Why Dedication Matters 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.

forex sucessAspiring traders are especially vulnerable to ignoring the importance of being psychologically ready to stick around for the long haul. 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 forex 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 dedication to working towards 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.

  • Prem Kumar

    Thanks for motivating us to persevere in forex trade

    • Dr Pipslow

      Thanks for checking out my blog!

  • Dr Pipslow

    Sorry to hear about your losses but I’m glad to hear that you’re able to get back on your feet! Yep, losing trades do happen every now and then but dedication to the craft should serve as motivation to soldier on. Best of luck in your forex journey!

  • Dr Pipslow

    Thanks for checking out my blog and sharing this vid!