I think that Forex trading is difficult, especially nowadays.
You may think that it is because it’s complicated to have a winning strategy or because you need $1 million to generate a decent income or because you should have some innate skills… it’s not that.
I know that this sounds like one of those quotes that will take you nowhere, but “you are your only limit”.
When you have to buy a new phone – boom – amazon, delivery on the same day or week.
You need to buy a plane ticket? There’s an app for it, you can buy it in 2 minutes from your bedroom.
Want a pizza? “Hey, I want a pepperoni pizza at Masaki, boom Piki Tz is there for you in 30 minutes.
You need to do a research?, There’s chrome and you have access to the world in seconds.
Everything is ready. You can access everything now.
This environment doesn’t contribute to form two skills that are necessary for Forex Traders: patience and discipline.
Many people believe that traders fail because they don’t have a good strategy, because they are not skilled, because Forex Trading is a scam and Brokers are there to take your money and run.
I have been trading Forex since 2016. Trust me if I tell you that the main reason for traders to fail is that they make a psychological mistake sooner or later.
- They have a bad day and they decide to open more trades to recover the losses.
- They made a mistake, they feel stupid and they decide to increase the size to recover the loss of that stupid mistake.
- They are in a good winning streak and decide to increase the size because it’s a good period.
- They think that they can sustain a bigger draw-down so they decide to increase the risk.
- They say “one last time with this risk, then I will stick to the plan”;
- They think “it can’t always go down”.
I can really write more than 100 reasons, but I think I made my point.
Forex Trading is difficult, but your mind is the biggest problem. If you can build the necessary discipline, you are on a golden path to become a successful trader.
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