Why You Will Not Stop Trading
Whenever I get the chance to play video games, I am thrilled. I wasn’t like most kids who had a console to play online and better their skills, whether that be in playing FIFA or Call of Duty – whatever the game was.
I wasn’t any good initially, to the point where all my friends came over to the house for a sleepover, and we ended up playing FIFA (this was my first time in several YEARS)! So that evening we started playing, and one of my friends suggested we play in teams.
Now, in FIFA, you get markers on top of the players; for those who don’t know, these markers are to show you which player you are so you can control them with your controller.
Remember I said I wasn’t any good at this time? Well, let me tell you how bad it was –every time one of my friends passed me the ball, I’d shoot to skyrocket the ball way beyond the goalposts into the stands, on some occasions out the stadium (I’m just kidding, but that would be hilarious)!
In conclusion, my offense was shocking. I was as solid as a brick wall from a defensive standpoint, so at least I thought. My friends thought differently!
My friends even came up with a bit of a phrase, and the expression was “basop die yellow marker,” which translates to “watch out for the yellow marker” – why you may ask?
Although I thought my defense was unmatched in all honesty, I kept injuring my opponents, and I would either get a yellow card or a straight sending off for an early shower. As you know, this would leave my partner and me vulnerable because we had fewer players on the field.
HOWEVER, with time I got better with my defense and eventually with my offense too. Why? – Because I never stopped playing after that point, and I can confidently say you don’t have to worry about a yellow marker anymore!
I continued playing because I wanted to get better, and I had a point to prove; it became addictive. In the same way, trading the Forex markets gets addictive for most traders, even when they lose money and blow accounts left, right, and center.
What is it about the Forex markets?
I will tell you what it is. It’s the thrill of making money over and over. Feeling as if you’ve mastered the Forex markets and thinking that you know more than the Forex market itself thinks this is at best ignorance above all else.
The Forex market has this ability to make you overconfident, especially when you’re on a winning streak and so REVENGFUL when you’re on a losing streak. Somewhere along the line, you lose all composure and strategy when trading the Forex markets.
You could be wondering if someone is watching your every move through your webcam and with the ability to read you’re every thought as they play out.
It’s the feeling of invincibility that causes one to lose one way in the Forex markets. Psychologically this only places you in a position to lose against the market.
Why won’t you stop?
Here is why I believe you won’t stop trading. If you have read any of our other articles, mainly our blog on trading plans, you will already know where I am going with this. Without a CLEAR AND DIRECT trading plan, you will only remain in a never-ending cycle as a Forex trader.
A vicious cycle that will undoubtedly involve making gains, making losses, making gains, and making more losses. Over time you will realize the equity curve in this regard will be one that spirals to the downside.
It’s the revenge factor as well as your slight sniff of profits that won’t allow you to stop. Once you’ve experienced the endless possibilities of making profits, even if your risk management and money management were unrealistic, you won’t stop.
You cannot allow yourself to be sucked into by the emotions, whether that be emotions of thrill and excitement for the profits OR sadness and revenge for the losses you may experience.
What to do?
You need to ensure that you know your limit. Knowing when to stop is as important as everything else. Having a set plan of action will help you in your decision-making process.
Happy trading, fellow Traders!