You have studied and learnt all about the forex market. You understand how changes in economies, how announcements can affect your trades. You have learnt how to read charts, how to understand what the candles and various indicators are telling you. You combine this all into a trading strategy. You have learnt from the best. You stand before the door of forex trading. With excitement and a bit of trepidation you step through the door. What is the one word that will determine your outcome in building a successful home forex business? That one word is discipline.
Nowadays, in the fast-moving, fast food, instant gratification, I want it and I want in now society, telling people that they need to make an effort that they need to do the right things at the right time is not popular.
January is a great time for gym membership, so many new faces, people of all shapes and sizes. Three months down the line, many of them are no longer there. You need to have something to motivate you. For me personally, I have two main motivators, one short-term and one long-term. The short-term driver or motivator is that I can never ever remember leaving the gym feeling worse than when I entered, even when I really did not feel like going. My long-term motivator is the thought of going on the beach and seeing that I look better than most of the other guys my age! You need the motivation to discipline yourself when the fun, novelty factor wears off.
Forex trading is very similar. Many people who get caught up in the excitement of trading forex – and we all do – often fall away when they have a few setbacks. Benjamin Franklin said that there are two certainties in life, death and taxes. I will add a third, losing trades in forex! You will lose trades, no discussion; however, if you have a profitable strategy you will need discipline and perseverance.
When things are going well in trading, it is easy. When trades go against you the mind kicks in! Instead of following a plan, implementing a strategy, you start to take actions that are contrary to your strategy.
Emotions will start to go by guy feeling, you do not trade what you see in the charts but what you feel. There are many times in my early days I lost money by staying in a trade too long. My criteria had been breached, but I believed that it must turn around! I think the song “Dreamer, nothing but a dreamer” applied to my trading strategy.
At other times I did not enter a trade because of fear of losing. The number of times I told my wife “If only” when I did not place a trade and saw the markets move dramatically in the direction my strategy was expecting.
The day I signed up on my last training course (yes, I had attended others!) and realised my mistakes was the day I took my first steps my walk on the path of discipline and subsequent success. It is possible to learn discipline even if like me you were not accustomed to it. And yes, it will take effort to relearn the basics. I find it difficult to bite the bullet and admit I was wrong, that what I was doing was down to my lack of discipline. I am glad I did change.
If you have been trading for a while and are not successful, perhaps discipline is a problem. If may of course just be you have a bad strategy.
If you are a new trader, learning to apply discipline to a successful strategy will put you a few steps ahead of others and also will put you on the right path.
Napoleon Hill wrote “Success come to those who become success conscious; Failure comes to thus who indifferently allow themselves to become failure conscious.” Having discipline in trading will ensure that you will develop a success consciousness.
Kaz Kowalski has been providing specialist project management support on a number of high profile projects in blue chip companies across a variety of industries including Banking, Information Technology and Telecommunications. This experience has proven valuable in evaluating various marketed income streams. He strongly believes that running a Home Forex Business is the most satisfying and profitable means of achieving financial freedom. His passion for forex trading drives him to let as many people as possible be aware of the enormous achievable potential of running a home Forex business.
For information on how he learned to become a successful trader please click on http://www.Home-Forex-Business.com.