Sounds like a dumb question, doesn’t it? But I’m not talking about the everyday you; I’m talking about the trader in you. I’m so tired at reading blogs, books, forums, etc…. about discipline; or the lack thereof, when it comes to people who fail trading the forex. The reason is more than discipline; or the lack thereof, as a matter of fact. I believe an ‘identity crisis’ is the number one reason ninety something percent of traders lose in this market.
If you don’t know who you are, than you certainly don’t know where you are going. And if you don’t know where you are going, then how can you possibly make it in this business? People don’t realize this number one fact according to me; that when you first start trading the forex, you are on a quest of searching ….. You are searching for yourself, not the everyday-self because you know who you are; but for the trader that is in you. Most people don’t have the stick-to-itiveness to stay around long enough to find out who they are as traders. A great example is I. It took me one year to find out how much I hate pivot points. Are pivot points a bad indicator? Of course not; I just don’t like to use that indicator for support and resistance. I like Fibonacci retracement levels.
It took me two years to learn that fast charts are an abomination to me. I hate anything under a 4 hour timeframe. Does that mean a 1 hour or 15 minute timeframe is a bad timeframe? Of course not, but for me it is. Who am I? I am a trader that knows who I am after two and a half years of failures, three margin calls, and a wife who use to doubt if I should continue on this wonderful journey. I am a trader who is now successful because I know who I am as a trader.
Here is another example. I hate candlestick and chart patterns because I like black and white instead of shades of gray, and I believe that too many candlestick and chart patterns are shades of gray instead of black and white; therefore, candlestick and chart patterns are useless…..Right? Of course not!! Only to me they are useless. They are useless to me because it is not who I am…. They don’t appeal to how I sense, and feel, and see the market…. They don’t appeal to me because I have found my true self…. I had the patience and perseverance to find my true self in this wonderful world called forex…. And guess what? You can find you too!!
If you don’t know who you are, than you certainly don’t know where you are going. And if you don’t know where you are going, then how can you possibly make it in this business? People don’t realize this number one fact according to me; that when you first start trading the forex, you are on a quest of searching ….. You are searching for yourself, not the everyday-self because you know who you are; but for the trader that is in you. Most people don’t have the stick-to-itiveness to stay around long enough to find out who they are as traders. A great example is I. It took me one year to find out how much I hate pivot points. Are pivot points a bad indicator? Of course not; I just don’t like to use that indicator for support and resistance. I like Fibonacci retracement levels.
It took me two years to learn that fast charts are an abomination to me. I hate anything under a 4 hour timeframe. Does that mean a 1 hour or 15 minute timeframe is a bad timeframe? Of course not, but for me it is. Who am I? I am a trader that knows who I am after two and a half years of failures, three margin calls, and a wife who use to doubt if I should continue on this wonderful journey. I am a trader who is now successful because I know who I am as a trader.
Here is another example. I hate candlestick and chart patterns because I like black and white instead of shades of gray, and I believe that too many candlestick and chart patterns are shades of gray instead of black and white; therefore, candlestick and chart patterns are useless…..Right? Of course not!! Only to me they are useless. They are useless to me because it is not who I am…. They don’t appeal to how I sense, and feel, and see the market…. They don’t appeal to me because I have found my true self…. I had the patience and perseverance to find my true self in this wonderful world called forex…. And guess what? You can find you too!!
