When you wish to succeed as bad as you want to inhale and exhale, you’ll become successful. Such as in every area of your life, you won’t get far in trading Forex when you don’t possess the proper mindset.

You have done your back testing, you have ensured you have the best strategy, you’ve learned from the best coaches, however you still ending up empty handed? It keep you asking, what was I doing wrong?

A lot more than the right tools and the right technique, your trading success is determined by you- yourself alone. Exactly why is that? I listen to you cry! Well, allow me share a tale to provide you with a much better picture.

The Story of Poor Mike

Several moons ago, there had been an aspiring trader, called Mike. He worked in a 9-5 job as an accountant. Sick and tired of their routine, Mike often discovered himself slacking off throughout office hours. One day, he saw his classmate on Facebook boasting regarding how amazing his recent vacation to the Caribbean had been. Envious, he digs much deeper. He went on to find his friend’s user profile, simply to see pictures right after pictures showing how awesome his life has turned out. This made him question himself: exactly why is he a lot more successful after i was a much better college student?

Mike asked himself what his friend’s secret was. He asked around and he finally obtained his answer. His {buddy is trading the Forex Market! Therefore this insane idea emerged on him. He thought, “I can do that too”! I actually may also leave my boring work, become a trader, and lastly do what I desired in life!

Shortly after, Mike left his job with his desires of being a full-time Forex trader. He was picturing himself trading while sitting down on a beach mattress in an idyllic heaven somewhere. “It is going to be awesome”, he gasped!

Mike did light research about Forex and quickly learned the basics. He started with the minimum deposit and was now earning penny after penny. But to Mike, it had not been enough. Right now there was a voice in his mind that kept saying, “I didn’t leave my job for a few hundred dollars each month”! So he got to take actions…

Right after months of reading, back testing, and trading, Mike believed that the day has come! He finally shaped a strategy! His desires of sipping piña colada while trading on his phone under the blasting Maldives sun is coming true!

Everything proceeded to go well at the beginning for Mike. His revenue grew from a few dollars to a few hundred dollars each 7 days. Mike was in cloud-nine! He’s done it!

Yet little did poor Mike know something terrible is along the way….

The few weeks had passed, and the tides have got turned. Mike was acquiring losses after losses. Fast to his feet, Mike tweaked his strategy, which thankfully saved him. Following a couple of days, even though, something wasn’t right once again, and so Mike determined to make a couple of more adjustments. Some work, most failed. This proceeded to go on. Fine-tune after fine-tune, Mike has steadily dropped faith in the strategy plus on himself. He determined to move on and start from the beginning, only in order to be on the exact same spot months after. He is fallen in the “Cycle of Doom”!

Exactly what has Mike Done Wrong?

Mike has fallen to what many of us call, the “Cycle of Doom”. He chose and created a strategy; fine-tuned it when things didn’t proceed as planned; suffered loss; fine-tuned it again, and then dumped it whenever he completely lost belief on the strategy.

This folks, is not the way you do it. If something doesn’t work, fret not, as you’ll be introduced with many chances to get back up. Constantly backtest your strategy, so you’ll anticipate how things may go in the long run. Furthermore, have faith in your strategy. Don’t allow yourself to be too caught up with your emotions, as this really does more damage than good.

One more thing that Mike did wrong when he went in, was his attitude. He believed the marketing stunt many educators have promised: trade while on the beach; copy someone’s trade without ever knowing anything, and turn into rich in only a $100, and so on! He thought it was easy-peasy! (Disclaimer: I’m not stating that all of these are wrong, but getting there won’t be a hassle-free walk in the park. It will take time.)

Mike represents the many aspiring traders of today. Several of us came right here thinking that Forex is usually a quick-rich scheme. Several thought it had been easy. Well, I hate to break it to you, however it doesn’t work like that. Trading Forex requires hard work, a lot of grit, and a ton of patience.

Today that you know what led to Mike’s demise, I really hope you will take the moral of today’s blog and use it on your daily lifestyle as a trader. Allow me know what your own thoughts are. Do you know some Mikes in your own life? Have you been within a similar situation? Exactly what have you done to get through it? I would certainly love to hear your tales!

Therefore i close this along with a warning: don’t end up being like Poor Mike.