If you haven’t read Meditations I can’t recommend it enough, I would probably name it as one of the most influential books I’ve ever read – and I read a fair bit.
Now I agree, if you have a winning process in the FX market, why would you want to change it?
Who said I was creating an entirely new process?
What have I changed
The only change I’ve experienced since leaving falcon are the following
I am able to spend a lot more time backtesting instead of watching content
I am now responsible to build my weekly watch list without relying on anyone else
I am more open minded to potential additions to my trading plan
Not much right?
However having taken the step of change I’ve unlocked something powerful inside of myself that will enable me to fuel my progress to the next level, would it be to prove to myself I can do it by myself or others or whatever I do not mind, all I care about is my results
When I think about it, I like to change countries in order to continuously amaze myself and discover new things, new cultures, new people etc, and I truly believe those changes do improve who I am as a human
So why not do the same thing with my trading?
The aim isn’t to look back on the past and fight that, instead it is to adapt and focus on the future, aim to build something new.
Change is the one that links everything in life (aside from death) so don’t hide from it
Let’s talk about life as a person
New born – Kid – Adolescent – Young Adult – Engaged – Married – Father – Grand Father – Death etc
Living with parents – Living with friends – Living by yourself – Moving in with GF/BF – New house – Bigger house – Bigger house etc etc
Everything changes, don’t fight it, just move forward, there’s no point looking backwards and asking yourself what if 🙂
Accept Change, Be Happy, Move on
Okay finding something to say for this section is going to be hard, I think I’ve made my point, change is natural, the only thing you can do is accept it, be thankful for the new opportunities and challenges you’re going to be faced with and move on…
But yep, just gotta stay unemployabled 🙂
I hope everyone had an amazing week & week-end! Hope you took some value from this post!
Now, it may sound strange, why would a trader be scared? I mean, it’s not like he’s risking his life (Well, make sure you manage your risk…If you don’t then yep… I guess)
A good FX trader executes his trading plan with no fear.
A losing trader does not execute his trading plan BECAUSE of fear
Have you ever not taken a trade because you were scared? Scared of losing, scared of being wrong, scared of not being good enough, scared of losing money, scared of what other people will think of you etc?
Hell, I have…
The main idea behind this blog post comes form the book “Way of Warrior Trader” in it there’s a great section about fear
According to the author – there are three instinctual fears: fear of loss, fear of pain and the fear of the unkown
I mean, why are we scared of getting killed by an alligator?
1- Afraid of the pain you would experience while getting chewed up by the alligator’s jaws
2- Afraid of losing your identity as you’re being digested in the alligator’s stomach
3- Afraid of not knowing where you’ll end up two days later after passing through the alligator’s guts
I mean I wouldn’t want to be killed by an alligator (well, definitely would be interesting)…
So why are we talking about this?
(Nearly) all fears we are faced with are either anticipatory or reflective in nature
Fear of the future
We are scared of the unknown, the unknown we are all faced with is the future.
We don’t know what will happen today, and even less so in the markets since we don’t control them (kinda wish we could manipulate them for my own benefit…)
Not being an author I’ll quote the book again because he puts it better than I could:
To render repeated attention to issues that are currently outside our perimeter of control is a waste of life force and a distraction away from the situations we do have an element of control over in the present moment.
Instead of being worried about what will potentially happen in the future, focus on what you can control – and that is the execution of your trading plan.
So what are a handful of tips to control your fear when it comes to placing a trade?
1- Forecast every single morning, and only take the trades you forecasted
2- Have a trading plan – and know the strike rates and expected return every set-up has
3- Backtest, that’s the only way to do the first two points, so keep backtesting
4- Focus on your breath – try to breathe deeply into your abdomen, it’s linked with the vegus nerve that will make you more calm (and also reduce heart beat I believe)
5- Meditate (eheh you thought I’d have given up on this one by now) it will make focusing on the present moment and push away all thoughts a lot easier
Scared of success?
