Updated: Mar 13, 2019
Looking at charts is obviously boring.
I have a brother who is working in the insurance industry as an analyst. Due to his exposure, he is one of my go-to persons on things business, finance, and money. Man, he’s as critical. He turned down my plans, except one—that is, getting into Forex.
To me, that’s something.
So, embarked the journey in November 2016. I loved it immediately! Although it was a typical beginner’s luck then come crushing down.
Nonetheless, I knew I had to learn it. What works, how it ticks, all of it. Though it involves a lot of signs, symbols, and languages alien to me. Now, my brother is just cheering me up on my endeavor. He himself is not doing Forex. For him, he finds it boring.
But, he's not gonna agree on something that's not sensible, is he? He knows that that boredom is sensible. And you know what, for me—it's also worth it.
Here are the reasons why:
No one is an overnight success. The crazy profits of a long-time trader are just his improved mistakes from boring dedication.
Doing Homework is Gold
Forex requires being regular, which can get boring. You know, showing up ideally on the same day in the same time very much like office job. The only difference is the location, as all you need is a reliable internet and laptop.
Partly, it can be fun as you may trade by the beach or in a posh café. But obviously when you are starting, you’re gonna have to suck up the seat wherever you are right here right now.
Even before you take a seat, you have to set your rules, plans, boundaries, every week. So, you don’t get into the market directionless and unprepared. Also, you have to record each of your trade so you’d find out what you did wrong (or right) and act unto the improvements on the next trades accordingly. That’s how you progress.
Doing these nitty-gritty stuff every single time is what eventually turn to consistency. And consistency is all you need to become a profitable trader. Boring homework = Consistency = Profitability.
Charting is a Long-term dedicated Relationship
Sometimes even if you have an annoying boss or a pile of papers on your desk, you may still have a reason to suck it up and go to work. It maybe because of the certainty of monthly income, perks of other benefits, or you’re simply crushing on someone.
Here in Forex, the income is as volatile as the price movement. No company benefits unless you think of yourself as the company and provide yourself the benefits. And instead of seeing someone cute, you see boring charts.
Yup, you’re gonna have a boring date with charts. You have to get to know the market through the charts. You have to observe it and its tendencies. You have to be there in its lowest so you can stay with it when it flies high. Very much like the lover, except it is not.
It’s ancient but practice makes perfect. Only by giving your attention would you actually get it. The kind of understanding that eventually becomes second-nature, automatic. The figuring out phase will be over. You’re gonna reach a level of just knowing.
Every Profit Counts
As a newbie, you’re gonna start small. Because most likely, you’re gonna burn your account with all those getting to know the market and finding out what works. Your next account is still gonna be small because you’ve yet to confirm the strategy that fits you. During this period, the profit is also small. Of course, the boring $1 is nothing compared to the daily minimum wage in Manila.
However, that dollar of a profit will add to your account. Think about it, when you start with $100 and able to up it to $300, that’s 300 pieces of $1. Percentage-wise, you also upped your balance thrice! A growth incomparable to just leaving it to the bank annually. Every profit no matter how small will eventually make up the bigger account balance. And bigger balances play on bigger profits.
Those regularities you put into Forex is the make up of consistent profitability. Those weekly homeworks, reading charts even for just 30 minutes daily, and stashing a dollar like in a piggy bank can take months or years of boring dedication.
But, these things add up. And they’re worth it.
Give your time, your energy and resources—give it years for sure. Because nothing and no one is an overnight success. The crazy profits of a long-time trader are just his improved mistakes from boring dedication. So, start early. Start now.
Happy trading everyone!
@marilesaca || Trading Kitten :3
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