When you set out onto your forex and trading journey, you would have most likely set yourself a number of different expectations, either from what you have seen online or that are in line with what you wish to get out of trading. What is important is what the expectations that we set ourselves actually are. We do not want to aim them too high, especially if it is unrealistic, we also do not want to set them too low, or motivation could be an issue. So we have come up with a number of different expectations that you should try and avoid.
I will be able to quit my job:
You may be able to, that is true, however, the timescale that you have set yourself is most likely highly unrealistic, many people who trade full time now have been doing it for the past 10 years, they did not get into it and then 6 months later they are a full-time trader. If we look at other jobs, becoming a doctor, there are years of studying and practice required before you can even think about performing on live patients, after that there are years of actual practice. It is exactly the same for trading, you need to learn, practice and then trade, when you begin trading you will be trading small trades and small amounts, not enough to give up your job.
This should not even be an expectation when you come into trading, it may be a reality in the future, but it is not something that you should be thinking of when starting out.
I will learn more if I trade more:
Why? Why would you learn more just because you trade more, there is a pretty important saying of quality over quantity, just because you are doing a lot of something does not mean that you will learn more or even become good at something. Overtrading can lead to a few disappointments, firstly you won’t necessarily be learning anything, secondly, overtrading can put your account at risk and proper risk management is most likely not being applied to each trade.
If you make 1 trade but fully understand why you have made it, it is far more valuable than making 10 and not really knowing what you are doing. Make a trading journal and use it to log everything that you are doing, this helps you keep the quality high and also you will know exactly why you did something, it will also help you to slow down to avoid making too many trades at a time.
I am going to be rich:
Unfortunately, this is an expectation that a lot of people come into trading with, and it has been brought on by the hundreds of adverts or fake Instagram influencers that are out there. They give an unrealistic view of what sort of money you can make, no they do not own those cars, horses, or boats and that money they hold up is all 1s or fake. Yes, you can make a lot of money, but you won’t do it quickly and you will start off making very small amounts, especially when learning.
All of these expectations are things that could, unfortunately, start to lead towards greed, trading too much, wanting too much, and ultimately causing you to lose whatever you have put in. It is important to understand that this is a slow process that takes time, it begins very slowly and takes a lot of effort. Come in with the expectation that you will be learning and starting small and things will start to grow before you know it.