Forex Psychology

The Lifestyle of Forex Traders

What is like to be a professional forex trader? Not long ago, we had an interview with a high-profile forex trader named Arnold, he was speaking about the motives and transitions he was going through, why he became a trader and how that decision affected his life. When we asked him how he discovered forex, he said that in his mid-twenties he worked as an assistant manager at Abercrombie & Fitch store in London, drinking around with his lads, and always struggling to support his living. One day on his way back home, he was in the metro sitting next to the nifty guy and noticed him playing some strange video game on his mobile phone. He was curious so he politely asked a guy about the game.

The thing is that wasn’t a game, it was the Metatrader, which is a trading platform used by a large majority of forex traders. Later on, a guy said to him that he had been made fifteen thousand pounds the day before. Later that day, our guy spent hours on internet researching about forex trading, and that’s how his journey went on. Today Arnold is a professional forex trader and mentor to over one thousand beginners worldwide.

Here we are going to try to pull back the curtain a little bit on a lifestyle of someone who trades daily, and who is close to understanding and anticipating the landscape of forex trading. We’ve been listening to all the time about different daily routines. About waking up early, trading, drinking coffee, going to the gym, taking our vitamins, reading news, trading again, and that’s it. That doesn’t tell us a lot, to be frank. What we can expect from this lifestyle and what it is? For all of you flashy people who think that lives of traders are super glamorous, if you think that every day is going to be a P. Diddy video, hot girls wearing bikinis, drinking cocktails, riding around the pool on roller skates, you better think twice. There are a bunch of traders around wearing Rolex watches, driving Bugatti cars, having the latest gadgets, and owning multi-million dollar houses, but we need to be reasonable and put those commodities on aside for a bit.

Don’t get us wrong, being a forex trader is great, it could be super beneficial, but it takes a lot of effort and practical knowledge if you want to be in the game. In this world, we have as well, a significant number of low intelligence people and very desperate people that can be easily amazed by a flashy lifestyle of forex traders. They happen to think that forex trading is their way to the penthouse. Those people are bound to fail, no matter what you tell them. Arnold says it’s the first law of marketing: ‘Don’t advertise to intelligent!’ because at the very end someone is making money out of your ignorance. So be careful about what you take for granted. If you are a type of person who genuinely wants to know what it’s like to be a professional forex trader, we shall try to give some answers here because you can make pretty good life trading forex. Speaking further with our guest, he told us it could be helpful to live below our means.

We should avoid buying stuff we can’t afford. If we want to be successful, we should stop wasting our time, drinking a lot, feeling sorry for ourselves, or anything like that. As forex traders, we need to do everything we could to make our trading consistently profitable. For beginners especially, you guys are not going to be able to put yourself in a comfortable position where you can easily trade your money. It’s most likely you are going to lose all. So if we manage to present consistent results maybe somebody out there would give us money to trade for on their behalf. Eventually, some steady company might be a solution for us. Private coaching could be a potential source of income as well, for people who have a capacity for something like that, and if you find yourself confident about the knowledge that you are about to present.

Whoever wants to make a living out of this type of business, that person must be ready for the extreme inconsistency because there will be a lot of time not knowing how much money we are going to make the next day, the next week, or the following month. From this stand of point, it is going to be almost impossible to project the future or to make any plans. So the first moment when we actually taste the money and think we could sit back and pop the champagne cork or treat ourselves with a golden watch, we should stop right there and act accordingly because we simply don’t know just how long that is going to last. Hopefully, it’s going to last for a very long time, but if we don’t adopt a long game approach it might ruin everything we achieved. We should be better thankful for what we got and try to maintain a certain level of decent modesty. Instead of spending money on things we don’t need, we should consider to allocate our income into other businesses, other markets, or put our money in more passive income. Arnold emphasizes that he was constantly trying to build and build and add those layers of protection so this lifestyle he worked so hard to create never goes away.

So what is being a professional forex trader, what that lifestyle is? It is anything you choose it to be. If it’s private jets, exotic pets, and shiny jewelry, ok. But it might not last very long because it isn’t right kind of money management, investing in things like depreciating assets was always pretty questionable. You guys are free to do whatever you want to do with the money that you made, it is your money, but we are going to live a very long life hopefully, we might as well build that empire while we can. Most hi-expert digital nomads are mainly focused on flashy ideas rather than flashy possessions because that is the financial energy that we want to be involved with. Preservation should be our number one goal as Arnold likes to point out. So traders, understand that if we don’t take necessary steps to preserve our wealth it could all be gone in a blink of an eye, and it may never come back. So the real life of a professional forex trader is relentless work and dedication. We need to learn from our mistakes, write them down, find out what went wrong, what was behind that and we must be patient. Remember guys, the game is far from over, and whatever that dream of yours is, go and get it. The time is now.