Being scared of succcess, may sound like a strange thing, but it happens to a large amount of forex traders and is one of the main reason why traders blow up their accounts
We all get what we want from the market in the long run
The biggest challenge you will face in the FX market is your mental side. Make sure your mindset is in the right place.
Once again, I swear this is (probably) the last time I quote him for this blog post
Nothing can weaken your resolve to follow through with a plan more than the lack of genuine desire to achieve the end result.
Without such a plan, you can be assured that one or more of the four poisons of doubt, fear, confusion and surprise will eventually infect your mind. Effective planning will always help to minimize (if not eliminate) these poisons.
Accept the loss, understand that you don’t know the future and you’re just playing out an edge, take the position and be happy whatever happens next because you executed your plan.
Executing your plan is the goal, ignore the end result.
Cool video by AK Fallible about fear in the market! Love his channel, definitely would reocmmend
Make sure you’re not afraid to take the trade if it fits your trading plan
Yep, a trading plan, backtesting and forecasting is key, what can I say 🙂
By having a trading plan you outsource the trading (to you) so you get to delegate the responsibility! Definitely checkout the last part of that video tho – one of my fav. scenes in Billions hands down ahah
If you think that it’s the mental side that’s holding you back definitely check out the book, I did enjoy it and hit me up with your questions!
I love digging into peoples brains 🙂
Anyway, have a good one, I hope you enjoyed this blog post! Let me know in the comments if you want me to do more post like this!
Let’s talk about the highlight, the downside and once there, what happens?
Let me start with, it’s pretty amazing – I mean it. We usually define a digital nomad as someone that works remotely to earn a living and are able to travel whenever/wherever they wish. Sounds pretty amazing if you ask me… But yep, there are downsides!
You get to travel (duh that’s pretty obvious Max…) to places you’ve always wanted to go – well I still want to go to Mars but apparently there’s no wifi there… One day 🙂
Traveling to new places is the highlight not because of the new location, but more about the people and experiences (read that as the memories you make). You won’t remember everything about your trips, that’s for sure.
Memories is the only thing we keep.
Life isn’t only about FOREX or affiliate marketing or copy writting or whatever. Do you remember all the trades you took a year ago? I don’t that’s for sure – but do I remember renting a villa outside of Medellin last August to celebrate el Dia de las Flores with friends I met there absolutely.
It was a fun night and an amazing group of people!
long hours is worth it, if it enables you to make memories forever. Heck, you
don’t even need to work remotely or even for yourself, you just have to enjoy
what you do.
need to become a digital nomad to make these memories, you don’t need to find a
way to build yourself up as a freelancer or get a job that allows you to work
remotely to be able to achieve these dreams of yours.
Being able to travel constantly is amazing – you meet more people, you get to explore more places – you get to dance in strange places you’d have never dreamt off and taste so many different beers (actually that may be the highlight: Being a digital nomad enables you to try an extremely large amount of different beers – fuck living in one place, after a while you’ve tried all of them 😀 )
Craft beers on the beach with a friend watching the sunset… Is the type of memory I chase
all of this rant was to say – the best part of being a digital nomad is it
becomes easier to experience different things you’d usually never even dream
off because you are outside your comfort zone.
guessing none of that positive aspect is news to you anyway..
kinda sucks because most people will hate me for saying there’s any downsides
to being a digital nomad… But it’s true there are (quite a few to be
Everything we love as an opposite side
To know brightness we need darkness
Lewis Mocker does a great job showing the two sides, I just can’t remember which video to link sorry – it may be this one:
Having a lot of money has downsides (more taxes, people think you’re an awful person etc)
digital nomad or even a forex trader has downsides (you are responsible for
yourself, something you’re not used to, most of your revenue will never be
But to be
truthful being fully responsible and not having a stable income isn’t the real
downside, they can actually be seen as a positive.
