I want to take this opportunity to share with you a counter-intuitive Forex Trading Plan called, “Low Expectation Forex Trading”. I know it sounds strange that you would want to lower your expectations when trading Forex. But lowering what you expect to gain from your trading might be just the step you need to take to start reaching your profit goals. Let’s start by having you answer the following questions.
What would it take for you to consider yourself a excellent Forex trader? Do you have a goal that represents what success would be? And what are you basing those expectations on, results from other real traders or unfounded claims on some website? Are you really looking for 100% profits every month? Are these huge numbers what you need to do in order to consider yourself successful and reach your goals?
The truth is, most people do not know what it looks like when you are a profitable trader. No matter what you accomplish you believe you should be getting more. This is understandable since most people looking to learn Forex these days do not have contact with real traders since they trade from home. And since you don’t know other traders, you always think they are profiting more than you are.
When you boil it down, success is determined by your expecatations. When you reach your goasl, you feel like a success. If you fail to meet your expectations, you’ll be disappointed and feel like a failure.
A good rule of thumb is to lower your expectations and make your goals easily reachable. This can pretty much guarantee your success. When you adhere to the “Low Expectation Forex Trading Philosophy” you can make success a reality and not just a dream. Now donâ€™t worry, great wealth can be reached over time even if your monthly and yearly goals are reasonable.
Let’s go over three areas of Forex trading where you might want to lower your expectations…
You should consider decreasing your monthly and yearly percentage gain goals. Of course, it would be great to make 100% gains monthly. But that is just not a reasonable expectation, no matter what the over-hyped websites say. Beginning with just $2000 and making 100% a year (not a month), would make you over a million dollars in less than 10 years.
You should consider decreasing your monthly goals in terms of pip gains. The common myth is you need to make 100 pips a month to be a successful Forex trader. The truth is, how many pips you make is not as important as profit percentages per month. You can grow great wealth with just 100-200 pips a month.
You should consider giving up altogether your expectation of trading Forex on your own. The truth is, Forex trading is not for everyone and most people can never learn to do it profitably under live market conditions. If might be better to use a Forex signals service and let an already profitable trader do the trading for you. To learn more: Forex Trading Plan