Welcome back after a few weeks of not publishing any blog post, I thought I should just pop in to share a few practical tips on how to manage your Forex account. We are getting closer to the end of the year. A week ago I was talking to some of my mentees about the power of the mind when I was preparing them for live account. I was saying to them that how they think will have an impact in how they treat their Forex account. I will try to keep this post very short (hopefully so) and straight to the point.
We all started our trading journey with one common goal which was to make money (still is the main goal). Most of us did not really have any idea of what will be expected from us in order to reach that goal. We were never taught about the fact that trading will require us to be able to manage ourselves and keep our emotions in check. We all learn that along the way. If you are reading here and you are still struggling, just know that it is very possible to overcome yourself (these emotions are yours akere). I’ll give you 2 tips today that have helped me in my own trading journey. You can choose how you’d want to view your own Forex account using the tips that I am about to share.
I have my favorite saying which is “my account, my rules”. I always say this even to my mentees when they start sounding like they want me to take decisions for them (giggles). I always tell them that they must create their own rules “their accounts, their rules”. A few years ago when I was still trying to figure out different ways to keep this as real and less stressful as possible, I decided to view my account as a business and also as an investment. Let me share this in detail.
I am aware that a Forex account is not really classified as a business. If you can actually decide from today to view yours as a business like I did, you will witness a huge mindset shift in terms of how you treat it. If you can make your mind to believe that your Forex account is a business, you’ll be likely to apply all the principles that we apply on businesses. Principles like keeping the records of your stock, knowing how much you spend on your stock, how much do you pay for other required services to keep your business running smooth and so forth.
Imagine if you can get your mind to think on that level, you can definitely see change. If you view your Forex account as a business, you will also understand how important it is to nurture it like we do with other businesses. Most traders fail not because they can’t trade, not because of their trading strategies but because of their emotions and the fact that they view their accounts as a cash cow of some sort. Viewing mine as a business has shaped my mindset and has worked wonders over the past few years. I don’t really care much about the fact that Forex account is not classified as a business. In my books and for this purpose, it is. My account, my rules. Try it and see if it won’t work.
Viewing it as an investment will simply mean that you will appreciate every growth that you see in your account because investments are unpredictable akere (I just could’t say this without my adding my favorite word). If you view your account as an investment, you would never complain about not doubling your account every second day. You will also understand it as this one investment where you are actively involved in its day to day growth. You’ll always be happy even when you manage to make only 5% per month. Consistency will matter the most to you. You will also understand that you won’t be making exactly the same percentage month after month and you”ll be OK with that. There are some traders who are very unhappy even when they are actually doing very well. They just can’t recognize their own greatness. A happy trader is a well performing trader. Try this as well and see if it won’t work.
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I always try to provide practical solutions/tips and I hope this one helps as well. If you find it helpful please share it with your peers. Thank you for stopping by.