While Forex and trading there ultimately make money, and that is, of course, a huge benefit of it, there are a few other things that you pick up along the way that can then be transferred into your everyday life. These are skills that you can, of course, pick up in other ways, some people also naturally have them., but traders are often forced to improve them and they can be very beneficial in your everyday life.
Probably the most obvious skill that you will pick up is discipline. Trading and Forex are both very long processes, yes people come into it wanting to get rich quick, but those people are very quickly removed from the pool as they blow their accounts. Instead, the ones that are left are the ones that are able to wait, they are able to show great levels of patience. When you start out, you will create a trading plan, you will then be required to stick to that plan, even when things are very quiet, there will be times with no trades at all, even possibly days without any. Staying patient and preventing yourself from forcing trades that you shouldn’t put on is a fantastic skill to have.
You can then take that skill out into the real world, it will make you far more tolerable of a lot of things that are happening around you. People walking slowly, the bus taking a long time to come, or your food at a restaurant is still not here. Having developed these strong skills and discipline will allow you to cope with these everyday situations in a much calmer and much more sustainable way.
There are a number of very strong emotions that you will experience when reading in the markets, the majority of them can actually have a negative effect on both your trading and your own mental health. When things are going well, it can cause a feeling of overconfidence, this emotion can cause you to start placing additional trades or increasing risks to your account, overconfidence can also take place in your everyday life, causing you to take additional risks in the things that you are doing.
Another strong emotion is greed, we all want more, but being able to control that emotion will do a fantastic job both in trading and within your own life. Wanting more than you have and throwing rules out the window is not a good direction to go in, we learn to avoid this by using rules within our trading plans, the same can be done in real life, learning to work with what you have rather than what you want can help to keep this in check.
When you let your emotions get the better of you, you often end up making some bad decisions, in anything you do, when you let your emotions take control, you won’t be thinking about the consequences of your action and so bad decisions are made, this is true for both trading and everyday life, so learning to control them is paramount.
Getting Out of Your Comfort Zone
Homans like to feel safe, we like to do things that we are comfortable with and when we need to leave that area of safety, it can create feelings of stress and anxiety. Trading forces you to leave that comfort zone, either by taking risks with your money or learning new things. Being able to do it regularly within the trading world will teach you how to weigh up the risks and rewards of doing so. You can then take that same mentality out into the real world.
Being able to push yourself to try new things will enable you to experience a lot of things in life that you otherwise would have missed out on, new foods, new activities, all these things that you are now able to experience.
So those are just a few skills and traits that you could learn from trading that you can take out into the world, there are of course many more, trading can teach you a lot of things about yourself which can benefit you out there too. So do not take the skills that you are learning for granted, they may be helping you far more than you think.