The Mind of a Forex Trader

In my last blog titled Success is Sacrifice, I mentioned that the sacrifices required for the next five years were quite clear to me. (Perhaps this is why my last blog was over five years ago). During that time, I have dug both my hands deep in several projects with the aim of building something sustainable for the future. One of those projects have involved developing my skills in the Forex Market. With my background in Finance and educational pursuit in the field of Economics, Global Governance and Emerging Powers, it doesn’t surprise me that I ended up doing this, amongst other things. What did surprise me though was the amount of people I have met that have a keen desire to be successful within this industry (or game, as I like to call it).

I refer to the Forex industry as a game because that’s exactly what it is. There are rules, officials to ensure the rules are kept, players, spectators, winners and losers. Unfortunately, 90 percent of the participants find themselves making up the majority of the losers. And when I say, I was surprised at the number of people involved in Forex, what I really mean is that I am surprised with the lack of informed participants in the industry. Information and Education in the Forex industry is so vital for success. Lack of both is suicidal. My background almost naturally moulded me to be the perfect fit for the Forex Industry and still, I had to learn. I had to learn things that most people today are not aware of or disregard altogether because of their desire to “make it”(whatever that means). A few hours on Youtube and a large capital account is not enough to ensure success within the Forex Industry. It requires something much deeper that people either refuse to address or are unaware of.

Anyone we can refer to as being successful, has done so by building something. Just like when you buy a bookshelf from Ikea (and for some reason even after paying for it, they expect you to build this yourself) the instructions have to be read to know what goes where and followed step by step no matter how painful and long the process may be.     In the end, the aim is to have a solid bookshelf so you stick to the process. Those that don’t follow this process, end up having to start again, take much longer, or just give up on the process altogether. The exact same thing happens to people in the Forex market and nobody, is exempt from the process. I have spent the last couple of years offering Forex Mentorship programs and seen people do the most amazing things (And I don’t mean that in a good way). It reminds me to always stick to the process.

But what is this process and how can we stick to something we might not be aware exists? This will be covered in a series of blogs over the next 12 weeks to help some people build some sort of structure to their journey in the Forex industry. My approach in these blogs is very different from what you may be used to reading in regards to Forex. I do not claim to have the perfect strategy and charge thousands of pounds for the privilege. I simply aim to highlight within each blog the simple but important principles everyone should bear in mind when pursuing life as a Forex Trader. If you do not have a structure or live by these principles, the industry will take everything you have.            But if you start to understand the process and develop a structured approach to Forex, even when things do not go your way, there is something to keep you focused. I hope you enjoy the journey.

The Mind of a Forex Trader

True Economist