The Cruel Truth About Forex Jobs
"Chains of habit are too weightless until they can no longer be eliminated."
Good day, ladies and gentlemen, Forex traders. Traders, and not only beginners, have a lot of destructive habits that are very difficult to get out of one's head. Today we will consider one of the main mistakes made by many - setting daily goals.
The “work” in the world is the exchange of time for money. If you devote a certain number of hours to work, you expect to receive a certain monetary reward in return. This exchange of time for money is something that most people involved in trading try to avoid, and yet they stubbornly refuse to leave this psychological concept in the past when they enter the market.
In fact, trading is not and will never be a simple exchange of time for money. You can make money only when the market provides favorable conditions for this, and these conditions are not constantly present.
Trade often involves the absence of any activity at all. You could easily sit in front of the charts for several hours in the absence of any acceptable opportunity to enter the market. This concept is completely foreign to most people who are used to the fact that if they go to work, their time is paid. This mentality leads to our destructive habit - we believe that our time spent in trade should be paid.
How does an amateur
This is a classic mistake of any amateur - to believe that if he sat down at the charts, he should immediately trade.
Here is a typical scenario:
Forex trader set aside time for trading between 8 and 9 in the morning (or any other time). For this hour, he decided to himself that he would seek to take 10 points from the market, or $ 500, or would set any other goal for his "daily work" as a trader.
Therefore, he believes that if he works, his time should be paid, and the only way to get paid is to trade. Therefore, he is going to enter the market regardless of whether there are appropriate conditions for this. But what if there are no favorable conditions? What if the real opportunity for this hour does not appear?
A real trader would not enter the market, but an amateur will force a trade. In the end, he has a goal, and he must get paid.
The mistake is that they try to impose their desires, their aspirations, and their requirements on a market that is not only not interested in what you want, but who does not even know about your existence. In order to successfully trade, you must throw off the shackles from the position of thinking that you need to exchange time for money. In trade, you will be paid only when the market wants to pay you.
When a trader forces the trading process to follow his own desires and unreasonable goals, he fights for market conditions and is inevitably exposed to excessive losses. Professional traders know that they can “go to work” 5 days in a row and only receive payment on one of these days.
This is one of the main reasons why ambitious traders experience such depressing defeats and lose money for so many years. They chase after false targets. 10 points a day is the classic motto of new traders. But this will never happen!
They want only 10 points per day. But what if they suffer losses in their first deal, and now they have minus 10 points? Now they have to do 20 points only in order to achieve their daily goal. Losses in the first transaction immediately discard their goals, and they completely change their game plan. What if 2 trades are losing? They now have a new goal - 30 points to realize their original goals.
Who is to blame and what to do?
Professional traders do not set goals. They know that they will receive all that the market can provide them. For several days they do not trade at all. Over the next few days, they really lose money. However, there are certain days when they make money in a much larger amount than they could have imagined, and the amount of their income covers all those days when they simply "went to work" and did not make a profit.
People come to FOREX in order to get rid of the concept of exchanging time for money, and, nevertheless, their psychology clings to this principle, as if their life depends on it. Until a trader can get rid of a mental retardation paralyzing them, they will never succeed.
Successful trading is contrary to everything that we are used to seeing in the ordinary world. You do not exchange time for money, and you are not paid for the hours spent on your work. You get paid from time to time, but it is big enough money to compensate for the rest of the days.