When you want to succeed as much as you want to breathe, you’ll succeed. Just like in life, you will not be able to go far in Forex trading if you do not have the right attitude.
Have you done backtesting, made sure you have the best strategy, have you followed the best coaches, but still remain empty-handed? It left you asking what I was doing wrong?
Your trading success depends not only on yourself, but also on the right instruments and the right strategy. Why is that? I can hear you crying! Well, let me share the story to give you a better idea.
The story of poor John
A few moons ago, a beginner trader named John appeared. He worked as an accountant in 9-5 positions. Tired of the routine, John often felt relaxed during his working hours. One day he saw his classmate on Facebook bragging about how amazing his recent trip to the Caribbean was. Jealous, digging deeper. He continued to look for his friend’s profile only to see the photos after the photos of how amazing his life was. This made him wonder why he was more successful when I was a better student as a child.
John wondered what his friend’s secret was. He asked around and finally got an answer. His friend is a Forex trader! And this crazy idea came up against him. He thought, “I can do it too! I can also quit my boring job, become a trader and finally do what I want to do in life!
Soon after, John left his job, dreaming of becoming a full-time Forex trader. He imagined himself as a trader sitting on a beach bed in an idyllic paradise somewhere. “It’s going to be amazing,” he suffocates!
John did a little research on the subject and quickly learned the basics. He started with a minimum deposit and earned a penny for a penny. But that wasn’t enough for John. He had a voice in his head that kept saying, “I didn’t leave my job for a few hundred dollars every month! So he had to take action…
After several months of reading, testing and trading, John came to the conclusion that this day had come! He had finally developed a strategy! His dreams of sipping piña coladas while trading on the phone under the scorching sun of the Maldives finally come true!
At first everything was going well for John. His income increased from a few dollars to several hundred dollars every week. John was in the ninth cloud! He did it!
But poor John didn’t know that there was anything terrible going on along the way…..
A few weeks later, the tides changed. John was accumulating losses after losing. John quickly got back on his feet and changed his strategy, which fortunately saved him. However, after a couple of days something went wrong again, and John decided to make some adjustments. Some work, most of it failed. It went on. Little by little John was losing faith in his strategy and in himself. He decided to move on and start from scratch, just to be in the same place after a few months. He got into the “Cycle of Doom”!
What did John do wrong?
John fell under what many of us call the “cycle of destruction”. He chose and developed a strategy; changed it when things went wrong; suffered losses; changed it again, and then dropped it when he lost all confidence in the strategy.
These guys, you don’t do it that way. If something doesn’t work, don’t worry, because you will have a lot of chances to get up. Always test your strategy anew, to anticipate how things will go in the future. Also, believe in your strategy. Don’t let yourself get carried away too much by emotions, as it does more harm than good.
Another thing that John made a mistake when he got inside is his thinking. He believed that the marketing trick promised by many teachers was to trade on the beach, copy someone else’s profession without knowing anything, and get rich for just $100, and so on! He thought it was easy! (Disclaimer: I’m not saying it’s all wrong, but a walk in the park will not be easy. It will take time.)
John represents many of today’s novice traders. Many of us have come here thinking that Forex is a very fast and rich scheme. Many people thought it was easy. Well, I hate to tell you this, but it doesn’t work that way. Trading on the Forex market requires hard work, great patience and patience.
Now that you know what led to John’s death, I hope that you will accept the morals of our blog today and apply them in your daily life as a trader. Let me know what you think. Do you know some Johns in your life? Have you been in such a situation? What did you do to get through this? I would love to hear your stories!
And that’s why I’m concluding with a warning: don’t be like Poor John.