I would like to introduce you to a counter-intuitive Forex Trading Attitude called, “Low Expectation Forex Trading”. I know it sounds wrong that you need to lower your Forex trading expectations. 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. I want to start by having you think about the following questions.
What percentage growth in your account would you need for you to consider yourself a profitable Forex trader? Do you even know what success looks like? And how are you arriving at these expectations, results from other real traders or unfounded claims on some website? Do you really think it possible to safely double your account every month? Are these huge numbers what you need from Forex trading to consider your efforts worthwhile?
In reality, most people have no clue what being successful at Forex trading would look like. No matter what your results are you always think you need more. This is a common occurrence since the majority of people wanting to profit from currency trading these days do not have contact with real traders since they trade from home. And since you do not see what results other traders are getting, you always think they are doing better than you.
When you boil it down, success comes down to your expectations. If you meet your expectations, you feel like a success. If you fail to meet your expectations, you will consider yourself 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 adopt the Low Expectation Forex Trading Philosophy you can make success a reality and not just a dream. Do not be disappointed, life changing wealth can be created over time even when your expectations remain reasonable.
Here are 3 places you should consider lowering your expectations…
You should consider lowering your monthly and yearly percentage gain goals. Yes, it would be wonderful to make 100% gains every month. But that is just not a reasonable expectation, regardless what the over-hyped websites say. Starting with just $2000 and increasing your account 100% a year (not a month), you would be a millionaire in under 10 years.
You should consider lowering your monthly goals in terms of pips gains. Everyone seems to be stuck thinking you need 1000 pips a month to be profitable. In reality, how many pips you make is not as important as profit percentages per month. You might be surprised to know you can make huge profits with only 100-200 pips a month.
You should consider giving up altogether your goal of being able to trade Forex by yourselves. The fact is, most people do not have the discipline to learn Forex the right way, the mental fortitude to trade properly under live market conditions or the time to sit in front of the computer trading. You should consider having a pro trader or Forex signals provider do the work for you and use a signals service.
If you want to learn more about Forex trading and Forex signals, you can visit AndyW LTD. Andy shares his knowledge, his unique way of trading Forex and future forecasts on Forex and Gold markets.