It may sound weird to realize that, although we were all born knowing how to run and we all started doing that since we were very little, the ability to continuously do that for more than 42 kilometers is something feasible only if the candidate has built strong foundations. There is no such thing like presenting themselves at the starting line of a marathon and hoping to be able to get to the end without proper training. A good marathoner knows about pacing himself so he doesn’t fatigue prematurely. Similarly, in trading, those traders that can’t pace themselves in terms of quality, instead of quantity of trades, will suffer the same fate as the quick starting marathoner.
The vast majority of people who come to me in their desire to approach this field come to set not for a marathon but for a simple sprint. They are attracted to the idea of winning and the flexibility of the program, entering the market with a strong impulse, but in a very short time, they run out of enthusiasm. Obviously, not all of us are made to be traders. But the affirmation remains valid for any other field you want to address (including relationships) and you are claiming to be good, remarkable, to have a more than decent income. There is no success (regardless of field) without long-term involvement and commitment.
In trading, one has to understand that the Forex game is not a sprint, it is a marathon. Making an occasional winning trade, even when you throw your trading plan out the window, may provide short-term pleasure, but entering trades haphazardly can adversely influence your ability to maintain discipline in the long term. Some people get rich quickly and unexpectedly. Some win the lottery, some get an inheritance from rich relatives, some surprisingly enter a trade and hit the jackpot with huge returns in the next moment. All these are unexpected-rich-events. Professional Forex trading deals with none of these. It requires planning, training, education, sound principles, and control.
A sprint trader is one who is not in the game to stay, but in the game to make abnormal profits for the short term and enjoy. I am not saying it is impossible to make a million from the Forex business, neither am I disputing the fact that you can make huge consistent gains. I am just iterating the reality of the game for the average professional trader. A sprint trader has his or her eyes only on the potential gains and never sees the market as a master of its own or a place where losses are a part of the game. A Sprint trader trades with no stop loss because s/he believes that the market will always respect his/her trade and bow to hit the expected profit target.
Beginner traders are much more concerned with finishing the journey of gains fast. Some hate to develop the patience to carefully trade the Forex markets with a realistic goal in mind. In the long term, remember that Forex is not about the “Huge Now Gains”, it is about conserving your capital to be able to finish the marathon. You might not finish first, but you will definitely finish the race with a worthy place in the market. Follow your own trading plan, and cement in the mindset that if you follow your plan, you will end up more profitable in the long run.
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