Is Your Mental Tough To Become A True Forex Trader?
The prospect of being a full-time forex trader or full-time trader is a very exciting thought. You can be your own boss, there is a very high profit potential, and for most of us, this is something we like. Who does not want that? Being a full-time forex trader is the same as a true forex trader. However, are you already mentally enough to be a true forex trader?
Forex trading is a serious business. Under the lure of getting a lot of money quickly, there are many fundamental risks as well. Being a full-time forex trader is just relying on trading for all your living expenses. It’s easier said than done!
Consider seriously and the following steps:
Are you successful in forex trading now?
Maybe you already intend to hang your suit and tie on where you work today, your company and start making money with forex trading 24/5. That way, you will have enough time to make better trading decisions.
But chances are, if you are not making money now as a part-time trader, your account balance will not get better if you are trading on a full-time basis.
You must also have an attitude of discipline to yourself. There is no doubt whatsoever regarding your trading ability, but discipline is another area that can affect your trading results.
You need to have a trading journal and do your homework (PR). If you do not do it now, you probably will not do it when you will improve your trading.
Are you (mentally) tough enough?
Well this is the real question for you. If the trade does not put enough mental pressure on you, can you imagine how much more if you know that a trade can determine whether you can pay your mortgage or not? Cost of family living and other obligations.
Remember that the pressure that comes with being a full-time trader has the potential to cause you to trade poorly. This will put you in a vulnerable position where if you can not control your emotions you may make bad decisions that you normally would not make.