Is Forex Trading For You?
This question can be very uncomfortable for a lot of people. When anyone enters the Forex market and has the goal to make money, it’s only natural to think they will be an exception to the infamous statistic of 70-90% of people that fail as traders.
First, I think we need to debunk and remove the negative connotation of this statistic. It is not that 90% of people who start their Forex trading journey fail. But only 10% of them keep doing it long enough to succeed at it, and the 90% EVENTUALLY QUIT.
So there is no threat of the Forex market defeating you as long as you persist, which leads to my second point. There is no shame in learning how to trade, and then deciding is not for you.
Just think of how many things you’ve probably tried your hand at and failed at? Or simply decided it is not what you want to be doing for the rest of your life.
Maybe you tried your hand at sports and weren’t too bad. But you knew for sure you didn’t have that star quality, so you decided not to pursue it? Perhaps you always wanted to draw or make art but found it difficult and concluded that you kinda sucked? All these things have no shame in them.
I think trading is highlighted so much by society because it deals in our predominant unit of measure…MONEY and money lives right next to EGO.
Somehow failing at Forex is something to be feared or ashamed of because there’s an element of self-worth attached to your ability to “make money.”
So, even though there are so many ways to make money, failing at trading (which translates so directly to your ability to make your money) just hurts a little bit more if you become a statistic. I’m sure art and sports have high failure rates as well.
Is it for you?
I will refrain from talking about passion because, honestly speaking, NOBODY starts trading because red and green candlesticks inspire them. People do this to make money!
But there’s something that’s needed on your journey. You almost have to enjoy or embrace the process of failing while trying to learn to trade successfully. Without that drive or that motivation to keep trying tomorrow and getting better over time, it’s way too easy to give up.
You will fail along the way, MANY TIMES!! So if that failure (which is just a learning curve) chips away at you, trading can get pretty depressing.
That’s not to say that even if you embrace the grind that you won’t have bad days. This craft can and will frustrate you when you are still learning how to trade successfully. Having that growth mindset (so cliché, I know) will help you flatten the emotional roller coaster you will experience at the beginning of your journey.
Do you want it?
I think A LOT of successful traders will tell you that there came a moment in their careers when they had to answer this question. And not to their wives or their children, but themselves.
Do you want it? If so, how bad? I saved this part of the article for the very end because the stuff before this is the “PC” (Politically Correct) answer to whether trading is for you. In truth, WHO AM I to tell YOU whether trading is for you?
I can give you a thousand boxes to tick that make it more likely for you to become a successful trader but really, only one matter. Do you want to be a successful trader? YES or NO?
If not, then trading is not for you, and there is no shame in that. If yes, then every single obstacle thereafter will be just that… AN OBSTACLE that you will overcome!
Why? Because you want to be a successful trader! Period. A speed bump on the way to your destination. The money comes AFTER you make that decision. The money and success is the result of that single decision. It’s just a matter of time.
Don’t bet the farm.
Don’t lose your shirt.
Cut the L.
Keep the W.