Success in the Forex Market lies in Focusing on Trading instead of Making Money
Description: How to trade the forex market without laying too much emphasis on the money.
When setting out on the forex trading journey, many people see it as a quick way out of financial trouble and, in so doing, they approach the forex market with the wrong mindset. The adverts and sales pages of different forex course and indicator sellers aren’t helping matters either, as they keep painting the forex market as the fastest way to living the life most people only fantasise about. However, it is only a matter of time before the trader is dealt with the harsh truth of why it is not advisable to focus on money when getting into the forex market.
How to Take your Mind Away from Money and Focus it on Trading
- Avoid trading the forex for the sole purpose of buying properties or quitting your job
Almost every new trader falls into this trap. As soon as he gets his hands on a strategy that has been lauded as the next best thing, the mind begins to wander towards properties to buy, places to go on holidays, the expected date to quit his or her job, etc., while forgetting that not even a single trade has yet been placed using the strategy! Fantasising about what you will do with your profits even when you are not yet successful is called backward thinking. It’s like going to apply for a driver’s licence when you don’t know how to drive and don’t even have enough money to buy a car. Faith should be kept for religion alone. The only way you can live your fantasy through forex trading is by focusing on becoming a better trader and spending time working out a profitable strategy that you can stick to for the rest of your trading years.
- Ensure you have the passion to trade the forex market
If you are only in the forex market because you want to hit the jackpot, you have a better chance of success at the game tables in Vegas. To be successful in this industry, you must have a strong interest in what is going around the world, economy-wise. You should equally have the mindset to accept the challenges that come with trying to be a professional trader. When there is a genuine passion for trading, you will find yourself unconsciously putting in the shifts required to become a better trader. Most newbie traders are obsessed with looking for trading strategies instead putting their heads down to see and read about other factors that may have hampered their profitability.
- Trade only with a strategy you are comfortable with
Due to the fact that most traders are more concerned with making money off the forex market than with becoming good forex traders, they will keep using all kinds of trading strategies as long as the strategy has been ‘proven’ to make money by the seller. Most of these strategies will confuse the living daylights out of anyone, and some of them will require you to sit at the computer screen 24 hours on every trading day! Forget about systems that will make you rich and, instead, focus on strategies that will make you an all-round professional trader. After developing the strategy, stick to it and don’t dash back to Google or whatever search engine you use to look for a new strategy. The truth is, even the strategy used by specialists at Goldman Sachs and other big trading houses still lose on occasion. They are specialists because their winning trades more than take care of their losing trades, which is what every trading system must aim to achieve.
If you stick to these tips, your trading mindset will definitely change and, with time, the money will come naturally.