We often look at rich and successful people with envy. We believe that they all got it easy while each of us has to be content with little. You may not like what I will tell you right now but these rich and successful tend to deserve what they have. They had to tear and do the impossible to get where they are right now. And they don’t stop there but continue to study and work hard to become the best in their fields.
Why am I telling you this? Because this scheme works the same in any field, including Forex trading. You cannot rely on luck or the help of others to succeed. If you want to achieve something in your life, to become a professional trader, then you need to start behaving and thinking like these successful people.
What Does it Mean to Be a Successful Forex Trader?
One of the most important things is understanding what it means to be a successful trader and how you will become victorious. The second thing that you need to comprehend is your achievements and desired profits.
How to Understand That You Need to Change Something?
A successful person is distinguished by his desire for a goal and the persistence with which he goes to it. He doesn’t throw everything halfway and doesn’t relax after every small victory. A successful person lives his goals and dreams.
If you want to understand whether you are motivated enough and do everything correctly, then you need to constantly ask yourself direct questions and give honest answers. And the questions to ask depend on your goal. Let’s say you want to be healthy. Ask yourself:
- Am I doing enough sports?
- Am I eating right?
- Am I sleeping well? Etc.
With Forex, the scheme is the same:
- Am I taking enough time to learn trading?
- Am I following the basic rules?
- Do I practice enough on a demo account before real trading?
- Do I study the market and the news?
- Am I missing out on great trading opportunities to do something else? Etc.
If you notice that you are not making enough effort then it’s time for you to change your mindset. You need to start thinking and acting like rich successful people, even if you only have $1,000 in your account. Today I will try to help you with this.
Set Realistic Goals
Forex trading is not just a game. It’s a real job. You need to seriously think about why you came here. So you can set realistic long-term and intermediate goals for yourself. And it is worth taking it seriously because you are risking your personal funds. If you don’t have goals, then you will not have a plan. And without a plan, Forex trading turns into simple gambling which inevitably leads to failure.
That’s why your goal should be clear. Blurry phrases like “I came for profits” won’t work since it is not clear how to achieve such a target.
Avoid unrealistic goals at this stage, such as “I want to earn a few thousand dollars a week” or “I want to quit my current job, sunbathe on the beach while the market works for me.”
If you want to linger on Forex, decide on the nearest goals. A good example is “I want to earn $300 a week, which will complement my basic salary in the office and which I can save/spend on traveling, etc.” Everyone will have a unique goal. If you haven’t yet decided on this, today is the day.
Think and Act Like a Successful Person
There is a famous phrase “fake it till you make it”. Start by understanding and accepting that you are worthy of success and high profits. And then get ready to act and think like a pro:
- Treat Forex as a business. This is a real job, not a game. In order to climb the Forex career ladder and reach success, be prepared to fully surrender to the cause.
- Do not rely on luck. You may be lucky several times but without a clear plan, you cannot succeed in Forex. And it's not just about the trading plan. You need to set clear goals and outline steps to achieve them. In other words, you need a real business plan. Figure out how much time it will take you to achieve each target, what actions you need to take, etc. At the end of every period in your plan, review it, note what was achieved and what wasn’t, what mistakes were made and how they can be fixed. After analyzing the path traveled, set new goals and develop a new plan.
- Train your discipline. Many successful people talk about how they get up at 5 in the morning every day to fulfill the tasks set for the day and so on. It was self-discipline that helped them reach their level of success. At Forex, this quality is one of the keys to success. When you have developed your plan and trading routine, make the following of it your second nature.
- Continue to learn even after reaching success. Have you noticed that professional athletes who have reached unprecedented heights continue to train every day? Successful businessmen are exploring their fields to stay abreast of the latest developments, techniques, and innovations. Professional Forex traders do the same. Even if you are showing pretty good trading results, you still have a lot to learn. Continue reading books, attending webinars, and exploring new strategies and indicators. The secret to success is that it doesn’t have an endpoint. You need to grow and develop every day.
Yes, there is a lot of work to be done. But how else can you become one of the few successful and truly rich people? Start with your mindset. Decide for yourself what you want and whether it is worth it. I am sure that each of our readers deserves real success. So I can only wish you perseverance and a little luck!