Adding The Business Mindset To Forex Trading
In both situations you are calling the shots, making decisions that will inevitably determine your success or failure. There are also similarities in the statistics; 95% of new businesses will fail within the first 5 years, over 95% of new traders will lose money and quit within 3 years.
While these statistics aren't very friendly, don't let them scare you away from getting into the business. There is an old Zen saying "a path with no obstacles likely does not lead anywhere". The fact is, if you are among the small percentage of traders who trade for a living, you will earn an extremely good income with a very nice lifestyle. You can be anywhere in the world, work whatever hours you want and take a vacation whenever you want to.
While Forex trading attracts many "free spirits" and people who want have their dream lifestyle, for most it will be just that - a dream. Why is this? One of the main reasons is that Forex trading is not treated as the business it is.
Almost every successful business starts with a detailed plan of action. The plan is then executed step by step towards the desired outcome. With many Forex traders though, the plan keeps changing and the therefore the results don't come to fruition. It's like if you wanted to sail your boat from Seattle to Hawaii so you start off heading west. After a couple days though, you turn your boat south and head in that direction for a few days. The you head east for the next day... Sound familiar?
Many traders get hooked on each flashy new indicator that comes along, each looks great at a glance but most turn out to be useless.
Forex trading is a very tough learning curve. There is a lot of risk involved, risk of losing your money and risk of wasting your time. It is a very good idea indeed to find a mentor who has already become a successful trader and emulate them. Even if you end up creating your own strategy later, at least you will move in the direction you really want to go.
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