Quit Job Trade Forex Full Time…wouldn’t that be good??? But I cannot quit my job and trade forex full time just yet…
Because I got a whole lot of work to do…with my mindset.
No all of us that trade forex are full blown professional traders: we just don’t get up in the mornings in pajamas, make a cup of coffee and walk straight to the computer, open up the trading charts to look for opportunities to buy or sell in the forex market, place one of few trades for the day and jump in a Lamborghini Aventador and drive out for lunch in an expensive restaurant in the city.
It just doesn’t happen that way for most of us…
That’s not exactly true what most professional forex traders tend to do but you get what I’m saying?
Hello traders, this is an out of the box post.
I Hate The Alarm Clock In The Mornings
For me, I hate the alarm clock in the mornings.
You see, there’s nothing wrong with having day jobs…you need to pay the bills, keeps the wife happy and the kid in school and all the other stuff money can buy.
I also believe that having a job is a stepping stone to achieving what you want in life.
That’s how I think of my job anyway.
Maybe you think the same or not, I really don’t know.I don’t know about you and what your perspective or outlook in life is. But I do know this: if you are trading forex, there’s got be one big reason for that, a big motivating factor behind doing that.
- Maybe you want to quit your job, had enough of it?
- Maybe you want the financial freedom that comes from doing what you want, waking up in the mornings at whatever time you want, travelling places in the world that you’ve never been to and not worry about paying the bills anymore because you got more than enough cash in the bank to last a lifetime and even for your children?
Wound’t that be good?
I do like that kind of lifestyle.
The freedom of knowing that I don’t have to worry about tomorrow…being financially secure.
The Quest For Financial Security
And truth be known, if you are trading forex, you are looking for financial security, just like me.
Financial security is not all about having a lot of money, it has different definition depending on where you live.
For a native tribe in the Amazon in South America, financial security is having a lot of food and animals in the forest. They don’t need money obviously…their financial security is how adequate their surrounding environment can provide for their daily needs for many months and years to come.
Or for the a native tribe in the African continent, having adequate cattle in the herd is financial security.
But for the majority of the world, having adequate money is defined as financial security generally.
The benefits of having financial security:
- Having financial security makes life easier, a lot more fun and enjoyable. You actually live.
- In addition to having financial security, you then have the potential to do good to the world as well…help many others that are less fortunate.
Well, let me paint a picture….if you are earning $4,000 a month and lets say these are your monthly expenses:
- Household bills, electricity, gas etc=$100
- Car Repayment=$500
- Credit Card=$250
So if you are left with $300 at the end of each month. Do you think you are in a good financial position to help to the world? Like contribute monthly to a homeless shelter or your favorite charity.
It is quite impossible, when you only have $300 per month to spare , isn’t it?
If you are living a life like that, it is called a rat race.
If you don’t know what a rat-race is, it is simply this: you think you are progressing in life but you are in the same financial position you were before and the cycle continues…you are really going nowhere.
Having A Day Job Kinda Sucks
I do like my job but there are days when I just wish I wasn’t working there any more.
You see, when you trade your time (your life ebbing away) for money, guess who makes the most money in the end?
You got that one right!
It is the owner of the company or the major shareholders of the company.
They are the ones that make the most money and get richer on your labor. That’s capitalism 101 there for you.
But that’s not all…the wages or the salaries that you get paid are set on a limit.
What do I mean by that?
Well, it is this: the company will only pay you based on what they think you are worth. They set a limit on your earning capacity.
If your salary is $4,000 per month, that’s what you’d be getting each month.
That salary is fixed, its set…it may increase a little bit due to promotions and other factors but whatever the increases that you may get in the future are really going to be totally insignificant unless you are the CEO of a multi million (billion) company that is doing really well financially.
But that’s not all…you may have to put up with unappreciative colleagues and shitty bosses-the slave drivers of the company.
Hey, I know…there are some good bosses I know, but there are some that are total pigs. You know what I’m talking about.
So will this cycle of rat race continue for the rest of my life or your life? What can you do or what are you doing to help yourself?
What Options Have You Got?
So you are left with a dilemma…what are you going to do about it?
The way I see it, when life throws you curves, you must learn to swerve-find ways to overcome the situation.
There are many paths to the same goal and one path is trading, whether it be share trading, forex trading or any form of trading.
Another would be building up a business:
- it can be a brick and motar business
- or an online business.
And once you’ve made your money in that business, you can invest in a lot more other businesses.
As the saying goes ” do not put all your eggs in one basket.”
There’s a lot of money making ideas you can pursue.
The Lemonade Stand Success Story
I just saw an interesting youtube video about this young man who started selling lemonades when he was just 7-8 years old on the street with his brother and how at 17 he bought a Ferrari.
Now, a buying Ferarri may not be your thing but this young man shows a really good model to succeed and achieve your dreams which I’m going to summarize here:
- Problem: their Dad’s business was not doing well and they were facing hard times financially.
