Growing up you heard the saying, "Anything worth doing is worth doing well." When it comes to day trading Forex currency, this is even more true.
When it comes to day trading Forex currency, being only "a trader" isn't good enough. The doors are wide open to anyone that want to become a trader. All you need to do is open an account, deposit some money, then begin placing trades. Instantly you're now a trader.
The problem is that the average trader is usually losing money or making very little for the time they put into it. The 90-95% failure rate in trading is no joke and these people are failing and losing their money. The average trader is not making a six-figure income and living the life they dreamed of.
When you got into day trading Forex currency, you were not looking to strain your relationships, lose money, add stress to your life or grow grey hair. Most likely you were intending for something quite different. Like quitting your job, becoming your own boss and having control over your time, building wealth, and enjoying financial freedom that trading offers.
There is one distinction where the average trader runs afoul. The focus is on making money with every trade and the secret hopes the each one will be a big winner that sets them for life, because the average trader is looking primarily at the leverage in day trading Forex currency. The 10% that are making money initially looked at day trading Forex currency and thought "Ah, yes! This has the potential to provide me with the life I want, to have a very nice living, build wealth and enjoy the time freedom. This does have the potential for a six or seven-figure income, so I am going to become great at it."
The focus for those that make the six-figure income is to become great traders, while the average traders are chasing money. One has a focus on doing, while the other has a focus on being. As a result, they each become different people as time moves along.
Another difference to note is how they each approach day trading Forex currency. One must realize that any activity for profit in which you participate regularly is a business. So when you started trading, you had opened your own business whether you realized it or not. Your business has been started in rather unique and highly competitive industry. "Treat your trading like a business" is one saying that you've likely heard before. Any business in any industry needs to be treated like a business because that's what it is. The same goes for trading.
For your trading business, if you've never started and run your own business before, then you have nothing to fall back on and experience to which you can relate. One thing you know if you have run your own business in the past is that trading is a rather unique beast with its own challenges and requirements.
For the business to provide a respectable, reliable and consistent income stream for the owners, in addition to building wealth and providing financial freedom and security is the goal of owning any business including a trading business. In owning, managing and operating any business there are numerous roles you must fulfill and skills and knowledge that go along with each of those roles. There is so much more to a successul trading business than simply opening an account, grabbing a trading system and trying to follow it.
The nice income and the freedom enjoyed by the 10% comes from the realization that you are in the business of day trading Forex currency and that you must choose to become a great trader as well as a smart business person. Average traders don't make those distinctions and subsequently lose money or have a lower hourly rate of pay lower than in their full time day jobs.
The purpose of this article is not to offend anyone or to hurt anyone's feelings. The distinctions are most often not made simply because the business of trading is so new to most traders that they just don't know to make them.
When it comes to day trading Forex currency, being only "a trader" isn't good enough. The doors are wide open to anyone that want to become a trader. All you need to do is open an account, deposit some money, then begin placing trades. Instantly you're now a trader.
The problem is that the average trader is usually losing money or making very little for the time they put into it. The 90-95% failure rate in trading is no joke and these people are failing and losing their money. The average trader is not making a six-figure income and living the life they dreamed of.
When you got into day trading Forex currency, you were not looking to strain your relationships, lose money, add stress to your life or grow grey hair. Most likely you were intending for something quite different. Like quitting your job, becoming your own boss and having control over your time, building wealth, and enjoying financial freedom that trading offers.
There is one distinction where the average trader runs afoul. The focus is on making money with every trade and the secret hopes the each one will be a big winner that sets them for life, because the average trader is looking primarily at the leverage in day trading Forex currency. The 10% that are making money initially looked at day trading Forex currency and thought "Ah, yes! This has the potential to provide me with the life I want, to have a very nice living, build wealth and enjoy the time freedom. This does have the potential for a six or seven-figure income, so I am going to become great at it."
The focus for those that make the six-figure income is to become great traders, while the average traders are chasing money. One has a focus on doing, while the other has a focus on being. As a result, they each become different people as time moves along.
Another difference to note is how they each approach day trading Forex currency. One must realize that any activity for profit in which you participate regularly is a business. So when you started trading, you had opened your own business whether you realized it or not. Your business has been started in rather unique and highly competitive industry. "Treat your trading like a business" is one saying that you've likely heard before. Any business in any industry needs to be treated like a business because that's what it is. The same goes for trading.
For your trading business, if you've never started and run your own business before, then you have nothing to fall back on and experience to which you can relate. One thing you know if you have run your own business in the past is that trading is a rather unique beast with its own challenges and requirements.
For the business to provide a respectable, reliable and consistent income stream for the owners, in addition to building wealth and providing financial freedom and security is the goal of owning any business including a trading business. In owning, managing and operating any business there are numerous roles you must fulfill and skills and knowledge that go along with each of those roles. There is so much more to a successul trading business than simply opening an account, grabbing a trading system and trying to follow it.
The nice income and the freedom enjoyed by the 10% comes from the realization that you are in the business of day trading Forex currency and that you must choose to become a great trader as well as a smart business person. Average traders don't make those distinctions and subsequently lose money or have a lower hourly rate of pay lower than in their full time day jobs.
The purpose of this article is not to offend anyone or to hurt anyone's feelings. The distinctions are most often not made simply because the business of trading is so new to most traders that they just don't know to make them.
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