Advice from 16 x World Champion Phil "the Power" Taylor:

How to get the Mindset of a Winner

So what can a dart player, teach you about winning at Forex trading?

Well quiet a lot actually, let's take a look at how to improve Forex discipline and self control with lessons from “the Power” and achieve Forex success. Taylor did't throw a dart until he was 26 - now 52 he has won 16 world titles in 25 years. There is no one in darts, who has matched this consistency in fact, very few people in ANY other sport have - He is Mr. Consistency so what can you learn, from Phil Taylo, a man who has been at the top of his profession for over 25 years? Let's take a look and see how, you can get tips on his mindset and apply them, to your Forex trading strategy to make bigger profits.

Motivation and Desire

"you can't teach people to win, it's in you. You have either got it or you haven't". (Phil Taylor)

When asked what his secret of success was to say at the top for so long, Taylor replied: "Get four kids, it focuses your mind. You've got to provide for them and it's in that moment that you either win or lose."

Phil Taylor comes from a humble background in Stoke but had the desire and motivation to succeed. He believed he could be a winner and I think, this is true in Forex trading – most traders are losers from the word go. They don't have the hunger or desire to win or change their lives. In addition, rather than trying to develop their own trading strategy and skills, they follow others and lose. Just like darts, currency trading is simple to learn but learning to trade is not enough to become successful with a trading plan – you need the mental toughness, to execute it under extreme pressure.

Mental Toughness

Taylor actually offered his services to Fabio Capello the England football manager football which mean laughed at but anyone who has ever watched the English football team fall short believes its mental attitude and we see this all the time when England play the Germans – they have a more focused and disciplined mindset and Taylor is right when he says "So much of sport is that mental attitude. I would tell them what goes through my mind when it comes to lifting the title."

In terms of darts, Taylor goes out thinking he is going to win every time but how many Forex traders do this? Not many. 

Taylor's mental toughness is grounded in, his practice and education which sees him able to clear his mind, of all other inputs when he throws a dart. In terms of Forex trading, if you have got an education and you are confident, you need to rely on yourself. Your on your own and will win if, you block out your emotions and focus only on your trades – sounds easy? Its not, when other people disagree with your trade and your dealing with, a price spike against your open trading position but if you focus yourself and hold your discipline you can win.

Dedication and Never Taking Success for Granted

Taylor would spend hours throwing a golf ball up against the garden wall to improve his hand-eye coordination, as he has aged he has ditched his old darts for a new heavier set and built a gym in his house so that he could train every day, took up swimming and ensured he practised at least four hours a day, every day to keep on top.

The top Forex traders, are always trying to improve and also tend to be physically fit – I saw a documentary on trading legend Paul Tudor Jones, with a clip showing him training in the gym with the same intensity, he trades with. Another interview I saw recently was with Linda Radanske which focused on the right diet and being healthy, an important part of trading success.

Being successful involves being physically and mentally fit and also, involves taking nothing for granted. Many Forex traders lose because they take their eye off the ball. They over commit on trades and blow up their accounts, run losses and make numerous other mistakes due to being complacent and not focused. To win at Forex trading, you must never take anything for granted – never believe in sure fire trades, never run losses etc. – You always need to be playing great defence, above anything else.

In Conclusion

Phil Taylor has been at the top of his game for such a long time, that is an example to anyone - NOT just dart players. He is an example of someone who has worked hard and got his rewar and of what motivation and desire, combined with hard work can achieve. What though really stands out is - his discipline under pressure. When throwing darts, nothing else matters – he has discipline and emotional self control. You will hear it time and time again, that discipline is the real key to Forex trading success and it is but very few people, are prepared to learn, get confident and then focus with discipline.

As we have said numerous times, anyone can learn the basics of Forex trading success just like anyone can learn the basics of darts but very few people are prepared to work on getting the mindset of a pro – can you do it? Of course you can but only if you want to – it really is that simple.