Dedication in Forex Trading

I’m sure you’ve heard your fair share of inspirational, zero-to-hero success stories. I’m also willing to bet that at least once in your life, you’ve said to yourself, “Hey, maybe I can make it too.”

However, whether it’s in sports, a career, or life in general, I think very few people understand the amount of dedication that successful people have to achieve what they accomplished.

Aspiring traders are especially vulnerable to ignoring the importance of trait There are lots of non-market types (e.g., engineers, IT professionals, retirees, poker players–you name it) who jump into the unforgiving world of forex trading with their life savings hoping that in just a few months they’ll be able to make it.

And it’s easy to see why; the entry into the field is simply a three-step process for most: call a broker, fill out some papers, and deposit money. Tada! You’re a forex trader. There’s also the large amount of educational sources like the School of Pipsology that can be accessed free of charge which makes forex trading all the more enticing.

While there have been traders who have managed to become consistently profitable enough to make a career out of forex trading in a very short span of time, these special individuals are few and far between. The reality is that not everyone gets to tell their own success story.

The fact is that trading, just like any other new skill or endeavor, requires intense dedication to achieve great things.

Henry Ford, for instance, is one person who I admire for his dedication. He is known today as an innovator of the assembly line and U.S.-made cars, but he wasn’t an instant success. He had many early businesses that failed and left him penniless FIVE TIMES before he finally managed to establish Ford Motor Company.

How about J.K. Rowling, the author of the popular Harry Potter series? She may be knee-deep in cash today, but in her early days as a novelist she was a single mom who was severely depressed and near-bankrupt. At the same time, she was attending school and writing novels.

Despite her trials, Rowling NEVER gave up. After half a decade of living like this and depending on welfare, she became one of the most successful novelists through her determination.

And of course, who can ever forget Michael Jordan? Michael Jordan, who is considered one of the best, if not the best, basketball player of all time was actually CUT from his high school team. Regardless, he remained dedicated to his craft and didn’t let this small setback stop him. He persevered and eventually became a one of the greats in basketball.

In forex trading, you NEED to be able to stick to your guns. You must have an unwavering commitment to do whatever it takes to reach your goal no matter how many times you get knocked down–that’s dedication.

It is an enduring devotion to success that brought these stories to fruition, and it’s what you should have if you want to have a chance of success in forex trading, too.

6 comments

  1. Ibeelaw

    I found Forex on the humble about 3 months ago.  Since then, I have studied everyday with the exception of last week.  I understand, that at some point, we will have to psychologically condition ourselves to deal with losses and drawbacks.  For me, I realize that conditioning has already started.  My week off was a response to the feelings of anxiety that started the moment I realized that I may have a fighting chance trading Forex!!  

    Sometimes the thought of success is overwhelming, especially when you have the confidence that you will succeed!!  Being dedicated is even scary when you are a small fish in an ocean.  In one of the blogs though, I understand that if you stay focused and dedicated the “aha” will come.  At any rate, Dr. P.  Thank you for the work you have done with Huck, Pip Daddy, and RoboPip to make them who they are.  For me, Huck is a great guide plus, I work in a coffee shop so it’s way more appreciated.  In being dedicated, a dedicated noob, that is, personally I have to remember to not overwhelm myself with all of the information that is at hand.  In being dedicated, it is important to give the information a chance to settle in.  The practice account is great because after your time at the School of Pipsology, after each lesson, you can take a stab at applying what you’ve learned which gives a greater chance of retaining the concepts learned.  By the way, I am in Middle School, now!!   

    Reply
  2. Santosh Ca77

    this is truly inspiring..i thought forex is not a profession like the other one’s. I thought it was not the area where people might succeed with dedication. May b cause im a newbie or so..but your post really changed my intention towards trading as a profession.

    Reply

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