We have seen people burning up on jobs, screaming “I can’t work on this job anymore I have to get out!” We’ve also seen people losing large sums of money trading on Forex. You could see the desperation and you could read on their faces. “How do I get this money back?” or “My expenses are $2,000 dollars a month, how long do I have to trade to make that sum?” Most people don’t understand that answer to these questions comes with – patience. Which is critical in the trading game.
The lack of patience, it’s something that we all are affected with, more or less. There is one feature of impatience, that is the killer – desperation. That is what is blocking us from achieving success. Something that we need to discard. It is, more than anything, negative that is impeding progress in trading. Desperation causes us to make irrational decisions. Extreme decisions. What would you do if someone would offer you a job that would satisfy you professionally and economically, but only after 5 years building on it with lots of crashes and self-doubts? Would you still be interested?
This article is conceived in such a way to help you get there faster, relieved from impatience. Understand that when you start trading professionally, even after all tests from trading firms, it is just the beginning and there is limited money for the trading accounts. It takes a strong work ethic. That is not to torture you for fun, it is there with a purpose, to see how you handle real money, as training with demos is worlds apart from real trading. You cannot rely on luck and trading firms are there to make money, thus, they are good at managing risks, so you have to get the right to be able to earn more, to show them you are a good investment, consistently. And being consistent is really hard, as the market itself, is always fluctuating. That’s a big step, reliability.
Acknowledge that 90% of traders cannot escape that constant, dull tick of desperation in their heads, that interferes with their trades. Being able to place calculated, disciplined trades with low risk, at the right moment with constant desperation chaining you is impossible, and it gets worse with years. You have lost accounts again and again, but you know Forex is a place where millions can be made, and you are getting anxious and frustrated with your Forex trading endeavors. That gets people in a panic mode, pushes them into making irrational decisions and, not just, financial mistakes.
Impatience, creating unrealistic expectations for yourself, the desperation to get good results, it all leads to disasters. Don’t invest more money that you can’t handle, hunger is good when it is calculated. For those that endure and survive, those disasters can be a catalyst to expand their knowledge on trading. And don’t believe in the myth of quick recovery. Sure, some people are very lucky, odds are that somebody has to win lottery eventually, but that’s not a smart move. Desperation for funds recovery leads to even more losses, like gravity pull into the losers pit.
To some degree, traders who in the beginning use the emotions to resist the acceptance of failure are the ones who win at the end. After a while, they become more like scientists, objectivity, research, experiments, tests, and trying out new things are infused in their minds. But, it cannot be done instantly. Train yourself, stop being desperate. Try to think in this manner “So, you lost an account, man up, don’t cry about it and don’t chase it, learn from it.” Most other problems in trading can be fixed by placing a good system to work and learning how to uphold it. It is great to have the drive, to look forward to something when you wake up in the morning, but that has to be backed up by having realistic expectations. Motivation is great until it turns into desperation, when that happens, it is just a push in the wrong direction. Always think about what went wrong, analyze your trades, trade based on rules that keep you emotionally solid.
This all applies to all stages in life. If you are young, and you heard that trading on Forex is easy money, and you are desperate for independence, that is great motivation, but it can mislead you. Go to college instead if you can, you can practice Forex and learn something in college. At the end of school, you can be ready for a Forex job. If you are contemplating leaving your day job and desperate on living a luxurious lifestyle, you are digging into every chance to make trades on Forex. Stop and think, am I having realistic expectations, am I being hazardous? If you are a pro Forex trader, in a streak of bad trades you will become desperate to compensate losses.
This is the game where you cannot cheat to be successful, it is long. It needs time invested and it is rough. If you see yourself living off Forex trading, you must learn to deal with desperation and maintain healthy motivation. That is the way to be responsible with your money and money entrusted in you. You have no options here.