I love to go fishing and I can spend hours with my rod in the water. Notice I said with my rod in the water, because many times I don’t catch a fish. But I love being out there on or near a lake with worm guts on my fingers. My son on the other hand if he doesn’t get any action within a few casts wants to leave.
When you apply this illustration to a Forex Trader it highlights the difference between someone that does it just to make money and someone that is passionate about the whole process.
Don’t get me wrong if you can’t make money trading then you should find another hobby. The reason I mention this is that before you get any action there is a whole lot of work that needs to be done before you get into a trade, it is mundane work and effort, the reality being that there are no shortcuts.
When I was talking to my friend that spends 5-7 hours a day working this craft he said that most people don’t do the work to study and learn and expect to make their fortune in trading. It just doesn’t happen, that is why most people lose their money fast. They want the action and lack the passion.
Since they don’t get immediate results they become a trading casualty.
So be honest with yourself, don’t allow the lure of the possibility to make thousands of dollars a day by Trading Forex override the reality that most people will be losing their hard earned money simply because they didn’t put in the time to learn what they needed to.
So if you can’t stand studying charts and reading to learn your craft and how news and economic conditions affect the market and how things are interrelated, find another hobby that won’t take your money from you.
In other words you have to love the whole process and you can’t skip any of it. That is why you need to be passionate about trading.
I quickly learned that those that promote Automated Forex Trading systems give the impression that you don’t need Forex Education to trade, just let the robot do it for you.
But then you quickly find out about news and announcements, interest rate announcement, non farm payroll, spreads, and commissions and the list goes on.
You suddenly realize that you now need to know about these things, that you need Forex Education and hopefully the robot didn’t blow your account.
You then realize you have to manage your robot and understand how it interprets signals and trends.
That is why as we discussed there are no shortcuts to trading. One way or another you need to learn the craft and what will get you through that mundane part is to have a passion for the whole process, not just one part of it.
A funny thing he mentioned was “Just when you think you got it figured out, just when you think you are on top of your game, the market teaches you who is the boss.”
Yes my dear reader this is what you need to be aware of, this is part of the game, no exceptions, no changing it. So if you don’t like it, save your money. But if you are like me and my friend and many others, and you love trading, then learn and study and practice and then you will be among those that are successful.
Happy Trading
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