What It Really Takes To Be Successful

9

Trading is a business. Now you may be thinking to yourself “Yeah know that, tell me something I don’t know” but you would be surprised at how many people don’t realize this and if they do they certainly don’t treat it like one. They start trading and they think that all they have to do is find an indicator slap it on a chart, wait for a signal and presto they will be rolling in dough. The reality is however is that trading is a serious business and if you don’t take it seriously then the only thing you will be rolling in is your own misery.

Guest post from visionsofaffluence.com

The idea of trading for a living, of being able to make a living from the comfort of your own, of being able to quit the 9-5 rat race and control your own life is a very appealing one, and is the reason why many of us decide to trade in the first place. While this dream in fact very attainable the truth is that it requires a lot of work. More work than most new traders realize and it is my belief that this is why so many of them will fail.

If you were staring any other business you would expect to have to put in a lot of work before you were profitable. Can you imagine starting a company and thinking that you would automatically be profitable right out of they gate? Everyone knows that when you first start a business you a  very likely to struggle and and have to put in long hours in the beginning until you turn the corner. So why is it then that people think they are going to start making money hand over first as soon as they start trading? If you really think about it its quite absurd. Trading is just like any other business in that in order to be successful it takes hard work, dedication, and lots of time.

So if are really serious about making it as a trader then you need to be ready to put in the work. Approach it just like you would any other business and eliminate any thoughts of getting rich quickly. Most new traders fail because they aren’t willing to put in the work. They want trading to be their escape from work and that is fine, but in order to get there its going to take a lot of work and there is no way around that. If you are willing to put in the work then you will be successful and if you aren’t then stop trading and start buying lottery tickets, because you’ll have a better chance of winning the lottery than becoming a successful trader.

If you want to discover what it takes to be able to trade for a living. Then visit visionsofaffluence.com

Want to see what other traders are doing in real accounts? Check out Currensee. It’s free..

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About Author

Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

9 Comments

  1. Pingback: Forex Crunches for the Weekend November 20 | Forex Crunch

  2. Its not easy making money with lots of systems and methods being propagated everytime. This can be confusing as each one has different time frame that works for them.

  3. U r bingo.. why people tink that they ccan make money imediately in trading is becoz they heard their frenz saying how much they earned last nite blah blah blah.. and nowadays, alot people r forsaking to demo trade their system for months n jump to live account after 1 week of demo trading. emotional risk sets in when they had profit in their 1st few trades and thought that they can increase their risk per trade. Thats how people lose money when they deviate from their trading plan and chasing losses.

    Another important part is just like what Tony Sade had mentioned. there are so many indicator in this world now and newbie are plucking 3-5 indicator to fit into their chart. K-I-S-S keep it simple system is the best. I used to be like a newbie until i removed all my indicator and just use 1 diligently. I had been profiting since then..

    Good luck to all traders..

  4. I find the tone of this article too negative. This is the reason lots of traders don’t read articles anymore. I wouldn’t blame them because it’s amazing how some folks who think they have ‘arrived’ in the forex trade, put out articles that sound so harsh that even a five year old wouldn’t take it. It’s one thing to have a piece of advice, it’s another thing not to sound annoying.

    If any of you has something to say to fellow traders, apply commonsense in writing your articles and not waste people’s time in making them read a piece that makes them want to puke.

  5. This article actually makes common sense. On the other hand if you as a trader get scared by an article, than you shouldn’t trade at all. Oh and by the way, I know what it means to put in long hours to be successful, no matter in what area are you thinking. Practice and studying is necessary in any field you want to make it out there!

  6. Attrium, I am not sure if your response was to my comment or something else because my point wasn’t about fear but negativity. You need a clearer understanding of issues before jumping into them or better still, keep shut. I am a successful trader already, take it or leave it. I still maintain my point about the negative tone of the article. There’s nothing wrong with trying to sell a book but not at people’s expense. You don’t tell people to go start buying lottery tickets because they have a better chance of winning the lottery than being successful in forex. The point is clear: that traders should take forex as a business which of course, it really is. I am sure most forex traders would agree with that. However, in synopsis, I thought the writer’s choice of words let him down. Period.

  7. @Fab, yes the choice of words is not particularly good, esp the introducing ones. ‘rolling in misery’… if u get it wrong as business is not exactly in order. Some subtle wordings could be better..

  8. Thanks for your contribution Tony. Do have a nice day and here’s wishing you all the best in your trading business.