Have you ever seen a video, social media post, or anything else posted by someone who claims to be a successful forex trader? Often times, these posts show that those traders are living a luxurious lifestyle. You’re likely to see big beautiful homes, fast sports cars, photos from multiple vacations, expensive clothes, and other luxuries that these people are able to purchase. It’s easy to look at this and think that you want that for yourself; after all, there’s nothing wrong with being ambitious.
So, maybe you’ve already started trading, or you’re considering it. Perhaps you even know someone or have a family member that trades. Forex trading can be a profitable income source, but you aren’t going to become rich overnight from doing it. You may already be disappointed with your results, or maybe you’re setting yourself up for failure by entering with unrealistic expectations. Here are a few things to think about when it comes to being envious over the success of other traders:
Many of the people you see promoting how rich trading has made them, probably have income coming in from other sources. They might own a business or even work as a CEO at a company.
A lot of these people have been trading for quite some time. It may have taken them years or even decades to become millionaires. If you have a big deposit, you might get there quicker, but don’t buy into get rich quick promises. It takes time to make it to the top.
It takes a large deposit to make a lot of profits. It’s true that we all start from the beginning. However, some of us start with $5, while others might have $25,000 to invest.
Some of these people might get paid for attracting new traders. Or maybe they have a book to promote. This makes them more likely to exaggerate their results.
This doesn’t mean that you can’t get there someday, only that you need to have realistic expectations before you begin. Giving into envious feelings can be dangerous. It might lead you to make trading decisions that aren’t well-thought-out, to invest money that should have been used on necessities out of eagerness to turn a profit, or you might even fall for a scheme that claims it will get you rich quick.
Some traders might hear someone they know talking about their strategy and try to hastily copy it, only to lose money because they don’t know exactly what to do. Being envious of a more successful trader also might lead you to downplay your results. If you’re making a profit, then you’re off to a great start. Don’t put yourself down because you only made $5 – celebrate those small wins that will one day become much larger gains. Besides, making a small profit is better than losing money.
If you allow your emotions to affect the way you trade, you’re destined to make mistakes. Remember that it is ok to want to model another trader’s success; you just need to understand that it is going to take time and invested money to get there. Instead of feeling the urge to trade more to reach their level, spend more time learning about different strategies and concepts related to trading, and consider keeping a trading journal to monitor your progress. It’s true that trading can make you rich – eventually. If you begin with realistic expectations and keep negative emotions like envy at bay, then you’ll have the best chance of success.