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Forex Trader and Full Time Job

Forex Trader and Full Time Job

Forex Trader and Full Time Job! Forex trading is not gambling and a Forex trader should not trade like it is. Well, to a certain extent it is gambling; but it should be treated like any business venture is a gamble. There are certain risks, and there are certain rewards, and there is a basic ratio which is present in all ventures – business or otherwise.

Forex Trader is a Business Owner

You, the Forex trader, is not only a business man but a business owner. It obviously is not a brick and mortar concern, but psychologically it can be treated as such. You should have business hours. You should discipline yourself into working certain hours and sticking to those hours. A Forex trader is not an employee and odds are you’re not going to get over-time for working too much. If you are having a rough day at the office, most times, as is true with any business, it’s best to call it a day and come back fresh and fighting tomorrow. A tired Forex trader is one that is off his game and is setting himself up for more losses; which adds to more frustration; which adds to more losses.

Stick To Your Trading Plan

There is no such thing as playing ‘catch-up’ in Forex trading. Everyone has bad days. Your dentist has bad days. Hopefully, those bad days aren’t when you are in the chair – but if you ask him he’ll tell you he has bad days. When your dentist has a bad day, he doesn’t drill twice as many teeth the following day. He sticks to what is on his appointment book. The Forex trader is no different. You have a game plan and it should be followed. You don’t have to do twice as good to make up for anything. Those intricacies should be already in your plan.

You should be keeping a journal of your activities. A good business keeps an inventory, and in a Forex trader’s case, it shouldn’t just be what is or isn’t in his account. One of the most difficult things to absorb is that you’re in it for the long haul. It’s not a sprint. It’s a marathon. And like any marathon, pacing is key to finishing a great race. The only reason you should be concerned with what happened yesterday is to learn something that you can apply to today and tomorrow. Do not beat yourself up over it. Learn from it. All education costs money (well, maybe not all education – but certainly a lot of it). Forex Trader and Full Time Job

Accept your losses as you would your profits. It’s an easy thing to say, but the truly successful trader is actually able to do it. On a day to day basis. There is no such thing as ‘catch-up’ to the successful trader because that philosophy is based on the past. The successful trader is too busy trading today and has no time to be concerned with what happened yesterday.

Forex Trader and Full Time Job

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