challenge with being a digital nomad is saying good bye to people. Every time
you make a really good friend it’s more than likely they will leave or you will
leave and you won’t meet for the next few months or more
be seeing your “home” friends as often, it’s a lot harder to meet-up
for drinks on a friday night if you’re on a different continent (strange eh)
Literally – I didn’t spend more than 3 hours with
the same person while I was in Greece
up hating saying good bye to those amazing people so you avoid making new
friends after a while.
in that trap, only recently realized I’m giving up the best part of being a
digital nomad because I’m scared of saying bye.
become a digital nomad – I have no doubt you would like to if you’re reading
this post – don’t forget this.
appreciate saying good bye to people, try to turn it into a positive, every
single good bye you say will usually lead to a new friend, you just have to say
“Hi” once more.
the easiest thing to do, but if you need to talk about it, feel free to message
Becoming a full-time FX trader enables you to become a nomad, but what’s next?
so many courses out-there trying to teach you to become a “digital
nomad” would it be marketing gurus, or even forex education company but
once there no one talks about it…
incentive for everyone that helps you (or tries to sell you stuff) is to help
you get there, not to thrive once you’ve reached that goal.
Becoming a digital nomad isn’t the end of the journey, it’s only the beginning
It’s a bit like climbing a mountain – but getting to the top is being happy, confident, consistent, and thriving. Becoming able to live life on your own terms is one of the first camps, there’s still a lot of hurdles you are yet to be faced with
I wish there was more about getting there, for sure climbing the first peak – becoming a nomad or a full-time FX trader is great but you need to keep hiking higher. Life doesn’t finish there, instead the view you have over your life is only starting to be amazing, so keep hiking because the view from the top is always more enjoyable.
I’ll do my
best to share a few things on that aspect.
The first one being, keep saying hello to new people. It may sound obvious, but at one point you will fall into the loneliness trap, it’s happened to everyone I’ve met that have been on the road for more than a year traveling to different locations on a regular basis.
Everything that comes into your life will have to be balanced, everything bad will lead to something good, someone cheating on you will lead you to meet a better person, you losing money trading may teach you a key lesson, being lonely may help you find a new best friend etc.
Start to look where’s the lesson, where’s the pleasure you’re about to receive to every time you are faced with a challenge. For every challenge you are faced it will be offset with a reward, as long as you go out there and are willing to go through the pain and struggle. It’s all about balance.
Keep looking at the positive side of things and of your situation – and remember why you do it. It’s easy to quit if you forget the why.
The first step is to love what you do. While remembering why you do it
Embrace the challenges, be grateful for them, offset the positive and negative – you need the two sides, avoid being in a negative mindset, try to become grateful for everything. It’s freaking hard, but as soon as you neutralize all your worries you will be able to keep on going forward and even thrive
Thanks for taking the time to read this blog post! I hope you enjoyed seeing the other side of becoming a digital nomad / full time FX trader – and realized that’s not the end.
If you liked this article, it would mean the world to me if you’d share it or even just liked it on wordpress 🙂
That’s probably the hardest part of trading, or at least it is for me, I mean it’s human, we correlate making money to doing good because that’s how we are brought up – if you do well you will be rewarded. It’s pretty counter-intuitive that doing something great will end up making you lose money.
(Maybe if we were to give more to charity that wouldn’t be the case, but I am myself not the biggest donor out-there so I am not going to preach you to do something I personally do not do)
But in trading you will have to accept the fact, sometimes a “perfect” trade will be a loser.
Sometimes a shitty trade you definitely shouldn’t have taken will result in a winning trade.
Yet, you should feel bad about yourself when you make money by taking trades that aren’t part of your trading plan, and feel great when you end up losing capital when taking a trade that fits your trading plan.
We are in the industry of playing out our edge, the aim is to stick to it and in the long-run avoid fucking it up.
One trick you can do to start accepting the fact that you will take amazing trades – that result in losses is look at the balance statement of your favorite company. Are you thinking about Amazon? Tesla? Blizzard? Starbucks?… Whatever it is, they all have costs associated with their business, even your local coffee shop (even if you live in Amsterdam)
Try to understand and see trading as a business, not as something entirely different.
