Not every forex trader has it easy, some forex traders have a lot to manage.
One of the absolutely wonderful things about trading for a living is this — you are your own boss. One of the most difficult things about trading is this — you are your own boss.
When I first began trading for a living I was very excited about the prospect of trading when I wanted to trade, making money from the forex market, and not answering to a boss. I really like the fact that I am responsible for my trades. I do not have to listen to anyone else. I do not have to accept what someone has to say about my work as a trader. Everything I do as a trader is recorded in my monthly trading record. This record is a very objective analysis of my performance. I like this aspect of my work. I like the fact that I have an objective performance revue each month. If I make money I am doing my job well. If I do not make money I am probably not doing my job very well. This is very different to other jobs I have had in the past. In the past I have found that some of my bosses were not, in my opinion, very objective in their analysis of my performance. Trading for a living is great because your account statement is a very objective measure of your performance.
However, there are some aspects of trading for a living that are difficult. I have learned that I am a much better trader when I am waiting for a perfect trade to setup. When I am trading often I find that I do not make much money. I have to find other things to do when I am not trading (which is most of the time). Luckily for me I have other traders to email, I often test new trading setups, or I do something outside of trading that is fun for me. I don’t have anyone – like a boss – who tells me what to do. I like this part of my job. But I do need to manage my trading, and for me this involves reducing the number of trades I take each month. Reminding myself that if I wait for the very perfect trade setups I should make money in the long run.
What about you? What must you do to improve your trading results? What sort of trader are you? Make sure that you know the answers to these questions… because you probably do not have a boss to tell you how to trade, you must manage your trading by yourself. This is what makes trading for a living such a wonderful job – enjoy!
