Hello everyone, this is my first thread that I am posting on Forex Factory... Anyways, this thread is about how Forex trading, and trading in general, are related to other aspects of life that require skill and determination to become successful in them. I will be talking and theorizing about what determines a traders success early on. In brief, I want to know how you can tell who will make it in this business right off the bat. Meaning, what makes a young new trader stand out to the point it's obvious he will win in the end.
Forex trading is not a race to see who can get rich first. This market isn't going anywhere soon.. Furthermore, people who fail at trading are traders who desire to get "rich quick". There is no quick way to get rich, unless you want to destroy several accounts before you some how get lucky and double your account a few times before you destroy it... Obviously that would be stupid to try, and was an overexageratted example of how some people trade.
Trading requires patientce and dedication. You can't quit because you lost a trade, stick to what you know (assuming you know what your doing to begin with). Don't give up if you want to stand at the top of the hill with the champions (forex millionaire traders, lol), and most people want to reach that goal, so they get into trading Forex. But like anything, you can't be very successful if you don't enjoy what your doing. You have to have the desire to get better, not the desire to get rich... People who trade simply to get rich should not even attempt trading... Although we all trade to get rich, most of the good traders trade because they simply love it. It is their passion and their passion just so happens to be a way that can make a lot of money... They are always hungry for the desire to improve their strategy.
This brings us to our first similarity that trading has with another subject. Trading is a lot like a competitive sport. I don't know if anyone played a sport in high school or anything (post what sport if you read this), but I wrestled in high school. It was one of the toughest things I ever had to do. I wasn't very good at wrestling in high school at all... It was a long season my senior year and I wasn't winning enough, I was essentially breaking even as you would in trading. I went something like 12-11... I felt like quitting on several occassions because the sport seemed to hard, and it wasn't making itself easy for me. So I wanted to quit if I couldn't become the champion (a rich forex trader). Eventually, after I took a break from losing my matches (like taking a break from loosing forex trades) I had time to reflect on what I knew about wrestling (trading) and I was able to improve apon my mistakes. We all make mistakes, but those who take the time to see what they did wrong can really improve in the offseason as I did.
Traders need endurance to be successful... A runner looks cool if he can sprint fast, but the runner will eventually tire out, it is inevitable. Just like in Forex, people who over trade, and act to quickly on impulse may get lucky and make a lot of money in a short period of time, but sooner or latter they will run out of speed and tire out just as a runner would. Therefore, in conclusion, a runner and a forex trader both need endurance to win the long race. Traders need to pace themselves, take things slow and steady so they can finish high up in the rankings. The man who sprints at the start of the marathon will surely not make it to the end and will finish near last, but those who go steadily strong are bound to win...
Anyways, thanks for reading... A little short, but feel free to post your own theories about what makes a trader become great early on.
Forex trading is not a race to see who can get rich first. This market isn't going anywhere soon.. Furthermore, people who fail at trading are traders who desire to get "rich quick". There is no quick way to get rich, unless you want to destroy several accounts before you some how get lucky and double your account a few times before you destroy it... Obviously that would be stupid to try, and was an overexageratted example of how some people trade.
Trading requires patientce and dedication. You can't quit because you lost a trade, stick to what you know (assuming you know what your doing to begin with). Don't give up if you want to stand at the top of the hill with the champions (forex millionaire traders, lol), and most people want to reach that goal, so they get into trading Forex. But like anything, you can't be very successful if you don't enjoy what your doing. You have to have the desire to get better, not the desire to get rich... People who trade simply to get rich should not even attempt trading... Although we all trade to get rich, most of the good traders trade because they simply love it. It is their passion and their passion just so happens to be a way that can make a lot of money... They are always hungry for the desire to improve their strategy.
This brings us to our first similarity that trading has with another subject. Trading is a lot like a competitive sport. I don't know if anyone played a sport in high school or anything (post what sport if you read this), but I wrestled in high school. It was one of the toughest things I ever had to do. I wasn't very good at wrestling in high school at all... It was a long season my senior year and I wasn't winning enough, I was essentially breaking even as you would in trading. I went something like 12-11... I felt like quitting on several occassions because the sport seemed to hard, and it wasn't making itself easy for me. So I wanted to quit if I couldn't become the champion (a rich forex trader). Eventually, after I took a break from losing my matches (like taking a break from loosing forex trades) I had time to reflect on what I knew about wrestling (trading) and I was able to improve apon my mistakes. We all make mistakes, but those who take the time to see what they did wrong can really improve in the offseason as I did.
Traders need endurance to be successful... A runner looks cool if he can sprint fast, but the runner will eventually tire out, it is inevitable. Just like in Forex, people who over trade, and act to quickly on impulse may get lucky and make a lot of money in a short period of time, but sooner or latter they will run out of speed and tire out just as a runner would. Therefore, in conclusion, a runner and a forex trader both need endurance to win the long race. Traders need to pace themselves, take things slow and steady so they can finish high up in the rankings. The man who sprints at the start of the marathon will surely not make it to the end and will finish near last, but those who go steadily strong are bound to win...
Anyways, thanks for reading... A little short, but feel free to post your own theories about what makes a trader become great early on.
Keep it simple stupid