To Make Big Money In Trading, Forget About The Money And Focus On The Trading
Trading currency is one of the main market trading options, along with stocks, commodities, and real estate. Each of these is unique in some way, but what unites them all is that there’s a buyer, a seller, and a market where the exchange takes place.
In this blog post I want us to discuss the realities of making money from Forex Trading.
This is the main concern for a lot of individuals who think about getting into the Forex market, and whether it’s possible to make money from Forex trading?
Obviously, you’re into trading to make money, the dream is always to earn money and live however way you choose to live and enjoy the freedom trading brings. I know those are some of the things that lured me to trading in the beginning of my career.
Almost everyone coming into trading is drawn in by the desire to make money and improve their lifestyle. Whether you want to admit it or not, that is probably why you are on my blog; because you think you can make a lot of money trading or you think trading can bring you an amazing lifestyle change.
Hey, there is absolutely nothing wrong with those kinds of thoughts and feelings because they ARE obtainable goals if you study hard, perfect your craft and manage to keep your trading balance intact long enough to live to trade another day and come out the other side profitable. Let me ask you this.
Do You Love The Money Or The Process?
Do you REALLY LOVE THE PROCESS of learning about markets, studying and looking at charts and trading in general? Do you TRULY enjoy it? Or, are you just sort of tagging along because you think you can make quick money? For most traders, especially beginning traders, the honest answer is the latter.
In trading, as with any business endeavor and life in general, if you aren’t IN LOVE with the process you are VERY RARELY going to achieve the goal. Read that last sentence 5 times before you continue.
That said, the lifecycle of a typical Forex beginner goes something like this.
Get excited by a course that promises quick money and comfortable living.
Sign up for a Forex broker without ever doing any further research.
Blow through a large amount of money in a short amount of days.
Conclude Forex is a scam, and no one makes money.
So again i ask… Do you love the money or the process?
Because if you really loved the process then the approach would be so much more different and i’d be glad to give you some advice on how you can go about beginning your trading journey in the most reputable manner however for the sake of this blog i will not get into that though feel free to shout if you’d like some advice from our team.
Let’s look at some of the reasons that may suggest you may be trading for the wrong reasons.
You’re thinking only of money, not enough about trading or your trading plan or strategy. Trading really shouldn’t be all about ‘money’ to you. The money is just a way to keep score in a game that tests your ability to remain disciplined and patient in a world of constant temptation. If you are trading properly and focused on the process and excited about the process, you will make money and that money is like the score, if you’re score is going up, you’re winning, if it’s going down you are losing. Ironically, when you focus too much on the score (money) you end up losing.
You’re already making plans of what you’ll do after you make XYZ money in the market, you only think about the rewards and not the risks. Like the last point, but a bit more specific; I know a lot of amateur traders who get super excited about the possibilities of what they will do with the money they make from trading. It’s great to have ambitions and goals, don’t get me wrong, but this cannot consume your thoughts. If you’re making plans of how you will spend money you haven’t made, your trading mindset is not right yet.
You trade for no good reason, even late at night before bed, pressing some buttons for the gamblers endorphin release, you need to be in a trade. If you end up trading all the time, entering one as another one closes out, you don’t want to trade anymore, you NEED it. This is trading addiction and I can promise you that it will very quickly drain your bank account.
Let’s also look at what i feel should be the right reasons to trade:
You should trade because you love trading, plain and simple. You must love the process of trading, not only the dream of the end-goal, or you will never achieve the end-goal
You’re becoming methodical and well-structured in your approach, making plans and keeping notes and spreadsheets, you’re taking this seriously. Once you start doing things like this you know you’re on the right track. Being methodical and having a trading plan and keeping a trading journal in spreadsheets of your trades is something traders do who truly enjoy the process. These things keep you accountable and help develop proper trading habits and routines.
You live and breathe markets, it’s what you do, it’s who you are, every precious moment of free time you’re reading a post on a blog like the one you’re reading now or you’re reading a classic trading book and you’re studying charts religiously, even if you’re out and about.
You love self-improvement. Trading, more than anything else, is about self-improvement. Show me a successful trader and I will show you a person successful in other areas of his or her life. Intense discipline, focus, passion, patience – these are the ingredients of LIFE success not just of trading success.
You simply love markets, you love charts, you love business and entrepreneurship, you love studying what drives the world economies.
In conclusion if you want to get fit and healthy and achieve your optimal body composition, you must fall in love with the process of working out and eating healthy, because if you don’t fall in love with it all, you will never continue to do the little things day in and day out that lead to the type of body you want. Same thing in trading. To get the money and the cars and houses and the life you want, the life that IS possible from trading, you have to love the process, the little things, the details, otherwise you’ll never stay committed to the discipline that is required. As they say, the devil is in the details.
To succeed at trading you must let go of the need to control the outcome. You must trust the process. You must trust your intuition. You must trust yourself. You must fall in love with the process if you want to get the results you’re looking for.
Happy Trading
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Risk disclaimer: The information presented on our blog are for educational and entertainment purposes only. Nothing on this website serves as investment advice or recommendations. Trading is risky and you can lose more than your initial investment. MyFxMentor cannot be held responsible for any decisions visitors make. Please consult a financial advisor before making any investment decisions. Risk disclaimer.
