In the Forex market or when trading any market, there is a general feeling from traders (mostly new swing traders) that they have to be involved in every single opportunity and every trade that comes across their desk! In reality, you probably won’t catch every single move because life happens.
I think it’s about time we talk about something other than the struggle of learning how to trade right? Let’s talk about what to expect when you finally become profitable because that is the goal you are working towards.
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.
Early on in my Forex journey, I would look for setups on every single pair, from the most common to the most exotic. The pairs very few traders even knew existed or cared to look at. This, of course, has a few benefits such as:
– Always finding a setup.
– Trading frequently.
– You feel more productive.
Risk Management. The forsaken element of trading any market, particularly the Forex market, especially when greed takes over and you expect to make it in the industry within your first few months.
Remember when you started your Forex trading journey, and you thought it would be a walk in the park?
For years, I have struggled with the concept of full-time trading. Back in university I was keen on the idea, and I still am, the only thing is what that transition looks like.
Usually, people begin by trading part time i.e. when they can during their day or week. This means they don’t learn everything required as quickly as others who trade full-time.
Today we talk about a topic that traders are divided on. So before I even start, I want to point out that if something is working for you, STICK WITH IT! You shouldn’t fix something that isn’t broken. But if it is broken, you can possibly try another way? Just saying.
Whenever someone talks about taking a break in Forex trading, or trading in general, it usually comes after losing money. SO… you probably just lost money.
A little, a lot, it doesn’t matter, but you feel like all the trading advice you’ve been given indicates that you should probably take a break. Should you? I wouldn’t advise it.