Another trick to trade your plan instead of your profit and loss is, once you are in a trade, hide your risk reward – instead of managing it according to your potential return it really increases the likelihood of you moving your stop according to the structure instead of potential return
For example, I am currently short on EUR/USD my stop is “randomly” placed a 1.14% profit, had I placed it at 1.25% or 1.5% I would be out of this trade by now, I barely stayed in it
The only reason I placed it at that level is because I didn’t know it was 1.14%, otherwise I would’ve made it a round number
If you use tradingview to get your charts, here’s how to hide your RR tool:
Don’t forget, trading is a business, you will incur a loss and a similar business model to ours would be a casino, they make insane amount of money every single year, but they have down days too when there’s a really good/lucky player betting big
Like read this:
The University of Las Vegas found that the 23 Vegas casinos bringing in over $72 million each in the 2013 fiscal year ended up with over $5 billion of their visitors’ money, altogether. That’s an average of over $630,000 a day, per casino
All they do is apply their small edge day in day out and they don’t care about the daily or even weekly profit, they know that in the end, they’ll make money.
Thought I should talk about a few tips that have helped me progress with my trading journey, hope this post can be helpful if it is!
Having a routine & time blocking
This has been a real game changer,
especially when traveling around, since I always have an urge to go out and
explore and it becomes extremely easy to jump off the wagon.
I believe that having a morning routine, (I’m not talking about your beauty routine) will really enable you to level up. I can’t recommend enough to always wake up at the same time and do the exact same things in the same order every single day. This will really enable you to create a structure in your day and your brain will be ready to work
Checkout the video of Michael Bamber on youtube if you want an example of a routine
By following the same routine, you will be ready for the next step even before it happens since it will become programmed into your subconscious.
If you’re not careful it becomes extremely easy to start your morning by checking all your messages which will put you in a reactive state of mind, then opening tinder to see if you got any new matches which shall put your ego in the driver seat etc.
The second benefit of having a
routine is that it becomes extremely easy to schedule time for deep work – in
the above example, you know that once you get home from your walk you will be
fully focused on one task with no distractions for the next hour, so you are
already prepared to really give everything.
By time blocking I mean spending an hour on one specific task while having put your phone on the airplane mode, turned your notifications off your laptop and ban yourself from procrastinating. If you want more info about time blocking, I highly recommend you message Jake Andrew on Instagram, he’s the one that got me into it.
Zooming out & looking to the left
By zooming out I mean having a
large amount of candles in front of me instead of only looking at the last few
hours – to make it easier to understand here’s a comparison between how “zoomed
in” I used to be to how “zoomed out” I have now become
This has been a huge gamer changer since not only has it made all the impulses look a hell of a lot smaller and therefore reduced my temptation to take trades after seeing them impulse.
Instead you’ll notice that they barely moved on the larger timescale. Another benefit of zooming out is that it enabled me to have a better understanding of how a pair behaves– has it been trending upwards or downwards or just correcting in a large “box”.
Looking left – to the previous price action is also really important since you are able to quickly notice how the pair usually behaves.
For instance I took GBP/CHF in July at a risk entry, but once I realized that the price action wasn’t that clear anymore I did not feel any FOMO closing down the position for breakeven because after looking to the previous price action it was clear that it would give me a lot of opportunities to re-enter the trade.
On top of having a better understanding about how the price is currently moving as well as how it behaves it also enables you to use the bar pattern tool on tradingview in order to copy past price action movement and paste it to today in order to compare what happened then and what is happening now.
Even though there will never be the exact same set-up, it becomes a lot easier to imagine what could happen when you have a real live example.
Focusing on the higher timeframes
As I love trading and I absolutely
hate waiting, which if you know me personally you will have noticed I
thought that I would never say this but, jumping in and out of trades based on
their lower timeframes hasn’t been the best to me. Instead it costed me a lot
of money, especially when I was introduced to the 15min because I was seeing
potential trades everywhere.
