Have You Got What It Takes To Be A Successful Trader?
This time of year’s a real pain if you’re a regular at the gym.
For the first few weeks of January, it’s packed out with new people…
They all get their new gym outfits, and start off going at least 3 times a week…
You can’t get on ‘your’ machine. Somebody’s pinched ‘your’ locker. And these newbies have no etiquette – leaving trails of sweat all over the equipment.
You want to tell them to go back to McDonalds, but you grin and bear it…
Because you’re confident that by February, they’ll all be gone anyway. Just like last year.
But why is this?
Surely we all know that to achieve anything of value in life takes some discipline.
I know it’s not a popular word these days… we just want to do things when we feel like it.
But this discipline issue is exactly the same in forex trading.
To be successful, one thing you need is discipline.
You need to be disciplined enough to become a regular.
I think of discipline as a determined effort that’s not based on feelings.
And it’s got a lot to do with consistently doing the right thing at the right time.
You see, everybody starts off a new venture very excited.
I mean, look at the gym example again.
But I think discipline really means keeping going – even when the novelty factor wears off.
In forex trading, discipline is needed to keep going even when you have some setbacks.
And a lack of discipline is why so many quit before seeing profitable results.
You WILL have losing trades in forex. Every trader has losses. The difference is, successful traders control the losers and make a profit overall.
They are disciplined to keep going and learning, when others quit.
I know we all want instant profits…
And in forex you CAN make profit immediately on a few trades.
This is very satisfying when it happens, but you also have to be disciplined when you have a few losers.
Many people have great trading strategies but still don’t make a profit.
And the main reason is still a lack of discipline.
It sounds easy to follow a strategy or system, but in practice it’s difficult.
Your emotions can play tricks on you. Even when you have a trade set up, your emotions tell you not to follow it.
If you think this sounds strange, just wait until you try it for yourself.
You see, you tend to form a gut feeling about the direction of the market.
It’s based on the news you hear and people’s opinions, and you tend to want to follow this voice.
Sometimes your system will indicate a trade – and you want to do the opposite.
But being disciplined, you have to ignore your gut feeling and follow your strategy.
Many people learn this the hard way… and lose their accounts due to lack of discipline.
Then they either quit or get serious about learning.
Don’t worry if you struggle with this. The truth is, we all do.
But discipline is something you can learn and improve. And with experience, you learn to follow the strategy.
It is better to learn this now, though.
You could save yourself so much time… and your forex profits will come quicker.
Then hopefully you’ll become a regular – and not just a January flake.