When it comes to improving your Forex game, inspiration can come from many different sources. While many traders focus exclusively on the trading screens in a bid to improve their trading ability, sometimes the big screen can offer helpful inspiration too. There are of course many obvious trading films which might be running through your mind now but, sometimes you need to look further afield. One film that has some particularly relevant lessons is Jumanji. Read on to find out what Jumanji can teach you about Forex trading.
Know Your Weaknesses
Everyone has a weakness, both in life and in their professional and personal pursuits. In Jumanji, Moose Finbar’s weakness is cake and when he spots a delicious cake in the market place, he can’t fight the urge to take a bite but then explodes and loses a life.
In Forex trading it is incredibly important to identify your weaknesses and establish ways to protect yourself from letting them bring you down. For example if you suffer from over-trading, try to limit your time spent in-front of the screens outside designated times for identifying setups and setting trades. If you find yourself prone to chasing momentum and trading emotionally, consider not trading around news spikes to avoid getting suckered by volatile markets.
Know That You Are in A Jungle
In Jumanji, the characters have to quickly adapt to the fact that they are in a jungle and as such, need to modify their behaviour. The jungle is a dangerous and volatile place where the environment is constantly changing and posing different challenges and risks.
Forex traders need to develop the proper mindset when they sit down at the screens. The market is just as volatile and dangerous as the jungle and traders need to have their wits about them. One way to help protect yourself against the dangers of the Forex jungle is to develop a solid trading plan and write down the rules of your strategy to use as a guide to help you stick to your strategy when things get wild and avoid trading emotionally.
Find a Teacher
One lesson that stands out immediately in Jumanji is the importance of finding a teacher. When the characters need to infiltrate a vehicle depot guarded by two men they come up with the idea of using one of the females in the gang to go and flirt with the guards to distract them. Martha, as the most attractive of the girls, was chosen to go and flirt. However, Martha had never flirted with a by before and didn’t know what to do so Bethany, who had experience in this area, gave Martha a training sessions and taught her everything she needed to know.
Many new Forex traders dream of conquering the Forex market on their own by learning how to trade themselves and developing their own strategy. However, most find that it really is not this simple and waste a lot of time learning useless information and jumping from strategy to strategy. The most effective way to learn how to trade forex is to find a mentor to tutor you. If you can learn from someone who has already achieved success in trading you will find it much.
The Importance of Resilience
Another key lesson that sticks out in Jumanji is that accidents will happen but you can recover from them. While on a helicopter ride, Fridge leans out of the side to be sick but as he does so his backpack opens and the jewel he was carrying falls out. While it seems like all hope is lost, the team simply fly back to the area and they eventually recover the jewel.
One of the hardest parts of trading is learning to cope with losses. New traders often struggle with the inevitable losses that occur during trading and drawdowns can be particularly difficult to endure. However, any professional trader will tell you that losses are simply part of the game and you need to learn to embrace losses as part of the process. Provided your strategy has positive risk:reward, losses will not stop you from achieving success.