Common Mistake: Lack of Patience
I was reminded recently of a common mistake and felt that it warranted a write down. It’s funny how no matter how many times people are warned of something to avoid, they still go ahead and do it anyway. It is possible that certain things are only learned the hard way but I implore anyone new to Forex Trading to pay attention to this one because it really is very important.
Sounds simple right? Seems like it, yet patience is not a natural human virtue. Whether you are patient or not in your everyday life you must be patient when it comes to currency trading. The story goes; you find Forex and you learn a few things, you have a certain budget that you can afford to lose, you jump in and take some losses, get angry and lose it all. Does this mean youÂ couldn’tÂ have succeeded in Forex? Well, you may never find out because you just lost all your risk capital.
In my Free eBooks not only do I introduce you to some very solid price action trading techniques, I also teach you about risk reward, good trade management and entry level Trading Psychology. This by itself is enough to succeed if you take your time but I also throw in a piece about what I am discussing here. Right away I know that anyone new to my website will have all the info they need to be successful IF they read and absorb it all completely.
Funny thing is that recently, not for the first time, I heard a sob story about someone losing their money and being ready to give up so I asked them what they did to see if I could help. It turns out they briefly read the eBooks, got themselves access to my video course and watched them quickly, thought they knew what they were doing and barely spent any time on demo making sure they could be profitable. They then jumped in with real money and traded with no regard to risk reward or even allowing trades to set up properly, they lost some money, got emotional and lost some more.
I know this is an extreme case and most people will have more self-control than this but perhaps it is from these extreme examples that lessons can be taught. There is a simple process to becoming successful that must be followed and should not be rushed. This process will have different time duration from person to person but the process will remain the same nonetheless. I will list out that process based on the fact that you would be using this website as your guide but you can apply a similar process anywhere. The key is not to rush, this is not a get rich quick scheme, it’s a get rich opportunity, it’s a job for life with no boss opportunity. Worth taking seriously don’t you think?
- Download the 2 Free eBooks and read them thoroughly a few times. If you feel like you don’t get it at all then your journey ends there. If you do understand the concept on all the levels from reading price action to money management to trading psychology then continue to #2. (note: at this website you would have spent nothing to find out)
- Sign up to the v1 course and download the tools that will help with using the software and automate a few things. Set up your software and demo account then watch the video course and read the Free eBooks again. Now start practicing until you are having consecutive profitable months knowing that the emotional attachment to money and fear of loss are not in play yet. If after just 1 month you are actually having good results then open a live account with a broker that offers micro lots (check the Brokers page at this website). By trading micro lots you will only be risking very small amounts of money but you will have at least introduced that fear of loss element to a light degree. Once successful, move on to #3
- Sign up to become a VIP member and get all the automated tools you will need to trade safely on the go from any device as well as my custom charting system that will make all of the price action concepts you have been following even clearer and easier to see. You will also have 24/7 help at hand via the live room and help zone here at EFX. Now you just need to keep at micro lots for a little bit longer as you learn all of your new tools, based on your account size, these tools will auto increase your lot size at an intelligent pace as you make money
As you can see this may take you 6-12 months or more depending on your learning curve and level of devotion. The path can be as easy or as hard as you make it. The choice is yours. I can only wrap in with a summary to this article by saying; Trading is actually not that hard, having patience and discipline with your emotions is the hard part, but there is no point attempting that second point if you have not completely mastered the first. Don’t rush it because it won’t work.