PASSION

Day 9 of #222daysofforexeducation

I don’t want to sound cliché, but you can either be passionate about trading, or don’t do it at all. About 1% of market participants in the markets are successful, do not factor in the market makers, the big corporate manipulators such as Goldman Sachs & JP Morgan just to mention as examples. Also, do not factor in the hedge funds and High Frequency Traders (HFT’s). So what does it take to be among the 1%? Pretty much your passion, some call it obsession. It’s passion that makes you wake up very early while others are sleeping to catch the Asian markets if you trade them, it’s passion that makes you sleep late to do your evaluation or analysis of your trades and record them in a journal for monitoring, it’s passion that keeps you going whether you have winning or losing trades, It’s passion that keeps you looking at charts if you’re into price action, it’s passion that keeps you glued to market news and websites such as Bloomberg, Marketwatch, Reuters if you’re a fundamentalist, it’s passion that causes you to take up literature related to Forex trading and read to gather more information, constantly reinventing yourself because the markets are dynamic, it’s passion that makes you listen to Forex podcast interviews from professional currency traders say for an hour daily, it’s passion that makes you find a mentor or pay for a trading coach, it’s passion that makes you take up Forex classes be it online or offline, it’s passion that makes you follow relevant personalities on social media and ignore the noise that comes from trading “gurus”. Passion is your driving force to your trading success, you either have it or don’t start trading at all. You can’t catch a break, and it’s a good thing. You will basically sleep, eat, move, think, talk trading and repeat the same the next day, got to love it beyond a hobby, it’s a serious business, be among the 1%.