1) Decide what your goal is
I am not talking about the process goals today, but you need to know why do you trade. What is your WHY? If you will know what your WHY is, you will be more focused and determined to follow your process goals to achieve the »WHY goals«. Answering on “What is your WHY?” is the first step to fast track your forex progress.
Besides being passionate about it, you need to know exactly why you decided to learn to trade and why you want to trade forex market. Do not tell me you want to just earn quick bucks, because this will not work out on long-term.
Let me give you a few ideas below…
Did you decided to learn to trade and become a good trader in order to achieve:
- Side-Income Source by trading forex part-time
- Consistent profitability for yourself and move slowly into full-time trading, and quit 9-5 job?
- Consistent profitability for yourself and start also teaching others to trade?
- Consistent profitability for yourself and start offering trading signals to others?
- Do you want to build public track record and find investors to trade and manage capital for others?
- or ________________?
2) Find yourself a forex mentor and conquer
If you want to save yourself a lot of money, time and energy the quickest way to achieve your trading goals (process and outcome goals), is to find someone who is already where you want to be. Take your time and look around – there is a lot of people who are already where you want to be in the future. Check on web, check the local networking groups, ask your friends and connections…
Looking back when I started I wish I would find myself a mentor right away before I started, but I did not. I thought I was smart enough and I will make it on my own without any help from anyone. Wrong. If you want to speed-up your learning curve and save yourself a lot of struggle, find yourself a mentor. If you found a few and you are not sure yet, study them, talk to him/her and see, if you are “on-the-same-page” and you two can work together.
A lot of greatest minds and successful people in the world had mentors – from Mark Zuckerberg, Bill Gates, Warren Buffet, Richard Branson and many more!
What I see many times is that many traders have problems with information overload out there. Instead of focusing on one mentor or one thing, they always follow and try to do something else extra. They probably think “It is too simple. It has to be complicated” or “I will change this and try this and that”.
When you find yourself a mentor what you need to do is very simple…
LISTEN, LEARN and APPLY to the Y.
Do not be one of those who think they are smart and change, deviate from the strategy. Whether is in business, sport, or trading forex. Goal of having a mentor, is to learn and get a proven step-by-step process (you can call it blueprint), and then apply it on your own, by not trying to be smarter than a mentor, change things and fail with it, and saying “It did not work for me. It is not working.”
LISTEN. LEARN. APPLY.
Simple as ABC.