Treat Trading Like a Hobby & It Will Pay You Like a HobbyTreat Trading Like a Hobby & It Will Pay You Like a Hobby, Treat Trading Like a Business & It Will Pay You Like a Business.

Great article from long-term member Jeff L as he transformed himself from a moderately successful “hobby trader” to a pro-level Forex trader.

I have been mentoring people in general businesses for over 30 years and specifically Forex since 2009.

The one major difference between those who succeed and those who do not, or at best, achieve limited success?

Commitment. “A burning desire” as defined by Napoleon Hill in his classic book “Think & Grow Rich,”

In case you are trading some weeks and not others. If you have no clear plan, structure nor routine. Assuming you have not decided on a system and stuck with it. Then I am sorry to say that you are more likely to become a failed gambler than a successful trader.

If you REALLY want to succeed and you commit yourself fully, to any endeavor that’s worthwhile and could bring you wealth & freedom, then no one is going to hand it to you on a plate. The starting point is you need to be determined & motivated. The next step is you need to find somebody to mentor you. Someone who has already achieved what you are aiming for.

I constantly remind students of the need for patience & discipline & perseverance. I am coming to realise more and more that it is equally important to do the physical & psychological groundwork and preparation than it is to open a demo or (heaven forbid) a real money account.

Here’s Jeff’s article:

Treat Trading Like a Hobby & It Will Pay You Like a Hobby, Treat Trading Like a Business & It Will Pay You Like a Business.

These are things I have learned that have made a tremendous difference in my trading:

    • Seek the help of those that have gone before you. Find a mentor, like Marc Walton Forex Trader, who has a heart for teaching and is willing to show you the ropes.  He has already been down the road you are travelling on. The mentors can help guide you through the pitfalls – learn from their mistakes. They give you wise advice, teach you their methods that they are already using to be successful. Our mentors are there to encourage you along the way.

 

    • Listen to the advice you are given by your mentor, put it into practice.

 

    • Psychology. Trading is such a psychological game. Everyone in the market is human, and humans repeat the same behaviour. Learn about market psychology and learn about yourself. Know the parts of your personality that are beneficial to trading and the ones that are not. The ones that are detrimental to your trading you have to keep in check while you are trading.

 

    • Patience. This is a tough one for me and a lot of other people. I want to be able to turn on my computer, jump in and make 100 pips within a minute. Wait for the trades to come, don’t force trades. They will usually cost you money and confidence.

 

  • Develop your system

    . Once you have a proven system, trust it and wait for your setups. Plan the trade and trade the plan as Marc says.

    • Virtual money. Hone your skills in a virtual account. Much easier on your pocket to make mistakes and learn with virtual money.

 

    • If you are not sure about a trade setup, let it go. Even if the trade works out, you still didn’t lose any money. The trades will come.

 

    • Avoid trading at “crazy” market times, news, etc. Trade when conditions are more predictable. It’s easy to look back and see the huge move, but you probably would not have know to get in at that time.

 

    • Keep it simple, don’t over complicate trading or over analyze your charts.

 

    • Spend a lot of time pouring over your charts. Get to know the pairs you trade and how they react. You will develop an intuition about them and start to see the trades set up. Start trading one or two pairs until you know them well and are comfortable. Then add more if you wish. I know people who make a nice living off of trading one pair.

 

    • Money management, money management, money management. Learned this the hard way. Don’t risk any more than 2%-5% of your account on any one trade. It is amazing how fast months of gains can be wiped out.

Treat Trading Like a Hobby & It Will Pay You Like a Hobby, Treat Trading Like a Business & It Will Pay You Like a Business

  • Your #1 goal is to protect your capital.

  • Enjoy what you do.

    . I love trading, I am fascinated by the markets and I am passionate about learning all I can about trading.

  • Treat it like a business.

     

  • Treat trading like a hobby and it will pay you like a hobby, treat it like a business and it will pay you like a business.

Thanks, Jeff L

If like Jeff, you would like to learn how to trade like a professional AND receive full training & detailed daily analysis BEFORE the event then check out our 5* rated forex mentor program, RISK-FREE; by clicking on the “Get Started Today” Button below

 

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