I have a confession to make: I did get into Forex trading only because I was attracted by the earning potentials. However it didn’t take me long before I realized Forex was a bit more complicated than expected. This is why a lot of people quit very early on Forex. The ones that stay and actually end up making a fortune are the ones that have come to love the other aspects of Forex trading…
The mental challenge
The best Forex traders do not fear the psychological challenge linked to Forex trading. They embrace it! They actually like to “fight” their emotions and understand it is a necessary evil in order to make it big trading forex. On the other hand, there are people who really can’t deal with their emotions. They don’t realize they can learn to control them. They let them take control. And above all, they are still looking for the instant success, push-button Forex solution. Because they don’t realize that in Forex, the answer lies much more within themselves rather than with some sort of external solution. If you are not up for the mental challenge, you are not up for Forex trading. It might take you some time to understand its importance. But, once you do, you’d better embrace it and love it rather than trying to fight against it.
After the money, the freedom certainly is the second biggest reason why people want to get started trading Forex… In my opinion, attaining freedom through Forex trading is another big psychological challenge. They are very successful Forex traders who are trading 16 hours a day. I don’t think they have “made it” despite the amount of money they have. Forex trading does give you the opportunity to only trade for a few hours a day and still make a fortune. This is the real deal. This allows you to travel when you want to. To take care of your family and just do whatever you love to do apart from trading. Freedom is a fantastic feeling and opens up to a ton of opportunities. Never forget that and relieve yourself from the addiction trap as often as you need to!
You probably don’t realize it but Forex trading is changing you in many ways! As you need to manage your account, manage risk, manage your emotions and take accountability for every move you take, you are not only growing as a trader but as a human too. There is no doubt that after a few years of trading (even a few months), you become a completely different person. You are more responsible. You think things through before acting on them. You are much more patient than you used to be. The never ending challenge offered by Forex trading allows you to grow as a person…
Making a lot of money with Forex is what probably attracted you in the first place. However I believe the mental challenges, the freedom and the growth are the real motors allowing us to get through all the hurdles Forex trading is giving us. To finally achieve what got use there in the first place…
Davide Franceschini | Chief Trader