EXPECTATIONS TOWARDS FOREX TRADING
Top of the day to you all forex faithfuls. Today, we will be talking about our motives for trading forex; as well our ratio of trading expectations to trading rewards. It's not rocket science that people who invest in any kind of business would want to earn returns on their investments. Forex trading is an investment and a business which mustn't be taken likely or as a betting game. In forex trading, all of us have expectations but what we should be focusing on is how realistic it is to trading. So many traders don't do well or are blowing out their account because they have unrealistic goals and as such when things don't go their way, they say that forex trading is a gamble or that it is not real. Well ,like it or not ,some people including myself are doing well in this business because we know how to approach a forex trading as an investment; just the same way we approach any investment in which hard earned money is used.
Now to get down to the point, as a trader who intends to profit from trades, you have to set realistically goals for yourself. If you are in the business for the money, chances are that you won't go very far in this great journey . First of all love what you do; love the art of trading. Everything about forex trading has to mean a lot to you . I have met many successful people, and the one thing that they have in common is that they love what they do. Many have told me they can’t believe that they actually get paid for doing what they do. They have so much fun they feel guilty taking money for doing it. Many successful people will tell you that they would do what they do even if they weren’t paid at all.
Now to get down to the point, as a trader who intends to profit from trades, you have to set realistically goals for yourself. If you are in the business for the money, chances are that you won't go very far in this great journey . First of all love what you do; love the art of trading. Everything about forex trading has to mean a lot to you . I have met many successful people, and the one thing that they have in common is that they love what they do. Many have told me they can’t believe that they actually get paid for doing what they do. They have so much fun they feel guilty taking money for doing it. Many successful people will tell you that they would do what they do even if they weren’t paid at all.
SUCCESSFUL PEOPLE DON’T WORK FOR THE MONEY
Work hard and love what you are doing and the money will follow. Successful
people work first and count the money later. Sometimes they don’t ever count it,
and some don’t even know (or care) how much they have. They just know that
they have enough to allow them to continue what they are doing; working hard
and having fun.
LOVE TRADING FOR ITS OWN SAKE
LOVE TRADING FOR ITS OWN SAKE
I know that many individuals want to trade because they think that they can make
a lot of money easily and quickly. Because of the low start-up costs for trading as
compared to other businesses, they think that trading should be the easy road to
riches. Their goal is to make a lot of money fast. These are the people who come
to seminars and want an indicator that will guarantee profits. They don’t want to
learn the ins and outs of the business; they want the magic indicator that will get
them the money they desire. They are doomed to failure.
I remember a guy named John walking into a seminar I was about to teach. He threw up his hands and said, “Ah, Traders! I am glad to be home.” This individual was a successful trader. John loved going to seminars, not so much for the techniques and indicators, but for the camaraderie. He loved being around traders, talking with traders, analyzing trading strategies and techniques, and learning about the latest and greatest trading technology. He loved learning the latest features added to TradeStation and finding out a new way to use EasyLanguage.
He loved designing new indicators, and spent countless hours working on new and different ways to exit the market. He was excited about getting up early in the morning to monitor the overnight market information and checking what the S&P was doing in London. He looked forward to calling his broker and putting in his orders. He loved watching his strategy run on Meta trader. He even loved losing trades. Even when he had to take a losing trade, he was still doing what he loved to do—trade. Simply put, have a passion for trading because you will need those cuisines to help absorb the frustrations along the line when things rant going your way. It's a normal thing to make losing trades or even blow out your account every now and then. What's important is to learn from it. Try not to make a mistake twice. Understand that, you can not make a fortune overnight in forex trading. No matter what anybody tells you, forex trading isn't like that. You have to master a lot of things- most especially yourself before you can become profitable IN THE LONG RUN. You can only evaluate your progress after one year to know how you faired. If you can have let's say a 100% returns on your investment in a year, that's progress. But thinking you funded your account with $10,000 and is expecting to have $1m in a year probably because of a lie from an oil sleek marketer wanting to sell strategies to you is just going to be the reason you will be in and out of forex trading before you say juranimo!
Knowing and making realistic expectations to your trading approach will help shape a lot of things including, strategy type, time frame, trading methods to be used, frequency of trades, management - of both money and mind,et al. So sit back a moment, hands off that forex trigger and re-evaluate yourself and your goals into the trade . Remember that forex trading is a business as well as an art. The journey only becomes sweeter when the foundation is on point and at par with what is needed in having successful trades on a consistent basis. Consistency is the key.
Well ,this is a start of many more to come from me by the grace of God. I hope I wasable to help you see the big picture that usually isn't seen in the room of forex trading. Please leave a comment either to agree or disagree with what is discussed today. Bye.
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I remember a guy named John walking into a seminar I was about to teach. He threw up his hands and said, “Ah, Traders! I am glad to be home.” This individual was a successful trader. John loved going to seminars, not so much for the techniques and indicators, but for the camaraderie. He loved being around traders, talking with traders, analyzing trading strategies and techniques, and learning about the latest and greatest trading technology. He loved learning the latest features added to TradeStation and finding out a new way to use EasyLanguage.
He loved designing new indicators, and spent countless hours working on new and different ways to exit the market. He was excited about getting up early in the morning to monitor the overnight market information and checking what the S&P was doing in London. He looked forward to calling his broker and putting in his orders. He loved watching his strategy run on Meta trader. He even loved losing trades. Even when he had to take a losing trade, he was still doing what he loved to do—trade. Simply put, have a passion for trading because you will need those cuisines to help absorb the frustrations along the line when things rant going your way. It's a normal thing to make losing trades or even blow out your account every now and then. What's important is to learn from it. Try not to make a mistake twice. Understand that, you can not make a fortune overnight in forex trading. No matter what anybody tells you, forex trading isn't like that. You have to master a lot of things- most especially yourself before you can become profitable IN THE LONG RUN. You can only evaluate your progress after one year to know how you faired. If you can have let's say a 100% returns on your investment in a year, that's progress. But thinking you funded your account with $10,000 and is expecting to have $1m in a year probably because of a lie from an oil sleek marketer wanting to sell strategies to you is just going to be the reason you will be in and out of forex trading before you say juranimo!
Knowing and making realistic expectations to your trading approach will help shape a lot of things including, strategy type, time frame, trading methods to be used, frequency of trades, management - of both money and mind,et al. So sit back a moment, hands off that forex trigger and re-evaluate yourself and your goals into the trade . Remember that forex trading is a business as well as an art. The journey only becomes sweeter when the foundation is on point and at par with what is needed in having successful trades on a consistent basis. Consistency is the key.
Well ,this is a start of many more to come from me by the grace of God. I hope I wasable to help you see the big picture that usually isn't seen in the room of forex trading. Please leave a comment either to agree or disagree with what is discussed today. Bye.
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