As a psychologist, it is one of my responsibilities to help traders realize their full potential. Unfortunately, this is much easier said than done.
Most people jump head first into the unforgiving world of forex trading in hopes of earning millions of dollars. Dreaming big is okay and all, but it becomes a problem when people start to think that success can be achieved with just a little bit of work.
Even though forex trading may have you relaxin' like Jackson in front of your screen for the most part of the day, it is still a tough business. Pretty much like any other profession, it requires a lot of training to master the skills involved.
Take the sport of boxing for instance. It may just look like people randomly throwing their strongest punches and moving around in circles, but in reality, it takes years of practice to move properly, be well-conditioned, and to study boxing strategy.
Trading forex without any preparation is similar to challenging g a world-class boxer to a fight without any proper training. It would be crazy for you to expect to win!
Manny Pacquiao, who is arguably one of the best boxers in the world, showed what true commitment is all about. He was inspired to start his career in 1995, when a close friend who was getting into boxing died.
He was only 16 then and stood at a measly 4 feet 11 inches. He also weighed only 98 pounds, 7 pounds under the minimum weight division. In order to compete in the lightest division, he actually had to cheat the scale by putting on extra weights in his pockets!
In addition to his physical deficiencies, Manny was extremely poor--he slept in a cardboard box, he had to drop out of school to help support his family, and he had to sell donuts on the street just to make ends meet.
It was at this point in time that he decided that enough was enough. He promised to himself and to his family that he would do everything and anything in his power to get out of poverty.
So, with intense commitment and dedication, he persevered and overcame all the challenges the world threw at him. And now--18 years and championships in 8 different weight classes later--we know Manny as one of the best (and one of the richest) athletes in the world.
The commitment that Manny showed is the type of commitment you need in forex trading. It is essential, and without it, you can never be truly successful. Malcolm Gladwell famously said that you need to put in 10,000 hours to achieve mastery. I say it takes 10,000 hours to reach mastery, and even more to really make it.
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Editors’ Picks
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold price finishes Thursday’s session set to reach new all-time highs
Gold price rallied during the North American session on Thursday and hit a new all-time high of $2,225 in the mid-North American session. Precious metal prices are trending higher even though US Treasury yields are advancing, underpinning the Greenback.
Bitcoin price extends retreat from $69K as old whales shift their holdings to new whales
Bitcoin price continues to move further away from the $69,000 threshold, gaining ground as BTC bulls hope for a retest of the $73,777 peak. This is because of the general assumption that clearing this blockade would set the tone for a reach higher, marking a new all-time high.
Bears have been standing before a steamroller so far this year
Despite a pushback on rate cuts from Christopher Waller, and what was supposed to be cautious trading sentiment ahead of critical US inflation data released later on Friday, the S&P 500 rose on Thursday, marking its best first-quarter performance in five years.
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