I would like to share with you a counter-intuitive Forex Trading Attitude called, "Low Expectation Forex Trading". I understand it sounds strange that you need to lower your Forex trading expectations. But lowering what you expect to gain from your trading might be just the step you need to take to become a profitable Forex trader. Let's start by having you think about the following questions.
What would it take for you to think of yourself as excellent Forex trader? Do you have a goal that represents what success would be? And what are you basing those expectations on, real world data or some kind of made up fantasy? Are you really looking for 100% profits every month? Is that what you need from Forex trading to consider your efforts worthwhile?
The truth is, most people do not know what being successful at Forex trading would look like. No matter what your results are you believe you should be getting more. This is understandable since most people wanting to profit from currency trading these days are at-home traders with little contact to real traders. And since you don't know other traders, you always think they are doing better than you.
In the end, success is determined by your expectations. If you meet your expectations, you feel like a success. If you do not reach your goals, you'll consider yourself a failure.
The smart thing to do is lower your expectations to make sure your goals are relatively easy to reach. This can pretty much guarantee your success. When you adopt the "Low Expectation Forex Trading Philosophy" you put success within reach. Now don't worry, life changing wealth can be created over time even when your expectations remain reasonable.
Let's go over three areas of Forex trading where you might want to lower your expectations...
Try lowering percentage gains monthly or yearly goals. Of course, it would be wonderful to make 100% profits every month. But that goals is not realistic, regardless what the over-hyped websites say. Beginning with just $2000 and increasing your account 100% a year (not a month), would make you over a million dollars in less than 10 years.
Try lowering your monthly goals in terms of pip gains. The common myth is you need to make 100 pips a month to be a successful Forex trader. The truth is, pip gains are secondary to your overall money management. You might be surprised to know you can make huge profits with only 100-200 pips a month.
Try giving up altogether your goal of being able to trade Forex by yourselves. The truth is, most people do not have the discipline to learn the strategies, the mental fortitude to trade properly under live market conditions or the time to sit in front of the computer trading. You should consider having a pro trader do the work for you and use a signals service. To learn more: Forex Trading Attitude
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