I’ve not always been a successful forex trader. I’ve been broke before but I always knew I’d succeed and I took the trouble to learn how. I’ve been a paper boy, I’ve worked in the fields picking peas, potatoes and strawberries (although not at the same time!); I’ve been a barman, a soldier, a university student, a schoolteacher, unemployed, a soccer coach, a health club/gym owner, a bar owner, a night club owner, a mortgage broker, a property developer and for quite a few years now a successful Forex trader. (Notice I omitted to put author!) Each job, each business was a necessary stepping stone to the next. I was successful with most of these vocations and less successful with others but I learned something from each one. The simplest and probably the most important idea I’ve learned though is this…
It really isn’t that hard to stand out and succeed.
Most competition in almost every field is weak. In Forex trading there are some true professionals but more than 80% of traders fail. Of course it’s the case you’ve got a lot to learn but so what – enjoy the ride. It’s all about showing up on time, not just about working hard but smart also; having the patience to learn the ropes, read the books, attend the seminars, pay your dues, and go the extra mile. As I’ve already said there is less traffic on the extra mile. In his superb but rare book “Think Like a Tycoon” WG Hill puts it this way, “To tackle the so-called human condition and arrive at an enjoyable and comfortable lifestyle, you have to face the music. You have to prepare and act. Don’t just sit back waiting for things to happen, because then other people will make your decisions for you and then who knows where you’ll end up.”
Over the years I’ve seen that it’s the same in any field; learn what the basics are, practice them to the nth degree and success will be yours. The same is true with Forex. Also work towards being the best at one thing rather than good at many things. In Forex trading this translates to becoming the best at one methodology and sticking to it. You can become the best there is in one niche. Forex trading is not an easy industry to master, and there are a lot of lessons to learn before stepping into the world of Forex trading. As much as this type of trading can be rewarding, the consequences of losses can be extremely damaging. Many people think trading is like betting on red or black in an online casino, however there is far more to Forex trading than initially meets the eye. In order to succeed in Forex trading, it’s important to be highly self-motivated, enthusiastic and passionate about it, if you’re that kind of individual it’s likely you’ll do very well in this industry.
I’m fortunate to have my financial freedom. I live my dream and quite frankly, I only work if I want to. When I do work I trade my own funds and those of my clients and teach people to trade forex successfully. I now class myself as semi-retired and I live in sunny climes. I love watching my football and enjoy a good movie and a good book. My favourite form of exercise is hill walking and I’ve been doing that for many years in many countries.
Good luck with your trading journey and indeed with your life’s journey. Please let me know how you get on.