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Forex Currency Trading - How to Become Great

Aug 25, 2008
Growing up you heard the saying, "Anything worth doing is worth doing well." When it comes to day trading Forex currency, this is even more true.

With day trading Forex currency, being simply "a trader" won't do. Being a trader is something anyone with a bit of money can do. All you need to do is open an account, deposit some money, then begin placing trades. Instantly you're now a trader.

The average trader loses money or makes very little for the time invested is the problem. The 90-95% failure rate in trading is no joke and these people are failing and losing their money. The average traders certainly aren't making the six-figure income that will allow them to realize their dreams.

When you got into day trading Forex currency, you were not looking to strain your relationships, lose money, add stress to your life or grow grey hair. Most likely you were intending for something quite different. Enjoying a respectable income stream, building a nice nest egg and having control of your time are probably more like it.

Where the average trader runs into trouble is in one very subtle distinction. The focus is on making money with every trade and the secret hopes the each one will be a big winner that sets them for life, because the average trader is looking primarily at the leverage in day trading Forex currency. The initial thought that came to mind for the 10% that are making six-figures was "Ah, yes! This has the potential to provide me with the life I want, to have a very nice living, build wealth and enjoy the time freedom. Very real is the potential for a six-figure income with this, so I am going to become great at it."

The primary difference is that the average traders are chasing money, while those that actually make the six-figure incomes are focusing on becoming great traders. The 90% are focused on making money and the 10% focus on becoming great. As a result, they each become different people as time moves along.

How they both approach the whole matter of day trading Forex currency is another difference. This comes from the realization that any activity pursued on a regular basis for profit is a business. Whether your realize it or not, you opened your own business when you started trading. Your business has been started in rather unique and highly competitive industry. The wisdom, "Treat your trading like a business" is one you've encountered I'm sure. Any business in any industry needs to be treated like a business because that's what it is. This is particularly true of trading.

For your trading business, if you've never started and run your own business before, then you have nothing to fall back on and experience to which you can relate. One thing you know if you have run your own business in the past is that trading is a rather unique beast with its own challenges and requirements.

The goal of owning any business is the same as it is for a trading business, and that is for the business to provide a respectable, reliable and consistent income stream for the owners, in addition to building wealth and providing financial freedom and security. Owning, managing and running any business involves quite a number of roles, each of which has its knowledge and skill requirements. Opening an account, acquiring a trading system and then following it is only a small part of a successful trading business.

The nice income and the freedom enjoyed by the 10% comes from the realization that you are in the business of day trading Forex currency and that you must choose to become a great trader as well as a smart business person. Those distinctions are often missed by average traders and are why they most often make more money on an hourly basis in their day jobs than they do in trading.

The purpose of this article is not to offend anyone or to hurt anyone's feelings. Because the business of trading is so foreign to most people, they simply don't know to make these distinctions.
About the Author
Do you want to settle for average or realize the potential that day trading Forex currency offers you?

If you want to become a great trader and you have one hour a week, then check out the training available in the Trading P.I.T. Club at Inside Out Trading.

http://insideouttrading.com/pit/great.html
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