This is the last article in our 4 part trading psychology series. If you haven’t seen the previous ones makes sure to read them first.
- Part 1: Trading Psychology: Managing Your Emotions
- Part 2:Trading Psychology: Bad Habits Ruining Your Progress
- Part 3: Trading Psychology: Confirmation Bias
I’m hoping by now after going through the previous articles your mindset is shifting in the right direction and you’re starting to understand the reason behind your behavior and your decision making process. If not, it’s fine, everyone has their own pace of learning. It took me over 4 years to understand why I was being an idiot.
I’m not expecting anyone to get it after a month but I do know some traders who were very successful only months into trading forex. It’s very rare though, most people who do succeed in forex had a learning curve of 3-5 years before becoming profitable. Don’t stress yourself and don’t get depressed because you lost money trading for a year. When the time comes, you will make it all back and more in such a fast pace you will not know what to do with that money.
However, do you really want to be a trader? Do you really want to get involved in the hardest and most stressful job in the world where you constantly have to battle against people smarter than you, richer than you, way more powerful than you will ever be with some of the most advanced AI in the world. Job where you constantly have to question your decisions, suffer emotionally and even physically.
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Let me ask you this. Why do you trade? What’s your goal?
Is it just to make money? There are much safer ways to make money, you can build a successful business selling literally anything these days. Why put yourself through so much stress trying to make it as a trader when the odds are always stacked against you with no guarantees you will ever make it?
If you’re only doing it for the money, chances of you making it are even smaller. You can’t trade with a clear head if you’re only chasing money. You have to be passionate about trading, you have to love it to do this full time and I know a lot of you reading this, don’t. If you start trading because you love it, you love the skill, you love the process and you stop focusing on the money, that’s when the real money starts flowing in.
I I get that most of you start trading for the money. I know I did too, but I quickly fell in love with it, that’s when I really started to learn. For the 4 years it took me to become profitable I’ve not missed a single day, even if I wasn’t trading I was always watching what was happening in the markets. There were days where I’ve literally sat in front of a chart for 10h or more. Most would find it boring, but I loved it, it was entertaining watching how price behaves and trying to understand it. Eventually it all clicked and now I’ve been trading successfully full time for over 2 years.
You also have to realize that becoming a full time trader is not a goal. It’s just the beginning. You don’t go full time and just call it a day, do the same thing over and over for the rest of your life. Markets change so should you. If you don’t learn how to adapt with the markets your strategy and your profitability will end and you have to start over again.
As a trader you never stop learning, you always find ways to improve your strategy, lower your losses and make your wins as big as possible. One thing most people forget about is the fact that trading can be very inconsistent. One month you make +20%, another you make -20%. One year you make +200%, next year you break even. It’s not something you can predict. That’s why as soon as you start making decent money from trading you should aim to diversify and spend that money into other businesses. Invest that money into stocks and crypto and let it compound over the years.
Once you learn how to be a profitable trader and adapt with the markets as the years go by, you will always have a skill that allows you to print money at will for the rest of your life. It makes investments and starting new businesses so much easier and much less stressful. You don’t even have to do any of the work yourself, you just hire people to do it for you. That’s the real power of forex money and that’s where the real freedom starts.
Personally my goal since the beginning of my trading career was never to do this for the rest of my life. It was so I could make enough money to build the business I always wanted to and build an empire for my family so they never have to go through the struggle that I had to. I already have 10+ multi million pound businesses planned that I want to get involved in over the next 10 years. As of right now, forex is my main source of income, but I have developers working on a business that will easily generate 7 figures per month a few years from now. At that point I will probably go from 1-2 trades a day to 1-2 trades a week or month, just swing trading for fun. That should be your ultimate goal.
You will make mistakes and take a lot of losses along the way, it’s unavoidable. It’s how you respond and what lessons you learn from those mistakes that will help to guide and shape you into the best version of yourself.
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To Summaraise
- Is becoming a trader your goal or is it the money?
- You have to love trading to succeed in the long term.
- Becoming a full time trader is not a goal, it’s just the beginning.
- As soon as you start making money from trading, diversify and invest.
- Never stop learning, always look for ways to improve your strategy and grow as a person.