- Question: he and his brother asked: “What are we going to do to change this situation and help?” Remember, they were very young, then.
- Solution: build up a lemonade stand and sell lemonades and other stuff as well on the street.
- Success: While kids their age where playing with toys or in swimming pools in the summer, these two young boys made $3,000 that summer.
- Experience: they learnt about handling customer complaints and issues from that lemonade stand. They learnt about supply and demand from that lemonade stand. They learnt about pricing from that lemonade stand. They learnt about profit and loss from that lemonade stand. They learnt about marketing and promotion from that lemonade stand. From that lemonade stand,they learnt about the importance of following the Law (cops shut down the lemonade stand because they didn’t have a permit).
Definition Of A Failure: Failure Is One Way That Didn’t Work
It has been said that the guy who invented the light bulb, Thomas Edision failed 10,000 times before he got it right.
But the way I see it, it was not failure…he just found 10,000 ways that didn’t work!
You may have busted your first $1,000 you’ve put into live forex trading.
And I guess you knew what you did wrong. It can be overtrading, risking too much in a trade, not following your forex trading strategy.
You clearly know the forex trading mistakes you did. It doesn’t need a rocket scientist to figure that one out.
So what does that tell you then?
It simply tells you that what you did will not work. You need to do something else next time around. You cannot repeat the “same old failures.”
Now, when it comes to forex trading, it is much easier said than done… I know that because I’m the worst culprit.
I say to myself:I’m going to do this right this time around.
And I know what I’m supposed to do…
But guess what?
You read or you hear people telling you that to succeed in forex trading:
- you need to do this
- you need to do that
- you need to follow this.
- you need to read that.
- blah blah blah…
Whether they themselves have succeeded in forex trading and are telling you this based on their forex trading success or they are just like parrots repeating what they have heard or read, I really don’t know.
And the fact is, most of what you read about how to be profitable and successful in forex trading is true, even though some of those that say it don’t practice it faithfully (like me).
I know what I am supposed to do but when I trade but I do the exact opposite.
Truth be told…I know the answer but I my mind tells me to react differently from what I know is the right thing to do.
If that is my problem, then chances are, 95% of you reading this right now are in the same boat as me.
So what is the solution to stop all these self sabotaging actions that prevent success in forex trading?
Enter Through The Narrow Gate
If you are someone that believes the Bible, here’s one verse that really explains the why only a few succeed in life including forex trading whilst many do not.
It talks about the narrow path or narrow gate and the wide path or the wide gate. The narrow gates leads to heaven and the wide gate leads to hell.
“Enter through the narrow gate. For wide is the gate and broad is the road that leads to destruction, and many enter through it.
You’ve probably read a lot of this statement : ” 95% of forex traders fail”.
Which means only 5% of forex traders enter forex heaven. That is a really nasty and scary statistic and it may be true…
I don’t know who came up with this number what data was used to calculate that but that is really irrelevant. The fact is not many succeed.
Now, again, the question that needs to be asked is: what do successful and professional traders do differently from 95% of forex traders that fail?
The truth is I know the answer to that question…you also know the answer to that question.
And this is the answer: they do everything opposite to what 95% of losing traders do.
Which means that success in forex trading comes from entering through the narrow gate…by following the path less traveled.
Here’s what happens when you chose to follow one of the two gates…
The Wide Gate (95% of Forex Traders):
- lack of risk management.
- inadequate funding
- revenge trading
- want to trade every trade opportunity
You can put in huge list here…you know what I’m saying?
Result: forex trading failure.
The Narrow Gate (5% of Forex Traders):
- trade only when odds are in their favour (less is more)
- very good risk management.
- have no fear
- control greed
- do not revenge trade
- selective in picking their trades
Result: forex trading success.
So really, to succeed in forex trading is not that difficult at all(in saying)…but very difficult in practice.
I know risk management and what to do.
I know how to follow my trading system.
I know I should never over trade.
I know I should never revenge trade.
Yet I do the exact opposite…That’s why I’m still grinding it hard at my day job. I could be sipping pina coladas on a beach somewhere in Pacific.
What’s causing me to do the wrong things in trading? What’s causing you to do that?
That’s what I think in my own case.
I know what I am supposed to do and yet do the wrong thing.
Or I do everything right for a while and I really see success in forex trading coming my way and then my mindset changes…All of a sudden, I’m getting greedy now. Next thing you know, I’m back down to a big fat zero in my forex trading account.
My mind is a battle field. Its not exciting doing the right thing in forex trading. But that is the path to success.
If I had done the right thing all those years ago, I wouldn’t be in my job. Or maybe I would but knowing at the back of my mind that I have enough cash in my bank account that I can walk out of my day job in the blink of an eye if someone pisses me.
The day I make it in forex trading, I will jump out of a plane naked with a parachute on my back and a laptop on my hand with a metatrader 4 chart open and singing Kumbaya all the way down to earth.
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