From my perspective it has been absolutely clear for the past several years that being successful in forex trading is a matter of effort, dedication, patience and endurance, it has been hard for me but I have been able to achieve most of my goals in this aggressive and unforgiving market. However one of the things I often do not consider is that most people who want to become successful traders make this decision at a point in their lives where they have almost no time at all to trade. Sure, it wasn't as hard for me to do this since I took this decision when I had a lot of time and I was able to make the change from university graduate to full time forex trader with almost no break. However many of the people who want to become successful traders already have families and full time jobs. On today and tomorrow's posts I will talk about the problems of having no time, why this probably will lead to failure and how you can implement some ideas and tips to "change the balance" and achieve success when time is a very scarce commodity.
Okay, so you are a full time worker with a family, a few kids and a ton of responsibilities that are -obviously - more important than forex trading. For you trading is probably a hobby and something you do on your free time because you like it but certainly you would like to become a full time trader or have a retirement fund sometime in the future. To tell you the truth, you are at an absolutely horrible disadvantage when compared with almost all other market players since you probably trade late at nights when you are tired and you have your mind worried with another million things, you are probably trading out of emotion most of the time and - truth be told - you are paving your way towards a few account wipe outs and disappointment as you are not tackling the problem in the right way.
Sure, you are thinking automated trading systems are the answer since a robot can trade while you work or do other things with your family. However the simple truth is that you are as likely to fail with automated trading systems as you are with manual systems if you do not dedicate time to educate yourself and to truly understand how they work. I have highlighted on several previous posts why people are generally not capable of trading long term profitable systems and you will certainly fail to do this if you just want to use them in a "set and forget" fashion.
The truth is that you are in one of the worst possible positions and succeeding in forex trading either through automated or manual systems will be a lot harder for you than what it is for others out there. For example, you are competing with a lot of people who do this for a living and with people who have a ton more time to devote to trading (retired people for example) on top of this you have the problem of having the pressure to be efficient with your money and probably your partner will question your investments in this "doubtful endeavor" instead of some more traditional investments or some other expenses.
What you need to do right now is to shift the balance in your favor so that you can decrease your weakness and increase your strengths. It will be extremely important for you to be patient and for you to realize that success will NOT come from night to day but it will probably take years before you are able to achieve good results. For a person in your position it is very important to understand that approaching trading in a different fashion than the one shown by most commercial EA or system sellers out there is not only important but crucial to your long term success.
Now that we have learned what puts people in these situation in such a disadvantage we can start to look at how this can be fixed and how it is actually possible for full time workers with families to become successful forex traders. On tomorrow's post I will talk to you about a well laid out plan and some tips you can use so that you can start to get your act together and evolve towards a path of long term success in forex automated trading.
If you would like to learn more about my personal journey in automated trading and how you too can educate yourself around automated trading systems and how to succeed with them please consider buying my ebook on automated trading or joining Asirikuy to receive all ebook purchase benefits, weekly updates, check the live accounts I am running with several expert advisors and get in the road towards long term success in the forex market using automated trading systems. I hope you enjoyed the article !
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2 comments:
Thanks for the post, I fit the content pretty well. :) You didn't write this article for me did you? :)
I think for me it has been having patience as I do get some time every now and then. If I get an hour or two here to spend on forex trading I may not get another hour or two for awhile. This can be tough when you get an idea and are trying to roll with it then have to stop and wait for another week or so to get some more time to play with your idea. It gets more frustrating when your idea does not work out and instead of finding this out in one day of work you find out your idea does not work weeks down the road. It just takes a lot of patience. Eventually you come up with a good idea or two that seems to work and you can have some fun forward testing it. Of course then you may find forward tests are not good and you are back to the drawing board. Happens to everyone I suppose, but the family man has to be patient with time.
JT
Hi JT,
Thank you for your comment :o) I definitely thought about your situation when I was writing this post so I am glad you liked it and think it fits your situation well.
Definitely for the family man it is a lot about patience and consistency but I also think that it is about going from the game to the business mentality. For most people who attempt to trade forex it is nothing but a hobby or a "game" so to speak while for those of us who live from it it is much more of a business. I believe that a big part of success is acquiring a business mentality that will lead you to success, even if the time devoted to the business is only of a few hours each week.
I also believe that this requires you to set specific times and specific goals such as those any real business should have. When you just "go-with-the-flow" and trade or develop whenever you can and without proper milestones it is like a game and long term success is not going to come as easy.
However I am very interested in your story and hopefully you'll be able to achieve trading for a living sometime in the future :o) I believe that you represent many people interested in trading out there and therefore I am always taking notes of your comments, your developments and the decisions you make regarding your trading.
Thanks a lot again for being a faithful reader :o)
Best Regards,
Daniel
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