Successful (Forex) traders are people with focus. If they trade, they do what has to be done and they do it well. They focus on their goal and can’t be stopped by anything or anyone. Not by their partner, family or neighbours, not by friends or colleagues. Trading is something you do 100% and with a clear goal in mind.
The discipline to keep going is often undermined by the environment. If you have put some savings into your trading account, this can be a responsible choice. But after a while your partner may want to see how your savings are doing, whether it is delivering or not. Hopefully more than those awful interest rates at the bank!? It helps if you ‘manage’ the expectations beforehand. Clearly explain that trading is a long-term activity and that those making a quick buck end up broke again just as fast. Above all trading is being able to be patient. It is important your partner knows this beforehand.
Can you stop working yet?
At parties you may enthusiastically start talking about what you are doing. During a conversation with the neighbours over a glass of white wine, the mouth may just start speaking. All very understandable. But there will come the day on which your friends, neighbours, family or colleagues will ask about it again. How is the ‘investing’ going? Can you quit work yet and how much money have you made? Although these questions are often asked out of envy and not genuine interest, they can especially hurt beginner traders. Because if the profits are not rolling in yet, but you are doing all the right this, it becomes a tricky story to tell. What do you say: “There are no good results yet, but I am doing all the right things?” You can already picture the scornful faces. You can hear them thinking they’d rather do things that yield money, rather than spending money on ‘doing the right things’.
If you are sensitive to your environment you are better off not talking about trading too much.
Before you know it you are bending the rules: You so badly want to be able to report a small success. Or you start taking irresponsible risks because you see a chance (one which is, with hindsight, clearly not a real chance. You’d like to see admiration rather than barely concealed condescension or pity. And there you go. You stack mistake on top of mistake to please your environment, or to boost your reputation. If you are sensitive to the judgement of those around you, you are better off not talking about trading with people who are not at all concerned with it. This way you will be able to avoid the questions and can focus on what has to be done. Instead look towards fellow-traders who are serious about what they do and who help you get further.
From: The Power of Mindset Trading
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