Some people join the business because they long to be doing such tasks, others because they are skilled in it while others join a business just to look for money. The majority of forex traders join in the trading game out of the hierarchy that it brings in good money. Other forex traders take time to study what forex trading is all about.
5 Signs That Prove You Are Not Trading to Make Big Money but Thinking About the Money
Many signs prove a forex trader is not trading to make big money but only thinking about the money. This article will highlight five of those signs.
You are trading money you cannot afford to lose
When a forex trader joins in the forex trading business, he or she must open a trading account. This trading account has to be loaded with money which he would use in the forex trading game. The results of the trading game could be a loss or win.
It is obvious that losses do not bring happiness to any one and no one would want to experience a loss. But in an actual sense, a loss has to be experienced by a forex trader. If a forex trader only trades with the thought that he or she has to escape a loss, this could be a sign that he is not aiming for the big money that comes with forex trading.
The thought of not losing should be completely scrapped out because a forex trader should get into the forex trading game with a positive mind. Losing is part of it but should never be featured in the mind of a forex trader because a lose or win will just come by and can never be predicted despite there being forex market charts where predictions are taken from.
You are thinking only of money, not enough about trading or your trading plan or strategy
Another sign that proves that a forex trader is not thinking about the big money rather about the money, is when he or she only focuses on what is in their trading account and not the trading game, style, or strategy they have put in place. For a forex trader to succeed in a trading game, they need to understand how the trading style or strategy they use to trade with works.
Despite a forex trader working with a forex broker, it is important to get to know these strategies as a trader. The forex trading business is not just about how much profits a trader makes or how much they lose, but also how far will they get in the trading business. How far they get should be very necessary, because just like any other business, forex trading also has competitors, do you want to forge forwards and grow in the business or just trade for the day?
You already made plans of what you will do after you make XYZ money from the forex markets
Having already made plans of what to do with the money gotten from the forex trading business would be another sign that it is only about the money and not the big money that comes with time from the forex trading business. As much as forex trading may be the only source of income for a forex trader, it is important not to use up all the profits one attains just like a forex trader is also advised to risk wisely to avoid bigger losses.
As a strategic forex trader, the plan should be to take out a little amount of the profits made and retaining some in the trading account. This is because the forex trading business will always go on and one can never want to pull out unless they have found another business niche.
This article discussed five signs that prove you are not trading to make big money but thinking only about the money. These five signs are a forex trader trading money they cannot afford to lose, thinking only of money, not enough about trading or your trading plan or strategy, having already made plans of what you will do after you make XYZ money from the forex markets.