Lets get down to the truth….
I assume you have been told all the following sweetest things about trading the market:
“Get in and get rich”
“why are you job searching when you can trade the market?”
“make money fast today!!!”
Hold on a sec…. I am about to burst the bubble…
Everyone can trade the market, but trading the market is not for everyone.
Here’s the question… Who is trading the market for?
Simple answer: Trading the market is for the brave and emotionally stable!
My definition of emotional stability here is this- Someone who is in full control of his emotions.
The reason traders never ever get to reap the true benefits of trading the market long term is their mental stability. Most traders are not mentally stable enough to trade the forex market.
Trading is 70% psychology, 20% money management and 10% method.
Getting the right psychology before going live is the most important attribute needed in order to trade the market. Without the right psychology, it is difficult to execute the right money management skill. The right psychology is often gotten from the right mental stability.
MENTAL STABILITY -> PSYCHOLOGY -> RIGHT MONEY MANAGEMENT -> STABLE PROFITS
It should be understood that the FOREX market is NOT the password to instant riches. Better stated,
It is the perfect platform to go from financial slavery of a day job to more financial freedom.
If you want to be a long term successful trader and you are presently not stable enough mentally, the following steps could be of help.
- Start by getting all information you can get on trading the market online.
- Devise a trading strategy from all information you got.
- Open a demo account and develop your trading strategy.
- You can sign up for free signals and real time analysis at our trading room (Forex Dorm will provide free mentoring and monitoring of demo account and advise on best time to go live)
- After gaining confidence trading demo for a while, it is best to open a live account with an amount you can afford to lose.
You will blow up your first real account.
You have to keep pushing. Because the light at the end of the tunnel is so bright.
Feel free to share and drop comments.
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