Wednesday, October 22, 2014

I want to learn Forex but there are hindrances

"When you're in love with a market, it your trading account." - Old Trader

It’s no longer news that Forex markets are full of opportunities. Sure, there are challenges, but once you learn what it takes to overcome those challenges and become consistently successful, then the opportunities in the markets would bring you rewards. Why do some people feel reluctant to try Forex markets? It’s because they think success in the markets isn’t easy.

Success in other fields is also not an easy thing. More than 12 year ago, a young woman told me she wanted to become an actress, plus the reasons why she wanted to become an actress. Obviously, she was dreaming of becoming a celebrity, thinking of the glamor, fame, benefits, and riches that are being enjoyed by successful actors and actresses. I only advised her to weigh all the pros and cons of what she wanted to do.

Within a short time she joined a local theatre group and began practicing with them. Several days later, she followed them to a film location. That was when she was exposed to the dark sides of the local film industry: instant privation. This also included paling into insignificance when compared to veteran actors/actress on the location. She saw that her chances of becoming an instant celebrity were very slim. What she dreamed of didn’t come as quickly as she’d previously imagined. She thought she would join the industry and quickly become a star; but the reality was different.

When I later saw her, I asked how far with her experience with her new career. She told me the dismal things she faced, including having to work hard without any financial compensation. She swore never to go into the movie industry again and she stood by her promise. Perhaps, she could eventually realize her dreams if she’d pressed on for as long as it’d take her. 

Can you see how this true story relates to trading? Nothing good in life is easy to achieve. Sadly, there are many people who’re interested in Forex, but because of one flimsy alibi or another, they keep on postponing the experience that has the potential to bring them financial reward.

Flimsy Alibis
Some have tried everything they think they can do, without attaining any success. They may now threaten that if the new course or strategy that they want to purchase doesn’t work, they’ll never trade again. As Philip Yancey says, a truly paranoid person organizes his or her life around a common perspective of fear. Anything that happens feed that fear. The fact is that such people have really lost interest in the markets. While it’s wise to learn from the past, we shouldn’t live in the past.

Some think that they’re currently facing serious expenses and therefore they’ll have to wait till next year before they can start learning/trading. The fact is that there’s no guarantee that their expenses will be reduced next year.

Some say they want to learn everything they need to know about trading, including taking any courses and reading any books they can find. They think they can’t start until they’ve done that. The fact is that they’re yet to learn anything or read any books. If they’re yet to do it, would they be able to do it at all?

Some think they can learn trading by trial and error. This is possible, but time-consuming and circuitous. They may think they can become a market wizard at will. Then, what stops them from becoming a market wizard? 

You may think you can only trade when you’re less busy. Do you work only when you’re less busy? Trading is a serious business; it’s not for those who’re less busy.

You may think you can’t trade because your family doesn’t support that. You may want to think of how to win their support. Maybe if they know and appreciate the truth and realities of trading, they may support you. The way we view our circumstances is more important than the circumstances themselves.

If you say you don’t want to trade now, but in future, you may have forgotten that ephemeral wishes don’t mean anything. Anyone who doesn’t have the time for trading can’t trade. Anyone that doesn’t have resources to trade can’t trade. We worry so much about protecting ourselves that we fail simply to step up. These are facts.

Conclusion: What you can do today, don’t postpone till tomorrow. The best time to do anything is now. Make your decision and learn how to approach the markets as rationally as possible.
There are numerous ways to make money in the markets – just as there are numerous traders in the markets.

The quote below ends the article:

“We are all different and there are many ways to win in the markets – the important thing is to develop your own best method.” – Charles E. Kirk


Learn from the Generals of the Markets: Market Generals

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