PASSION OR HUSTLE; Your Reason Affects Your “Trading” Results.
Being a goal getter requires tremendous effort; however. Being a gambler requires much less of an effort.
Your reason for getting into trading can tremendously affect your level of success. If you’re driven by the need to hustle hard or a streak of passion for forex trading, understanding the fundamentals of conception of said journey, will directly impact your approach, your strategies, attitude towards it, and eventually, your results.
Together, we will explore how the “why” (reasons) directly affects the “ what”(outcomes) of your trades.
Clarity Of Purpose
Having a clear reason is the beginning of laser focus. If your motivation is passion for trading, you’re more likely going to invest more time in learning and understanding the market more. This will yield favorable results as opposed to trying to get a few bucks of the signals with really choppy entries and understanding of it.
Commitment To Learning
Hustle mentality won’t enable the patience required to learn everything necessary for a successful trading career. You will be pushed to seek quick profits, and ignore a longer paced trade that might be even more favorable due to the hastiness of wanting to take and leave the market. However, a passionate experience will include taking the time to learn everything necessary, learning from inevitable mistakes, and always seeking more knowledge to get better at your craft. You can’t miss by committing to gaining more knowledge.
Emotional Resilience
A passionate trader will persist in the face of adversity. Most passionate traders remain resilient during tough times or when incurring a loss caused by varying factors. Someone who knows that it’s all a part of the journey and wants to strive for more won’t clock out after an unexpected loss or after experiencing a drawdown. On the contrary, it’s fuel to keep going. This will in turn help to shape their career into producing the best of results in the end.
Risk Management
Traders that are passionate about their trading journey often have a better understanding of the effects effective risk management has on their trades, and do well to stick by it.
Hustlers of the industry tend to lack discipline while trading. I.e. revenge trading to recover their losses, adjusting their stop losses in hopes the market crosses in their favor, no proper risk to reward ratio and not maintaining favorable lot sizes. None of these ventures will produce the results they require and the account keeps going around in circles without ever growing as it should.
Community
Traders that take their career serious would often times, seek out communities with like minded traders that are as committed to the cause or even more, in order to stay focused, learn more and have a society that has the same goals as them. This can help them to remain focused, consistent in their learning, and learn from mistakes of others.
Adaptability
The world of forex is never constant; there’s always going to be change. It will be easy for passionate traders to adapt as they would welcome change and embrace the new knowledge.
Long Term Vision
A hustler isn’t engaging for the long run, they’re only there for the short term gratification. Take sniper entries, fingers crossed, take profits and dip.
This is not sustainable in the long run. Passionate traders are more likely to patiently create strategies that will perform well over time and create a high success rate in the long run.
When you understand your motivation for trading; you’ll understand the level of success you’re to expect. Choosing to master an art rather than taking a few classes will always lead to excellence.
As traders, it is always important to be patient and always ready to learn. Create strategies that work for you according to your style, and watch the results favorably unfold.
