Forex Trading Requires Dedication

Updated from its original posting on 2012-03-23

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.

  • utalk

    Yes,
    actually it’s more about who we are, to now yourself, and not lie to yourself… but that’s another story.
    I think that’s why forex is less about forex and much more about yourself.
    .. but that’s the recipe of success in life, not only forex, to now yourself, now what you want and just act.
    From what I’ve read, in forex, in many situations, we must act more like a robot and less like a human, and control our feelings. And, I think, this is applicable not only in forex.
    But in forex isn’t a real EA robot more suitable for that? Isn’t that much easier for a trader? … so we can concentrate on trades more, and less on feelings.

    • Forex Ninja

      Yep, that’s why most traders prefer to develop trading systems based on their study of price action. Of course deliberate practice comes in very handy here, as you have to first understand how the market moves before being able to come up with a profitable trading system.

  • utalk

    And another question for you:

    What’s the difference, in your opinion, between overtrade and deliberate practice? I mean, where is the limit of deliberate practice, and when I know that I am overtrading?

    Thanks

    • Dr. Pipslow

      Deliberate practice focuses more on trying to get a good understanding of the markets by watching price action and keeping track of patterns. This also involves monitoring your trade decisions while constantly noting what you can improve. Overtrading, on the other hand, is simply taking one trade after another without much thought or analysis – more of a result of greed or trying to make up for losses rather than focusing on high probability setups.

      • utalk

        thanks

  • Dannyboi93

    I would recommend Napoleon Hill’s ‘Think & Grow Rich’ It’s basically making the same point. But it provides many many examples – if you skip past the enthusiasm and see the actually people underneath… it’s a pretty decent book.

    • Dr. Pipslow

      Interesting. Thanks for sharing this!

    • utalk

      thanks, I will read it

  • http://www.alleycat.be Jo D

    personally i know only one zero to hero story and that’s pablo escobar since alexander the great technically was royalty even if he did conquer the known world by the time zuckerberg learned to spell the word facebook across the planet so to speak

    for the less dedicated there’s always binary options and sports betting