, this is why most traders are always anxious, or frantic about it. This can potentially increase the heart rate of a trader and cause panic attacks. Constant meditation prevents that from happening because the mind and body are in a relaxed state, therefore, all information is absorbed with more clarity.
Boosts your level of patience and composure
Meditation can enable a trader to be more appreciative of present conditions. It increases patience and the ability to endure. This is one of the most important factors of being a successful trader.
Meditation entails sitting in a place, and concentrating on your breathing skills, which assists in calming the mind and body as well. It helps in removing all those negative thoughts, feelings, and contorted decisions that can negatively affect your trades.
It helps in the reduction of greed and fear
The management of fear and greed is very important when it comes to maintaining a good level of emotional stability during trades. Meditation helps in maintaining a stable level of things. It helps in avoiding the impact of negative and unwanted emotions so a trader can be focused.
MEDITATION PRACTICES FOR TRADERS
There are so many types of meditations practiced by Forex traders. These practices are known to help traders relax and stabilize their emotions.
- MINDFUL MEDITATION
- TRANSCENDENTAL MEDITATION
- MANTRA MEDITATION
This meditation works by boosting the cognition and acknowledgment of living in the moment. This is synonymous with concentrating on things you are currently passing through as you meditate, to stop your thoughts from drifting.
Mindful meditation helps a trader to withstand complications in maintaining concentration. It also allows traders to improve pattern recognition, comprehensive processing, and other abilities that can allow your brain to rest, reset, and restart. That way it can provide sharp responses.
According to Mayo Clinic, mindful meditation can greatly reduce stress and also help in calming the mind. The good thing about this meditation is that it can be done at any time and anywhere. It also helps in improving your self-consciousness and recharging you, before starting your trades.
This type of meditation entails being silent. This meditation was established by Maharishi Mahesh Yogi, widely known as Maharishi. This type of meditation has been widely practiced by a lot of celebrities such as Jerry Seinfeld, David Lynch, Ellen Degeneres, and Howard Stern.
TM is founded in the ancient Vedic custom of India, this meditation practice is based on the Vedic beliefs. It is a natural method of allowing your mind to rest, become absolute quiet and calm and experience an improved state of awareness.
Transcendental meditation entails sitting in a good posture and your eyes shut for about 20 minutes at least twice a day. Preferably morning and evening. However, transcendental meditation is not based on Mantra practice, although it uses mantras to accomplish its main goal which is to transcend towards a calm and quiet star of mind.
Mantra Meditation is a top-notch meditation practice that helps in calming down an anxious mind. This method entails the repetition of the mantra that helps close off your thoughts, emotions, and the outside world. It helps to quiet your mind, and also calm your body.
This is a type of meditation that doesn’t require a trader to sit in a particular position. Qigong is pronounced as Chee-gong, and it means “energy work”. It is a historical Chinese method for training and healing, it entails deep rhythmic breathing and slow-motion walks. It is a moving meditation and helps to relax the mind.
Qigong is adopted by traders to help develop the body fuel and the movement, a slow breathing method helps the mind to become focused and energetic.
This is imagery meditation, it is the method of combining meditation with visual technology. This meditation is the awareness method that entails concentrating on a particular something like a person, event or a purpose you want to accomplish. This particular thing is held in the mind and the trader imagines it becoming a reality.
Although this method can be used single-handedly, it can also be utilized with normal meditation to organize your mind towards the results you would like to accomplish and assist to alleviate stress and calm your mind.
TIPS FOR MEDITATION
There are different methods of meditation and techniques used by traders. Although, meditation can be easily practiced personally without any help. It is advisable to join a meditation class or center for better guidance to achieve the main goal.
An everyday routine can be built by a trader. A routine that won’t be too difficult to follow, the main aim is to calm the mind and not make it more anxious. A that is needed is to allocate time for the exercise.
Below are some tips on how a Forex trader can practice meditation:
PICK A CALM LOCATION
Picking a calm location for your meditation exercise that won’t have any form of distraction will be able to fully concentrate on the meditation better. For a beginner this tip is a must because the mind can easily wander and get distracted, if you are yet to master the act of tranquility, it is advisable to choose a quiet location without any form of distraction.
Pick a place that does not have television, traffic noise, radio, and make sure your mobile phone is turned off. When you become a professional you will be able to meditate anywhere and at any time.
Meditation can be practiced in any posture or position. It doesn’t matter if you are in motion, standing, sitting, lying down, or performing any activity. The main goal is to be in a comfortable state that can allow you to meditate and calm your mind.
CONCENTRATE ON YOUR MEDITATION
This is one of the most important parts of meditation. You need to be fully focused, and concentrated. Rid your mind of any form of distractions and fully concentrate on the meditation. You can direct your attention to repeating your mantra or concentrating on an image, picture, or your breathing.
Breathing in and out helps in calming the mind and helps in focusing your attention. Listen to the rhythm of your breathing slowly and deeply. If your concentration drifts, then turn your focus back into your breathing.
Meditation is necessary for a trader’s life because a trader needs to be calm, focused, and less anxious when making trading decisions. Meditation can be done for 20 to 30 minutes every day. This procedure has been proven to work greatly in calming the anxious state of any trader.
Just pick the meditation practices that suit you and get started. It could take some time before you can become skilled in the area of meditation but don’t get disappointed if you don’t immediately begin to see results.
It is advised to fully comprehend how meditation works and the process that is required. This will help you concentrate and focus on getting good results from the process. Meditation can help you achieve success in trades because when your mind is calm and without worries, making good trade decisions becomes imminent.