It is a common saying in the trading community that multiple timeframe analysis is the key to success in the market and I cannot agree more – it is by combining several timeframes that you will really jump forward in your journey. If the higher timeframes and the lower timeframes both point in the same direction the likelihood of the move taking place is a lot higher.
For example, if you have been dating someone for the last five years, live together, have a great sex life and are happy together the likelihood of them saying yes if you propose is a hell of a lot higher than if you were to proposed to someone you picked up in a bar a few hours ago. That’s basically how I see the multiple time frame analysis 😊
More seriously, focusing on trading
with the higher timeframes will also enable you to trade less frequently which
will not only reduce your commission costs but also reduce the stress you are
faced with while also help you become a
lot more patient since you know the potential move is large and that you will
be presented with a large amount of opportunities.
Another benefit of trading with the
backing of the higher timeframes is that you are then able to trade with the
trend, which in turn means you will have momentum traders pushing the prices in
your favour while also enabling you to place large profit targets.
I’m thinking of doing a post by
itself on the benefits meditating has had on me and my trading but thought I
should talk about it in this one too!
There are many benefits of meditating, however since we are more interested in trading I will bring up a few points that are targeted to it
Having started meditating I am now a lot better at controlling my impulses which in turn has made revenge trading and trying to catch falling knives a lot less frequent, I am not going to say it is the only reason I have managed to reduce those occurrences but it for sure is a key part
It has helped me deal with my ego – which is not a necessarily something you want to delete – since it has enabled me to reflect on actions I have done and also adopt the right mindset, being willing to review what I did and why I did it while also really increasing the amount of time I can focus on the task at hand (and in turn increased my productivity)
Honestly struggling to chose a 3rd point here, but I’ll go with happiness, it has made me a lot happier and more comfortable with who I am and reduced the need to prove everyone I am good enough, which was one of the issues I was dealing with – I always wanted to be able to pick a reversal to prove I knew the market direction instead of waiting for it to show it’s hand.
I really believe that everyone
should try to pick up meditating and commit to it for at least three months
because for the first month you probably won’t really notice a huge difference
but it’s all about compounding those experiences. There are loads of cool apps
out there that can guide you if you are new to it, I usually tend to do my
meditation with just music from Brain.fm because it really helps me have a
quite mind instead of listening to someone’s voice.
Focusing on the execution of my trading plan
rather than results
I used to purely judge my trading
based off my returns, which at the time made loads of sense to me since it was
based on the returns that I can make money and live off my trading, Plus it’s
way cooler to share on social media and it makes you feel good when you’re
pumping out decent returns
But that’s really not helping you,
instead it is probably negatively affecting you since you will either want to
take more trades in order to reach a certain monthly percentage return that you
haven’t quite yet reached (and lead you to take lower quality set-ups which
leads to more losses which make you want to make the money back – which lead
you to take more trades etc…)
I’ve been there, done that and it’s
not great… Take my word for it :S
Instead by focusing on the execution of your trading plan you can really look and compare your returns to what the market made available to you over the month, sometimes that may be a small amount of positions other times a lot more. By focusing on the execution of your plan – as in number of high probability trades to valid trades (and having a low number ideally 0 not valid trades) you will take a step forward since you will make sure that your ratio of HP to Valid is high.
Another benefit of comparing your returns to what your trading plan showed is that you become a lot more aware that other people have a different trading style than you and therefore you definitely can’t or at least shouldn’t compare your returns to theirs. That in turn will reduce the impact your trading returns have on your ego and will make you a happy person.
Anyway, I hope you guys enjoyed
this post, let me know if you want more information about any of these or would
like to add something. I have made a lot of tweaks so these aren’t the only
ones but just a handful I have taken along my journey.
If you enjoyed this article feel
free to share it with anyone that will benefit from it!
