Here is what happened in this morning’s market.
Have you ever gotten a chance to look at the ‘lot ladder?’ I’ll bet that you have, and I’ll bet that if you are at ALL a driven person, or motivated by profit, then you probably got very excited.
Now did you ever get a chance to look at the ‘Traders Cog?’ Again, I’ll bet that if you are a motivated, driven person, you probably glanced at it and either subconsciously or consciously dismissed it a little bit. I get it, you are better than average, you have probably excelled at other endeavors in your life and usually don’t get held up by the same things ‘others’ do.
So, here’s the thing. That sequence of events may be one of the things, if not THE thing that is holding you back from where you want to go. What most student traders seem to do is to see the lot ladder, get started as a student, get really REALLY excited about all of the potential change that they are going to experience in their life, and then WHAM. Reality hits. Trading seems to be one of those things that requires a completely new skill set. It requires a technical & emotional skill set, and also happens to be something that doesn’t really care that much about how good you’ve been at anything in the past.
What happens now, is that over time, the enthusiasm wanes. Suddenly you are months and months into your trading career and you are less and less optimistic. Doubt enters the mind. The imagination starts to entertain other more ‘viable’ income options. And here in lies the GREAT MISTAKE. All the while, whether you can tell or not, your skills are improving. Amidst the doubt, you actually probably know how to trade for profit, and even if your account doesn’t say so right now, you are dangerously close to your personal breakthrough.
How do I know all this? Because it happened to me, and as special as I tend to think I am, I’m not that different from you. HOWEVER, I am making it to the other side, and I can now tell you this.
HERE is when you should start getting VERY excited about your FOREX trading.
You should start getting VERY excited about your trading when you have made it through the bottom of the ‘Traders COG.’ Because NOW, you can start your march up the ‘lot ladder,’ AND by waiting until then to start getting VERY excited, you will save yourself a lot of frustration that will NOT accelerate your learning curve.
Remember, anything that compounds in nature will accelerate over time. So while everyone else is being impatient, frustrated, disappointed, and maybe even looking for yet another shiny new thing, be the person that understands that years 3 & 4 can and will dramatically outpace years 1 & 2, AND a trader that earns 30-40 pips per week with control, scales their pips accordingly, and endures enough time, will earn remarkable returns.
Until next time, happy ‘pip’ing!
By Payton Parnegg
Here is what happened in the market for the Federal Rate Decision.