2.3. What kind of trader lifestyle.
The stereotypes of a Forex or Stock traders are rich people, gamblers, easy come and go money, high adrenaline job, glamorous entertainment, etc. You have been fed and promised such a lavish lifestyle by Hollywood movies, trading education media, and other resources. They will promise you high return in a short time with no or little effort.
Once you enter this kind of business and lose a lot of money, then you will wake up and realize that the dream that has been promised by them and the reality is totally different.
You will learn that 95% of traders will lose money, and the other 5% has worked very hard and has spent a lot of money to learn to be a successful trader, and even they do so, it is not guaranteed they will be the elite 5% of traders who are successful and rich.
In my opinion, trading Forex or Stock is just the same with other businesses. You need to learn how to run the business; you need to be persistent, patient and diligent; you need to save money and learn how to reinvest your saving.
Your path to financial freedom is long and hard. I can teach you the shortcut of the “how to trade” but, you still will take the long road and hard work for the rest, such as the learning process, the experience, the wisdom, and many others.
My mentorship and my trading system will not promise you a get rich and easy scheme. I will not promise you that you will double your money in months or so. You will earn your reasonable profit, spend and save some, and reinvest the rest of your profit. You will do this process millions of time and financial freedom will be yours definitely.
I have told you the steps necessary to be a successful trader. And now I will tell you what my trading system lifestyle is, what will your daily operational jobs will be:
In the beginning you will plan your trade. You will do this only once. You will choose what pairs you will trade, what is the capital requirement, what price levels you are going to enter or exit, you will prepare daily operational check lists, journals or book keepings, etc.
Then your daily jobs will be:
- Put limit orders based on your plan and monitor those limit orders.
- If your limit order or orders have been taken, you will monitor whether that specific limit order has reached its target profit or not; if yes than you just put another limit order; if not yet, then you just wait and monitor it for the next day or days until the target profit is reached.
- If there is a profit, than you need to decide whether you will withdraw the profit or reinvest it.
- Watch other pairs and other instruments to look for new investment opportunity. When I said “new investment”, it is not just a one time trade opportunity. A new investment will require you to make a new plan and put new capital.
That’s it. It is so simple and clear. You do not need to do a new analysis and a new decision every day. That is why it is only takes 5 to 15 minutes a day.
By realizing that Trading Forex is not a get rich quick and easy scheme, you will change the way you approach the market. You will be more patient in studying the how to, you will be realistically setting your target return, and you will respect your earned money, spend it and re invest it wisely.