What motivated you to get into currency trading? Maybe you were looking for a source of income that wouldn’t require any presence at an office. Many stay-at-home parents turn to Forex and cryptocurrency trading because they want an activity that would bring them enough cash without separating them from their children.
Others do it for the thrill. They’ve always been interested in the way money work, and trading is a way for them to understand the concept a bit deeper. Some get into trading because it sounds challenging, and they like it as a side-activity to their regular jobs.
The motivation for getting into currency trading is different for everyone. The real question is: what keeps you doing it?
How to Stay Motivated as a Beginner Trader
Countless traders start bold, only to give up a few months into their journey. They started with a small capital and they didn’t see it increase, so they got disappointed before trying to improve their strategies. Some give up because they find trading too challenging, or they simply lose the initial sparkle.
How do you prevent that from happening? How do you keep your motivation going, so you’ll surpass the rookie stage and get deeper into trading?
Determine Precise Goals
Most of the traders who give up start with the wrong kind of motivation: “Why am I doing this?” Their answers are:
- I’m bored with my life
- I want to make money from home
- I need a side activity to keep me occupied
These are valid reasons to start trading, but they won’t keep you inspired. You might find that you’re still bored after a while. The right type of motivation comes in the form of precise goals:
- I want to achieve a weekly return of 30% over the first six months of trading
- I want to make enough money to buy Tesla Model S
Do you see how this is different? You won’t want to stop trading until you achieve those goals. When you reach them, you’ll set new ones and you’ll enter the endless circle of staying motivated.
Learn as Much as Possible about the Currency Market
The truth is: all traders get into the market without being well-prepared. They might have taken finance courses as students at college. Some of them even took online courses on Forex and cryptocurrency trading. They built a solid foundation, and they invested a small capital for a start.
But if you look at the sample essays at https://gradesfixer.com/free-essay-examples/motivation/, you’ll realize that there’s much more to learn once you scratch the surface. Yes; you learn most of the stuff through experience. That means that once you start trading, you’ll never stop learning.
As a trader, you’ll constantly follow real-time quotes. But that won’t be enough. You’ll have to learn how to analyze that information to predict trends, so you’ll sell or buy at the right moment. You’ll have to follow the political and economic trends in different countries, too.
Experienced traders spend a lot of time reading foreign newspapers and planning their next moves. They read books published by experts, take online courses to expand their knowledge, and stay focused on growth instead of tapping in place.
Make Trading Part of Your Daily Routine
Most people have the wrong impression that routines are boring. In reality, a solid routine will help you turn this activity into a habit that won’t seem challenging. You will devote a particular part of your day to learning and trading. You’ll include these activities in your schedule, so you’ll stop making excuses to skip them.
Once you make trading one of your priorities, all other activities will fit around it.
Start using any calendar app (Google and Apple’s calendars are perfectly fine). Plan a weekly routine that will include trading activities, and you’ll slowly turn it into a long-term plan. Once you start reaching targets, the accomplishments will keep you going.
Measure Your Performance
The concept of setting goals doesn’t work unless you measure your achievements. If you don’t achieve your short-term goals, don’t get disappointed! Instead of thinking about giving up, consider setting more realistic goals that will still push you forward.
When it comes to currency trading, measuring goals is relatively easy. All you need to do is measure the percentage of return on your investment, as well as the overall profit that you make over a certain period of time.
Move On from the Losses
Taking losses is the number-one demotivator for most traders. They faced a run of losses, and they decided to quit.
You have to understand that risks are involved in this process. If you need to take a break to recover your motivation, do it. But don’t forget that trading gives you a chance of profit, too. Don’t let your errors disappoint you; learn from them and keep going!
Always Keep Going!
When you get into the pattern, trading is a marvelous thing. It looks boring to an outsider; all those figures and charts seem like an advanced science to them. But you know better. You’ll keep learning and practicing. Don’t stop reminding yourself of the initial goals that motivated you. Plan how to achieve them, turn trading into a daily activity, and keep it consistent!
BIO: Judy Nelson started trading a few months ago, and she’s already deep into the process. She always approaches new activities with a plan. Judy took several online courses before her first trading activities. She shares her experience through her blog posts.