Becoming a successful forex trader one trade at a time
Becoming A Successful Forex Trader One Trade at a Time
I’m not sure who coined the phrase “Rome wasn’t built in a day”, but it is very applicable to professional Forex trading. I find that many of my students exhibit urgency in regards to making money in the markets. Rather than focusing their mental energy on the process of trading, they are fixated on how much money they will make, largely forgetting that this money cannot be made without first concentrating on the process.
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The main difference between successful and unsuccessful traders is that successful traders followed a process or plan to get where they are at; they meticulously executed their trading plan every time they entered the market. Unsuccessful traders do not do this, instead they may or may not have a trading plan, if they do have one they may or may not follow it, etc. It takes consistent execution of the process of trading to achieve a consistently rising equity curve; just like a sky scraper is built one section at a time, your trading account is built one trade at a time. Just like every section of a sky scraper must be consistent and built to perfection, every trade you take must be consistent and entered with the utmost scrutiny.
• Put the process before the outcome –
Every accomplishment in any field is preceded by a process. You won’t make money unless you have a detailed and practical forex trading plan. Every successful trader arrives at their destination by taking it one trade at a time. Every day you follow your forex trading plan you should consider it one little victory. The longer you remain loyal to your trading plan, the closer your trading goals will become. Learn to love and master the process and forget about the outcome, this is really the only way to make consistent money over the long-term as trader.
A good analogy to help you better understand the importance of the process of trading, is exercising to get into top physical shape. Everyone wants to be in the best physical shape they can be. So why do some people achieve their physical fitness goals while others do not, even if they have the same amount of desire? The difference lies in how each individual thinks about the process of exercising. People who get into the best shape they can learn to enjoy the process of exercising and how it makes them feel, rather than becoming fixated on the longer-term goals of “losing 50 pounds / kilos”, or whatever your idea of physical fitness might be. People who remain out of shape view exercising as something that is uncomfortable or stressful, so even if their desire is just as strong, they do not learn to love and enjoy the process of exercising, and thus will not reach their physical fitness goals.
Traders who learn to love the process of Forex trading are the ones who succeed long-term, those who view the process of trading as something they can skim over or don’t really enjoy, are simply in the markets to try and get rich quick, and the irony is that because their focus is continually on the end result they forget about how to get to the end result and thus never achieve it.
• Make sure you have a “process” before trading with real money –