“Luck Doesn't Like A Schmuck” is something that Mindy's Dad used to always tell her. What he meant is that you shouldn't expect to have prosperity or good fortune just fall in your lap. It doesn't work that way. You have to work hard and not give up and only then does lady luck look more favorably upon you.
The great scientist Louis Pasteur expressed this idea as Dans les champs de l'observation le hasard ne favorise que les esprits préparés, which translates as “chance favors the prepared mind.”
And Thomas Jefferson said “I'm a greater believer in luck, and I find the harder I work the more I have of it.”
We often get Skype calls from traders and customers of our Forex Smart Tools who are new to forex and want to find out how we've been able to be successful at it. They ask us to give them some pointers to hasten the learning curve. We tell them that we've been at it for almost a decade now and even though we've had our moments of despair with it, we've never given up.
When we first started trading forex we were in a forum with a trader named Monica who would repeat everyday: "Winners are never quitters and quitters are never winners." We adopted this as our own slogan too.
When this new customer called us back and started whining about how long it was going to take him to learn how to trade currencies, we just rolled our eyes and offered sympathy. But come on, does a concert pianist get to where he is by just yearning to play before a huge audience, or does he practice for hours and hours each and everyday for years and years? And does he have a good teacher who can play well himself??? And has he conquered his nerves and his fears of playing in front of people? You betcha he has! We highly recommend that you read Malcolm Gladwell's book, "Outliers". He talks about the factors that contribute to high levels of success and what it takes to recognize them and embody them.
Trading forex is no different. The learning curve for all currency traders is brutal. That's a fact. You can hone your trading strategy and show a demo account that has doubled or tripled over a short period of time, but when you're trading REAL money, it's different. And if you get to the point where you're trading your real money along with your client's real money, then you better have built up your nerves of steel and your confidence way before you pull the trigger. And that takes thousands of hours on the Forex Tester as well as demo trading before going live with your account. Then it's critical that you record and analyze every trade you take in the Forex Smart Tools Log so that you hold yourself accountable for your actions. That accountability, even if it's just to yourself and no one else, makes you think twice before taking a trade just because your instinct tells you to. When you're using the Smart Tools Trade Log you know that you have to record screenshots and justification for having taken each and every trade and you'll think twice about impulsively jumping into something when your signals were not all there in place. There are no shortcuts to this learning curve of forex.
It also helps a great deal to have a good stable trading partner. This is one of the ways our own personal trading luck has materialized. Not only is it beneficial to have another set of eyes watching for a trade set up or another opinion on whether the trade set up matches the criterion required to take it, but it's always good to have a buddy there for you when things get rough, as they invariably do when you're a currency trader. We seldom overlap in the days we get discouraged. If we have a hard spell in trading - as everyone does - one of us may get down in the dumps for a bit, but the other has fortunately been optimistic and reassuring and pulled us back in the trading saddle again. There have only been a few days in all these years when we both hit bottom at the same time. And then we still showed up in our office the next day ready to go another round. Remember: "Winners are never quitters and quitters are never winners!"
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