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These topics all have the potential to improve your trading performance, but these are not the only areas that new traders struggle with. This article is dedicated to time management and keeping the right mindset. You’ll see how to make time to trade without losing any sleep and how to stay motivated as your knowledge and trading budget grows.
How did you get into trading? Every trader has their own story, whether it was being motivated by success stories, looking for a way to make additional income, or just a fascination with the financial markets and a thirst to turn trading into a hobby. Regardless of how your journey to forex began, one thing that most beginner traders have in common is an eagerness to make money fast, which is not the wisest attitude to enter the markets with.
People who make significant money through trading have invested time as well as money, and if you hope to raise your game and income, then you’ll have to increase your knowledge and skills first—but who has the time for that? If you’re holding down a full-time job, you might be focused on sustaining your current lifestyle. The idea of planning for the future might seem like an impossible task. Time is without a doubt the most valuable commodity of our lives, and how you use yours will define your life in the future. You just need to take the first step, but where to start?
Let’s say you forget to pay the electricity bill, and you find a final warning in your postbox. This means waking up a little earlier and paying the bill before going to work. You might put it off once, but the pressure and threat of losing the lights will get you out of bed. Urgency works well as a motivator, and you can use this urgency for any long-term endeavor that doesn’t yield results straight away. By making your mission one of urgent importance, you open up energy reserves that will fuel consistent growth. Either way, the only guarantee in life is that things will change. The question is, for the better, or for the worse?
We make time for the things that are important to us, so you need to make trading important to you if you’re planning to take it seriously. Visualize the future. How has your life changed thanks to trading forex? Write down what you can imagine accomplishing once you are an expert trader. Let these things motivate you, then turn off the TV and start learning.
Trading offers a very flexible way to make personal advancements. There’s plenty to learn and do. The trick is to organize your time better and start expanding your knowledge on a daily basis. Here’s a list of tasks you can start doing today. If you do these five simple things, then you’re already on your way to unlocking new opportunities.
These are small daily tasks that will amount to understanding the foreign exchange market much better and much faster. Now, write a list of things you do when not sleeping or working. Include everything from shopping to mopping. When your list is ready, pick three of the least important activities and replace them with market research, trading, and learning. Falling behind on your favorite TV show isn’t as bad as you might think!
While it’s unlikely that you’ll become a billionaire investor like Warren Buffett, it’s not unreasonable to imagine supplementing your income or even replacing it, but you’re going to have to significantly expand your knowledge. Buffett started with nothing, and he needed several decades to build his empire. One piece of advice that he often gives is to “read more.” On average, Buffett reads 100 books per year, and he’s not the only one. Many entrepreneurs are constantly expanding their knowledge through books. Are you?
Start reading ebooks on trading. The good ones have years of experience crammed into a 1-week read. Once you gain a little knowledge and confidence, you can decide what you want from trading, and how much time and effort you are willing to invest.
So why trade forex? One option is to simply enjoy trading for the entertainment value it offers. This means a low starting deposit and plenty of small orders. While winning is preferable to losing, a hobby trader doesn’t let financial goals dictate the volume and frequency of their trades—which is actually a very practical approach.
For a hobby trader, entertainment is the whole point, any profits earned are just the icing on the cake. Like tickets to a football game or musical, trading offers hours of entertainment and distraction. The big difference is, you’ll never leave a stadium or theater with more money than you entered with. Trading offers excitement, personal growth, and potential profits.
Thinking about a little gold for your golden years? Trading with financial goals is a big commitment. The bigger the goal, the greater the commitment needed. You’ll really need to know your stuff if you’re planning on trading larger volumes. Remember the 5 simple things? Pro traders do those things all day, every day, with their entire business and livelihood on their laptops and mobiles. You shouldn’t step into forex thinking it’s easy money. Nothing good comes easy, but forex can be great if you persevere!
If you’ve already started your forex knowledge journey, you’re one step closer to becoming a professional trader. But let’s be realistic. Making pro trader profits doesn’t guarantee you a speedboat or a Lamborghini overnight. It takes big money to make big money. Starting low and slow and letting the compound effect kick in is one way of building up to a larger trading budget, but don’t rush it.
Remember, there’s only one guarantee in life… things change. If you work hard, study hard, and spend your every waking minute thinking about a lofty life goal, you will change for the better. With self-improvement come previously impossible opportunities, and a change in the quality of your life usually follows.
Start your trading journey with the right mindset
Not sure how to get started? No problem. Follow this step-by-step guide.