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.