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Although most traders are ultra-competitive by nature, comparing yourself to other traders is not in your best interest.

In the financial industry, making comparisons can be difficult to avoid. After all, trading performance is often judged relative to benchmark funds or indices.

As a trader, you’ve probably measured your success based on how far ahead (or behind) you are with other traders you see online.

At some point, you might have gotten envious of some fellow in your trading chat group who bought a yacht with his big winnings.

As a result, you probably doubted if you’ll ever make it big and questioned if all that hard work you’re putting in is really worth it.

From personal experience, I’ve found that whenever I started comparing my trading with other forex traders, my performance would usually worsen.

Now it’s human nature to compare, but it’s important to put things in perspective and focus on doing your own thing.

First, you should take trading experience and ability into account. Just because you sit next to someone on a trading desk does not mean you have the same level of knowledge and skills.

Even if you follow the same system or are trained using a similar framework, it does not equate to performing on the same level as everyone else. You could be trading at different time zones or watching different pairs. You might be missing some setups that they aren’t, and vice versa.

It also helps to keep in mind that people tend to talk or post more about the highlights of their trading than the fumbles and losses, just as in social media.

As the saying goes, “Comparison is the thief of joy.” You might actually be doing pretty well yourself, but you’re missing out on the small wins and improvements when you see that others are “doing better.”

Of course avoiding comparisons is easier said than done. Just remind yourself to take a step back and evaluate your performance based on whether or not you followed your trading rules and practiced proper risk management.

If you can’t help but check relative performance, focus instead on comparing how well you did on a particular day versus your previous trading days or your own running average.

Keep in mind that you are responsible for honing your forex trading skills. What works for others may not necessarily work for you. How you perform has nothing to do with how others perform.