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Internal hurdles on the road to successful forex trading

Some hurdles to successful forex trading are internal

Many individuals who took up forex trading courses did not achieve the trading success they were expecting. Some of them externalise the failure and blamed it on the course provider and trainer. Although it is true that trading courses could not be personalised according to the learning needs of each individual, learners play a more important part than they realise.

 

‘Mind’ is an internal hurdle

Successful trading stands on three legs:

  1. Trading Method
  2. Money management
  3. Mind (trading psychology or mindset)

Forex trading courses can do a good job to impart trading method and money management but ‘Mind’ depends on the individual. Let’s look at the picture below.

Picture of jaywalkers under an overhead bridge

In a traffic system that has clear rules, there are still individuals who choose not to comply at the risk of their own safety for little tangible gains

 

In a traffic system such as this, there are clear traffic rules that tell people what to do and what not to do. In fact authorities provide infrastructure (such as the overhead bridge at top of picture and escalators on both ends to go up the bridge) that provides convenience and safety to pedestrians and road users. However there are still many who choose to do it their own way for reasons that we can only speculate.

The best trading methods and money management techniques can only work when they are applied in prescribed manner. But your ‘Mind’ tells you what you do.

‘Mind’ hurdles affect many little things that add up in a big way to trading performance. Some of them are:

  1. Jumping the gun when triggering orders
  2. Sitting on losses for too long
  3. Taking profits too quickly
  4. Over-trading
  5. Shifting plans mid-way in a trade

In other words impulsiveness, non-conscientiousness, risk aversion.

 

Determination is the final key to successful forex trading

There is good news however. Propensity to jaywalk uh-hmm break rules is not cast in stone. If you have the determination to succeed, a conducive learning environment with many like-minded people and equally determined trainer can help you overcome your worst habits.

Last time, many things that I wanted were just dreams, now I see them as possibilities. I’m looking forward to own pent-house suite in Manhattan overlooking Central Park because forex trading with Tflow® makes it possible. Find me on Google+

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4 thoughts on “Internal hurdles on the road to successful forex trading”

  1. guoyong14 says:

    Bro,
    what’s the last M again?

    1. Soh Tiong Hum says:

      Hi Guoyong,
      Mind, Method, Money

  2. Kok Liang Bunner Lee says:

    Jerome, agree what you have written. It is definitely not easy to master the skills, although many intake members seems to be have the know-how. On the contrast, the female neighbour was just as LOST as me! When end results turn on them, they vent their avenue on the source with bad teachings.

    As for me, even after 2 weeks of intensive training and listening, I am now even more confused than before.

    1. Jerome Lee says:

      Bunner, don’t worry over much, confusion means you’re trying to put everything we have taught you right now, and could just be unsure on a step here or there.

      How to proceed from here then just follow the below steps:

      1. Practice analysis & place trades even if its demo trades, you have to do this regularly.
      2. Email us questions on your analysis with a screenshot of the chart.
      3. Always remember that trading need not be a race to the finish line, it takes time to master
      4. Attend revision classes as needed.
      5. Practice, Practice & Practice! refer to point 1

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