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How To Make Money Trading - part (iii)
By Benny Nardino | November 28, 2008
Focus (continuation.)
Another important aspect of your focus is your emotions. How you feel and act under trading conditions are critical to your forex trading successes. How do you act when you a making huge gain from you trading positions? Does your emotion run wild or calm? And how do you behave when you lose? Do you still maintain the same calm persona? Do you have distractions in your trading environment?
You know yourself better and far more than I could ever tell you. What you must avoid is allowing emotions to rule your trading. You are required to have a balanced temperament at all times. For example, do you take to calculated risks or trade by instinct? What you want to do is develop yourself to the level you would have mastered your emotions to take those intuitive decisions in market environment. But they won’t come over night until you have built discipline in your trade and emotions. This brings us to the last part of your trading requirement.
Discipline
Discipline is required to birth habits and routines. What you do routinely you perfect. For example, learning to walk. When you began to walk you never imagined running but today to do. You do marathon, sprints and now you even want to run like Usain Bolt. Wow! Have you noticed it wasn’t like that at the beginning? You staggered, you fell many times but you got up. You kept on practicing how to walk. Today you’ve mastered the act of walking.
The same is true of forex trading. Currency trading demands that you have a plan, focus and discipline of purpose to succeed. You can’t have it any other way. You discipline of purpose is important to your trading success. Actors and actresses do this. Doctors do it. At first, it might seem monotonous doing the same thing everyday but the reason is to birth consistency in you. When I was doing it years ago, I thought it very boring but it helps to bring out the ingenious in you.
You build discipline to help you go through times you may not feel like trading. You build discipline to help you identify moments of great opportunities. When market ranges, these difficult times to trade forex. But if you have discipline you can still make handsome gains. If you never studied the market consistently those moments would pass you by as they came. Those are times that change your life for the best. It’s not what you do when its good times for everyone but, when most struggle to win. That’s what sets you apart. It doesn’t take Einstein but discipline approach to trading. I’ve had many of those inspirational trading and the rewards were magnificent. You have to know them to be able to trade them.
Finally, to make any significant amount of money from your trade, your focus should never be on money even though that’s your overall aim but your focus should zero in on becoming an excellent trader. To live independent you must first learn to think independence and freedom. Only when you could see that image within, re-lived it over and over again could the reality manifest. To be an excellent trader you must first be one within. At a time when employment, job and long term investments seemed to be dwindling fast, learning to trade currency from the comfort of your own home seem a viable way of raising your income level.
I hope this answer the many emails we have received on this topic. Have a great day of trading. Share your thoughts so that others may learn also from your experiences.
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