I first got started in forex back in 2005 and in the past 10 years I feel I've seen it all - the many "sure thing" trading systems & EAs, the many forex videos we all get in our email urging us to send them our money for the next holy grail, the various internet trading articles, studying charts hour after hour, etc, etc. Despite all that, I'm still not a successful trader. I think a large part is because I haven't necessarily totally dedicated myself to succeeding in the business of trading. I feel I have just been dabbling in it off and on during these past 10 years instead of seriously treating it as a business. However, I feel forex is my best chance for success, because, quite honestly, I have very little chance of becoming a big success at anything else. I do think forex is my best hope.
I've came up with my own system (basically a trend following system) that I believe will be successful. Well, I guess I should say that I "logically" believe it will be successful. The problem I have is on an emotional and psychological level as it pertains to trading. It is a feeling of uncertainty and fear of failure. Ironically, as I feel I am closer than I've ever been to having a winning trading system, lately I've been having the feeling of stress and uncertainty in relation to the idea of whether I can be successful in trading. And I think it has been affecting my trading in a negative way in that it causes me to have a negative / defeatist attitude from the start and often times keeps me from pulling the trigger to enter a trade and following through with my trading plan. But I've been thinking about my situation recently and this thought came to me: Isn't the feeling of stress and uncertainty the same situation with any business? Meaning, no matter what business one has, there is always uncertainty - especially at the beginnings of the business - that the business wont be successful.
There is always stress and uncertainty of whether or not the business will work out at least until it gets established and the business proves it is successful. Thus, whether it is the business of forex trading or having a standard "brick and mortar business", there will always be uncertainty whether or not the business we choose to get involved with will be successful. So, regardless of the business field we choose, there are no certainties or guarantees of it working out. Thus if I really want to have my own business to support myself with, then I feel at least in one sense that forex trading is just like any other business in that it has no guarantees of success.
I know a lot of people will think it is silly to compare forex trading to a standard business because of the idea that "95% of traders fail" but I personally don't think it is that high. In fact, if you look at the stats of percentage of winning traders at the various brokers, you will see it is not "95%" of people losing in trading. And whatever the official percentage of losing traders actually is, I think EVEN THAT stat is misleading. I believe of those that do fail, a lot of those are not totally serious and dedicated to becoming a successful trader and do not want to put in the high number of hours and work that is required to be successful in the business of trading. I believe many people of whom get involved in trading is closer to the "get rich quick mindset" than they are of the "put in many, many hours of trading and study" mindset. I think that is what accounts for a big chunk of the overall percentage of losing traders (whether it is actually 95% or some other figure). The business of being a forex trader may well have a high failure rate, but so do "regular" businesses. According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. I think the difference of success for most people is the desire, determination and dedication to be successful in whatever field they're in.
Logically I feel if I can get myself to ignore my fears and just follow my trading plan, then that will lead to a measure of success and that will lead to more confidence with my trading and ease my fears. But, ignoring my fears is obviously easier said than done. lol.
I've came up with my own system (basically a trend following system) that I believe will be successful. Well, I guess I should say that I "logically" believe it will be successful. The problem I have is on an emotional and psychological level as it pertains to trading. It is a feeling of uncertainty and fear of failure. Ironically, as I feel I am closer than I've ever been to having a winning trading system, lately I've been having the feeling of stress and uncertainty in relation to the idea of whether I can be successful in trading. And I think it has been affecting my trading in a negative way in that it causes me to have a negative / defeatist attitude from the start and often times keeps me from pulling the trigger to enter a trade and following through with my trading plan. But I've been thinking about my situation recently and this thought came to me: Isn't the feeling of stress and uncertainty the same situation with any business? Meaning, no matter what business one has, there is always uncertainty - especially at the beginnings of the business - that the business wont be successful.
There is always stress and uncertainty of whether or not the business will work out at least until it gets established and the business proves it is successful. Thus, whether it is the business of forex trading or having a standard "brick and mortar business", there will always be uncertainty whether or not the business we choose to get involved with will be successful. So, regardless of the business field we choose, there are no certainties or guarantees of it working out. Thus if I really want to have my own business to support myself with, then I feel at least in one sense that forex trading is just like any other business in that it has no guarantees of success.
I know a lot of people will think it is silly to compare forex trading to a standard business because of the idea that "95% of traders fail" but I personally don't think it is that high. In fact, if you look at the stats of percentage of winning traders at the various brokers, you will see it is not "95%" of people losing in trading. And whatever the official percentage of losing traders actually is, I think EVEN THAT stat is misleading. I believe of those that do fail, a lot of those are not totally serious and dedicated to becoming a successful trader and do not want to put in the high number of hours and work that is required to be successful in the business of trading. I believe many people of whom get involved in trading is closer to the "get rich quick mindset" than they are of the "put in many, many hours of trading and study" mindset. I think that is what accounts for a big chunk of the overall percentage of losing traders (whether it is actually 95% or some other figure). The business of being a forex trader may well have a high failure rate, but so do "regular" businesses. According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. I think the difference of success for most people is the desire, determination and dedication to be successful in whatever field they're in.
Logically I feel if I can get myself to ignore my fears and just follow my trading plan, then that will lead to a measure of success and that will lead to more confidence with my trading and ease my fears. But, ignoring my fears is obviously easier said than done. lol.
"Success is not a fantasy, it's a formula." - MTI