If you make the mistake of allowing this pressure to become your motivation, you will definitely be setting yourself up for failure because you will most likely be controlled by your emotions rather than the right principles.
While making money is the objective of any business venture, it can never be the main motivation that will keep you in Forex trading
. Trading is basically about looking at and making effective decisions that will lead you to taking advantage of opportunities as and when they arise. This also involves skipping and shipping out of the same opportunities when the situation demands it so as to protect you from any downward spiral by practicing effectively controlled money management policies.
One of the greatest mistakes that you can make as a newbie in Forex trade
is to come in for the sole purpose of making a killing in terms of profits. The promise of freedom, success, financial security, luxury and wealth alone will appeal to emotions and this will not be the best foundation.
Succeeding as a Forex trader
will not be product of thinking about making money but as a result of learning the right trading practices. After you have done your trading in the right way, then money will automatically flow in as a by-product of correct trading principles. This will protect you from attaching your emotions to money such that you avoid getting disappointed the first time you make a loss.
Put correctly, Forex
trading will actually be a sort of game between your psychology and emotions where both professional and amateurs play. You will need to get the services of a good coach who will teach you how to employ discipline, work, sacrifice and training so as to increase your chances of success.
The reason why more than 80% of all the people who enter Forex
trading fail is because they fail to take a complete an honest picture of the trading situation; they end up losing their trading accounts and before they know it they have already shipped out.Successful Forex trading
is all about dealing with your personal psychology, systems, rules, focus, discipline and skills. It is the combination of all these things that determines whether you are going to sell or buy. You must remember that most things in the world involve a form of risk taking and those who remain in their comfort zone hardly ever make anything meaningful of their time and efforts.The secret
of success in trading lies in knowing how to make calculated risks
such that any negative impacts are minimized as much as possible. This requires passion in learning so that your focus becomes putting all your energy on the process of becoming a successful Forex trader as opposed to spending all your energy on trying to make money.