After posting on Instagram asking for subjects people were interested in, it appears that quite a few of you would like to know more about me – kinda weird but okay, let’s dive into the more personal side!
I’m Max, been to 32 (or is it 33…) countries, I’m young, drink way too much coffee and like meditating and deep conversations. Anyway, this isn’t my tinder description thankfully.
Anyway, to skip to the more interesting parts I guess 🙂
I was extremely lucky to be born in my family, (well born at all knowing the odds being born stand at 1 in 400 trillion) because my parents are English, but were living in France and had their own business in the wine trade. So that helped me become bilingual without really trying and put me ahead.
Plus, I was especially lucky since they love travelling and brought me along in many of their travels abroad, which really helped me expand my openness to the world and understanding of different cultures.
That being said, since you’re here you probably don’t really care about those amazing travels and early age but would want to know more about my passion in Finance?
I actually got interested in the industry really early since a broker took me to school one day in a soft top jaguar e-type, since then I’ve been keen to learn more about stocks and the world of finance!
First stock I made my dad buy was of Blizzard, mainly (entirely) because I spent countless hours playing World of Warcraft as did millions of other people – turned out to be a really good call so kinda proud that being a geek helped me make money 😀
More seriously tho, I started learning more and more about FOREX thanks to Babypips which is a fantastic free resource that I would recommend everyone to go through, but don’t expect them to give you any holy grail or anything like that, but they will cover most of the bases! FinVids was also an amazing free resource that helped me out a fair amount!
So yes, it’s actually possible to learn and get started for free (on top of YouTube videos) in the FX world, but I quickly realized I’d be way better off if I was to join a course, so I ended up joining Infinite Prosperity which was really helpful, I’m not going to vouch for it today because it’s been a while I left and I have no clue if they made changes… BUT it provided me with loads of learning opportunities and help me see my first few months of positive returns which was more than nice!
After being part of Infinite Prosperity for several years and being subscribed to “Active Trader” and “Live Trader” I came to realize that I was relying too much on other people analysis so I decided to jump ship
After a few months trading by myself I decided to join Falcon Trading to keep improving my skill and learn more since remaining a student and having an open mind was really important to me!
I ended up losing a fair amount the first two months after joining so I do wish I hadn’t kept trading with the same account size before even building my trading plan and backtesting it… I was overconfident! But hey, more than two years later I’m still in the community so something must be right!
It’s all about finding a style that fits your personality and then going from there, if you are happy with your trading that’s great, stick with it and push it even further!
Now I also got a fair amount of questions about studying at a good university (McGill) while also learning how to trade so I’ll address those
Do I recommend going to university if you already know that you want to go full-time?
YES, If you can go to university for free or your parents are offering to pay for it you should absolutely go for it – many people are saying you should drop-out and never go, sure you can do that, if you really need to spend all your time on your already successful business and you already know you want to do that.
It’s now become cool to “drop-out” and say that university is bad – but that’s just falling to a trap of online courses that are more or less all copies of each other…
Are you going to learn loads of things? Maybe not, but you’ll meet amazing people, have the opportunity to live in a different country, learn a new language, get a higher paying job than a waiter, get black out drunk and network. Good days if you ask me 🙂
It will also teach you the importance to debate, present your findings and write, which is something that is lacking today. It’s quite funny to notice that most people that are against university aren’t able to debate on the subject, maybe because they never practised?
Will you have time to work on your trading on top of university? Absolutely! I had the time to pass all my classes (okay I had to re-take maths, fucking hated that class)
Sure you probably won’t get the best grades if you are simultaneously trading, running a failing business, and doing some work on the side, and going out and partying but will you have the time? Absolutely.
Once you will be working a full-time job you won’t have the time to work on your trading between 8 am to 6 pm if we assume an hour commute – that’s way more time than I spent studying every day
If I hadn’t gone to that university, I wouldn’t have landed the jobs I did, which paid me a lot, which in turn would’ve meant I wouldn’t have been able to save up enough money to go trading and travelling – so I am incredibly grateful for university.
