Just because getting into Forex is easy doesn't mean that your due diligence can be avoided. Learning about Forex and understanding Forex is so important for your chances at being successful. The majority comes from experience and live trading but even with as much practice as possible, you can't be perfect because the market is unpredictable.
Having goals is an important part of achieving success in anything and helps you stay focused on what you want to accomplish. When learning to do something completely new to you, it’s hard not to be overly optimistic and get carried away with all the possibilities! It's important especially as a beginner trader to remember that the goals you set for yourself should be realistic so you can focus on the goals themselves and not apply too much pressure, causing the goals to fail completely.
Failure is bound to happen in your trading; not failure in that trading will not be a viable outlet for income, but failure in that some trades will lose. This is not something to be deterred by. No trader is perfect, trades are always lost. George Soros, Shawn Lucas, and Warren Buffett have all had a trade lose at one point or another. As the phrase goes, “It’s not how many times you fall that matters, it’s how many times you stand up.” Not everyone decides to stand up on that final fall, though. Those people are the ones who do not reach success in the FOREX world. But what are some of the reasons why traders fail?
Having quotes from profitable, successful, and professional traders can be motivational when you’re feeling down on your luck. I like to read quotes when I’m feeling unsure or down on anything in life. So, I thought I would gather some of the best quotes I found to help give your confidence a little boost in the right direction!
Trading is difficult. It takes a long time to hone into a particular strategy that works well for you and to find what times and pairs work best for that strategy. With all the difficulties that can come about in trading and the frustrations that come from the losses, every great trader has had their losses. If you watch the Trader on the Street and Apiary Fund trading sessions with Shawn Lucas, there will be times it's a losing session. And while Shawn’s loss may be few in far between compared to the wins, they still happen. It's a process of getting to the point where your trading days are far more successful than negative. But one important thing is to never give up.
With trading being a high-risk venture that some choose to take, there are bound to be negative reviews by certain individuals. Aside from the risk of trading, certain brokers and companies that individuals trade with cause negative experiences that set a stigma for trading. This is the reason that many individuals don’t start trading. They hear stories of losses and of companies having bad practices so they decide not to trade. However, this can be said about anything. If someone started bagging on your favorite restaurant, would that change your mindset about the restaurant altogether?
At the beginning of your trading journey, you can expect a lot of mixed emotions. One of my favorite things to do when you want to get a good read on what a first time trader will be genuinely experiencing, is watching some of the Trader on The Street videos. I love being able to watch them because these are unsuspecting people of what they will find in the markets. They're people just like you that have never done this before. When Apiary Fund's head trader, Shawn Lucas sits down and shows them how much money they can make with the right education and experience Apiary Fund can provide for you. They have a genuine astonishment at the money they made right before their eyes. If you want to be truly profitable, you need to be willing to invest in your education first and foremost.
“You have the power to decide how you will respond to uncertainty.” -Yvan Byeajee
Skepticism is a big part of any new venture one decides to take. It’s also one of the biggest hurdles one faces when deciding whether to become involved with a certain educator, employer, or path one takes. But if skepticisms stopped people 100% of the time, then the world would be a totally different place. All the big companies we see today wouldn’t exist. Our favorite movies or books wouldn’t be there for us to enjoy, all because of the slight doubts the writers face when thinking, “Will this make it?” Trading is no different for many people. That brief doubt you encounter when thinking about trying it or that bad experience your friend’s neighbor faced a few years back. Thankfully, with trading, and some other like ventures, you can try it out before you pay. There are companies like Apiary Fund that allow individuals to watch and/or try before any risk is taken upon by them to see if it will work.
Winston Churchill once said, "Success is walking from failure to failure with no loss of enthusiasm." Trading is no different than success with these words in mind. Any great trader or person striving for success in any field needs to be prepared for loss before growth. Traders like Shawn Lucas, Warren Buffet, George Soros, and many more started off trading with losses, not immediate wins, and that’s one of the most important things to remember when starting to trade.