There is a big difference between learning to trade the forex market and learning to be a forex trader. A concept in which a lot of people struggle with, so they confuse the two.
What you need to ask yourself is. What kind of forex trader do you want to be? Because there are many different types, and they hang out all over the place online. They will flock together with like-minded people so that their beliefs are proved to be correct.
The problem with this attitude is that if you are not doing your best, you never will. So, let’s look at some Trader Types, according to their levels of success.
1. I’m still looking for my strategy, Forex Trader
This, I’m afraid, is the most common forex trader, whether or not they want to admit it. They are continually looking for the strategy that works for them.
They fail to realise that they are why each strategy they try doesn’t work, not the system itself. 90% of these people will give up, blaming everything external to themselves.
Or they will just eventually run out of money and move into the following category and suffer in silence. The only hope for this type of trader is to recognise the importance of Trading Psychology and Invest in themselves.
2. Suffer in silence, Forex Trader
You don’t spot this rare breed often for obvious reasons as they keep their pain to themselves. They lurk in the back of forex forums trying to copy successful traders.
Trying to gain free knowledge and free advice, the problem, of course, with this attitude, is you don’t really know where the advice is coming from. It varies a great deal from site to site and forex trader to forex trader.
They will remain here unless they gain the assertiveness to Invest in themselves.
3. The “Don’t do it”, Forex Trader
This trader has peaked at the same level as the job they quit.
They’ll be making just enough money to survive working the same or more hours than they did with their previous job. And sometimes, they will make themselves feel better by trying to save others from their pain.
By trying to talk people out of ever starting a Forex journey, claiming all teaching academies are scams. And successful forex traders are liars. They will associate only with other traders who struggle. This will then reinforce their beliefs about the Forex Market and Forex Trading.
4. I’m doing OK, Forex Trader
These guys earn a wage, spending slightly less time forex trading than working at their previous 9-5 job.
Some may actually earn slightly more than their previous employment. However, most don’t. But these traders get to work from home to spend more time with their families.
These guys and girls do promote forex trading to a certain degree. But, they promote that it takes a particular type of person to make money just like they do.
These forex traders will drink or take drugs to calm their nerves, won’t take proper vacations and are never truly out of the market.
5. Trade from the beach, Forex Trader
Beach traders have their strategy nailed and use trading as a vehicle to travel. For these forex traders, it was never really about the money. It was always about the freedom trading the forex market brings to your life.
More now than ever before. As trading on your phone with basic wifi has never been easier.
Beach traders may even teach a few other traders on their journey around the world. These traders are often found in forums and can be extremely helpful in parting good encouragement and knowledge. They make money as they need it.
6. The Successful Forex Trader
The successful forex trader tends to make his money easily each week. They may have spent years building up their trading muscles, but now it’s all habit.
Their subconscious mind has taken over the majority of the work. Because these traders spent the necessary time creating their own strategies, routines, and checklists, and they crafted their very own trading plan.
These traders have been known to manage the money of close friends and family, and they usually have expensive hobbies.
7. The Elite Trader
The Elite Forex Trader tends to go one of two ways, sometimes both. They will become Fund Managers for their own company dealing with big money or teach forex trading.
Just like the successful forex trader, they make their money effortlessly from trading. Although they treat their trading like a business and trade completely professionally, it’s not a job because they love doing it.
Elite Traders have made every part of their trading a system. Their rules and plans may be complex, but their methods, however, are not.
These professionals plan and practice for every eventuality to never be surprised or stressed by any event. They understand the importance of their health in their ability to perform at peak state for long periods of time.
These traders will have fitness coaches, nutritionists, life and success coaches, and practice meditation and mindfulness.
They are not just Elite Forex Traders. They are Elite people.
Which type of Forex trader are you… or, more importantly, which kind of trader do you want to become.
What you should do right now!
If you are struggling to successfully extract consistent payments from the markets, then I do suggest that you take a look at my “Do It Yourself” Trading Course.
In this course I will personally coach you the necessary technical and psychological skills needed to be a successful Prop Forex Trader and create the life of your dreams, whatever they might be.