Would it be surprising to you if I said: In my first year of trading I lost money every single quarter, same thing happened the second year, and the third year (yet I’m still here!)?
Most people facing those results probably would’ve given up – that’s probably the reasonable thing to do. Afterall, the reason I started trading was because I wanted to make money, not lose money.
When you look at social media it’s easy to imagine yourself nailing it within a year, I personally know six people who managed to become consistent within a year and go full-time while quitting their jobs. But I have easily interacted with a thousand people over my five-year journey… That’s not even 1%.
Yet we expect to be able to go full-time within a year.
In my first year of trading I lost money every single quarter, and the second year, and the third year…
Focus on taking your time, there’s not a single way of trading, you can trade news, fundamentals, the price action, etc. But there’s not a single way to go, for example, if you trade technical analysis, you are able to trade support and resistance, Elliot wave, supply and demand, patterns, etc. I’m too lazy to write about all the different styles. You will have to try a lot of different styles before finding what works with you.
If you were building an e-commerce store you will have to try so many different landing pages, build an email list, find a way to utilize your email list to convert them into customers, figure out a way to transform them into repeat customers, test out loads of different ads and I could keep going.
Why would trading be so different? It will take loads of time and a lot of trial and error to move forward.
Focus on taking your time
Keep in mind that only 29% of Americans have a six-month cash buffer – and that’s the amount of cash I’d recommend you to have on hand before taking the step to go full-time on top of your trading account.
That means you’ll easily need to have around 2 years of living expenditures to go full-time (six months as a cash buffer and then the rest goes towards your trading account).
It will take time to build that amount of cash savings, so if you’re working or still studying understand that you will probably need to find a way to save more money but also that you will need to work for quite a long time before having the capital saved up.
If you enter the trading game telling yourself that it will take you three years to become consistent and five years before you are able to go full-time you will already have the right mindset. Take your time.
Focus on taking small steps every single day for instance: improving 1% every single day over the next five years you’ll become 80 million times better – and that’s why compound interest is amazing (even if I doubt you can become 80 million times better)
More realistically, if you find a way to improve by 1% per week, you’ll be 18 times better, and that’s a target you can achieve.
You will need to build up a large amount of savings anyway, and that will take time.
So don’t rush your trading
A lot of people blame their surroundings – for being negative and not supporting the dream. Yes, that may be true, but they are trying to protect you. They just see trading as a way to lose money, so be thankful, your friends are actually protecting you (in their own way)
You don’t need to convert all your friends to trading or business, I still have loads of friends working a 9 to 5 and I’m more than happy for them, because they love it.
Social media is a blessing (and a curse), because you can find loads of people on the same journey as you that are more than willing to talk and bounce ideas off each other while holding you accountable, so utilize it.
Find yourself a handful of full-time traders and ask them questions
Find other people that are at the same point in the journey as you are, and build relationships
Don’t blame your friends or family, they’re trying to protect you, instead take the step to reach out to others on the same journey and join communities of traders
The third key reason new traders fail is because they’re not willing to learn and pay a price to acquire a skill. You can either join a trading course, which in no-way will guarantee your succeed, or spend more time figuring it out by yourself and reading free content on babypips or finvids.
If you want to become a divemaster and go scuba-diving around the world for “work”, you will have to pay in order to obtain all the diplomas you need and all the dives you need to do to pass the exams. If you want to become a lawyer, you will need to pay for your university education. Everything you do as a cost, both in time and money.
By accepting the fact that you will lose money in the market for the first year or two will enable you to reduce your emotional attachment to the results you get and increase the likelihood that you will persist and see success in the future. Purchasing a course, will cost you money too, but if it shortens your journey by a few months is it worth it? I think so.
Accept that it will cost you money to become a full-time trader, the market will take a “tuition fee” from your account, and if you want to speed up the journey joining different trading courses may be worth it
Anyway, that’s my take on the subject, let me know what you think!