Community Forex Questions
Life lessons to learn from Forex Trading
It's not hard to believe that everyone wants to do business for money. After all, everyone wants to make money by working hard. According to many traders, trading brings a lot of non-monetary benefits. Those are very valuable.
1. Trading encourages discipline
Contrary to the “Get a million pips during a month” ads we’ve seen, trading is way from easy. Just like professional sports and other high-performance careers, trading may be a craft that has got to be honed day in and outing. And a bit like other professions, trading requires discipline. Developing discipline requires planning, plenty of practice, and turning those planned tasks into habits. In trading, discipline is acquired by taking the time to review the basics and charts, sticking to the trading plan, and even logging in trade journals.
2. Trading pushes us to experimenting
For most people, risking money is extremely uncomfortable because in any case, nobody wants to lose their hard-earned cash. This results in common uncomfortable trading scenarios like (a) cutting winning trades in fear of them turning into losing ones, or (b) not cutting losing trades quickly in hopes that it'll become a winner.
In other words, it’s easier to carry on to losers and cut winners quickly the exact opposite of what traders are alleged to do!
1. Trading encourages discipline
Contrary to the “Get a million pips during a month” ads we’ve seen, trading is way from easy. Just like professional sports and other high-performance careers, trading may be a craft that has got to be honed day in and outing. And a bit like other professions, trading requires discipline. Developing discipline requires planning, plenty of practice, and turning those planned tasks into habits. In trading, discipline is acquired by taking the time to review the basics and charts, sticking to the trading plan, and even logging in trade journals.
2. Trading pushes us to experimenting
For most people, risking money is extremely uncomfortable because in any case, nobody wants to lose their hard-earned cash. This results in common uncomfortable trading scenarios like (a) cutting winning trades in fear of them turning into losing ones, or (b) not cutting losing trades quickly in hopes that it'll become a winner.
In other words, it’s easier to carry on to losers and cut winners quickly the exact opposite of what traders are alleged to do!
Trading can give you insight and truly help you learn to experiment in new horizons. With trading there is risk and uncertainty and this also applies to real life problems in other areas. But as a trader you should learn how to deal with this and try to be realistic, intuitive and at the same time test your limits. There are going to be successes as well as failures but you can learn frm mistakes and do better in the future as a result. Trading also teaches persistence and if you do it properly, you get more disciplined; yes I agree with you.
Jul 07, 2021 06:21