Forex trading is not too different from any skills that every professional knows. Each professional in a certain field has their own specific skill which is honed either by training with a mentor, self-research and experience.
Let’s put to example some of the professionals whose skills are honed by self-training, experience, habits and perseverance.
Elon Musk, CEO of Tesla Motors, Solar City, The Boring Company and SpaceX started with humble beginnings. Before ever becoming a CEO on one of these companies, he started with little or no knowledge, skills nor experience in these fields.
What Elon Musk had was a vision and perseverance to bring all of these into fruition. Elon Musk was a big fan of space exploration and had dreamed of making a human colony in Mars and making us an interplanetary species. Now, when we think about it, it seems impossible for any Man to do this due to lack of resources, man-power and finance.
To cut the story short, Elon met with a few people who are also interested with the same mission and associated himself with the group to gain more knowledge and insight.
With all the knowledge he gained from the group, he built his own company SpaceX and hired Aerospace Engineers and other specialized men from other established companies such as NASA. As CEO, besides mandating people on their specific tasks, he also made sure that he knows what his people is doing and made time to study aerospace engineering by himself and even contributed to the success of his engineers.
Elon, along with his men in SpaceX in time built the first rocket that can carry supplies to space and back to earth in one piece. However, with these success’, SpaceX encountered many trial and errors before even making a successful launch of their rocket. They spent billions of dollars and endured losses to the point that they almost reached bankruptcy on a Christmas eve.
With all these sacrifices made, and almost giving up with SpaceX almost filing for bankruptcy, Elon and his men took all of the mistakes made and used it to their advantage to build a better technology which helped SpaceX a hundred-fold in their future endeavors. All the efforts and sacrifices made were paid off and SpaceX is now on top of the Aerospace market putting NASA second to the list.
As of the moment, SpaceX is worth about $42 billion, and Elon’s net worth is around $88.2 billion along with the other companies that he established.
Another example, Michael Jordan one of the best renowned players in basketball changed his game from relying on pure, explosive athleticism to having a sweet, fade-away jump shot to score points.
Conor McGregor’s constant mix up of training patterns allowed him to easily switch up the pace and stance of his striking during his matches.
Now, we are not saying that you start-up your company too or switch to a new profession like these guys. We are here to talk about the same habits, perseverance and mentality that these professionals used and how it can benefit you in your forex trading.
These elite people owe much of their success by embracing change.
The problem with most traders is that most of them are not open to needed changes and improvements and they are too focused in the results instead of the process to reach the goal. That’s why most aspiring traders quit within a year of trading.
These great people that we mentioned, followed through with the path that they wished to take on with constant practice, perseverance, embracing mistakes and changing for the better and changing their habits to fit the specific field that they are into.
In forex trading, you could put all of these into practice by focusing on improvement on these 2 activities that you can do every day for practice before ever opening a live account.
Reviewing charts sometimes feels like a waste of time and exhausting. By studying charts every day, this will help you to be familiar with the type of market that you wish to trade or type of pair that you want to trade. By doing this, you will unconsciously learn the pattern of a certain market or how it performs.
Once you turned this practice into a habit, you will have more insight in the market that you wish to trade in and when a similar set up appears, you will know what to do immediately as long as it contemplates with your trading plan and risk management.
We cannot stress enough how important demo trading is. Before even risking any capital in the market, demo trading gives you a real-time feel of the market without risking any real capital.
Here you can take as many set ups as you want, try different strategies that you wish to use and see if it fits you and a lot more. You can create and adjust your trading plan and risk-management ideas without ever thinking of losing capital and posing any risk to your account.
This way you can focus more on improving yourself and don’t forget to track your progress in your trading journal so you will know which areas you have to improve on and do adjustments.
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Information on this page is solely for educational purposes only and is not in any way a recommendation to buy or sell certain assets. You should do your thorough research before investing in any type of asset. Learn to trade does not fully guarantee that this information is free from errors or misstatements. It also does not ensure that the information is completely timely. Investing in the Foreign Exchange Market involves a great deal of risk, resulting in the loss of a portion or your full investment. All risks, losses, and costs associated with investing, including total loss of principal and emotional distress, are your responsibility.