It’s easy to get dragged down by the day-to-day grind, isn’t it? Maybe your forex strategy feels broken. You’re bleeding pips left and right, even though you know your system works in the long run and you’re sticking to the plan.
If you’re not careful, that frustration can snowball. Suddenly, quitting sounds tempting, or worse, you start believing you’re just not cut out for this.
Honestly, it happens to the best of us. The key is not losing sight of the bigger picture. You might be taking a few hits now, but that doesn’t mean you won’t come out on top. A bad day or even a bad week doesn’t define your trading journey. Keep your focus on the war, not just the battle.
Many traders make the mistake of letting their feelings of worth be determined by everyday trading results.
You think, “If I make profits today, and every day this week, I’m doing well. But if I end up losing most days, then I’m doing horrible!”
This kind of thinking is based on how people view compensation for a conventional 9-to-5 job.
You put in your 40 hours, do a good job, and you get paid handsomely. You feel good for working diligently and productively for the week.
When you’re trading forex, you won’t always get paid in proportion to the effort you put in. That’s just part of the game. If you miss your profit targets, it’s easy to feel like all that work wasn’t worth it.
But as a trader, you’ve got to break free from that kind of thinking. A week spent deep in journaling or backtesting might move your skills forward in a big way, even if your account balance doesn’t budge.
The problem with aiming for a specific income in a set time frame is that you’re tying yourself to profit goals that might be out of your control. And in this business, chasing those kinds of targets can mess with your head.
A better kind of goal to set is a “learning goal.”
You may not be able to achieve a particular performance goal during a given week; that is, you may not always be able to achieve a particular dollar amount, but you can achieve a particular learning goal.
Every day you trade, you gain valuable experience regarding how you approach the markets. You see various setups and learn how they can or can’t lead to a profitable trade. Don’t undervalue these learning experiences.
Even if the profits aren’t rolling in, you’re still hitting learning milestones. Each session adds to your toolkit, shaping how you see the market and how you respond to it.
You might only notch a win here and there. But stack those wins over time, and you’re slowly mastering the game. That’s how you end up winning the war.
If you only judge yourself by the money you make, you’re setting yourself up to feel shortchanged. You’ll work hard and expect a paycheck that doesn’t always show up when you want it to.
But flip the script. If you see your payoff as the experience you gain with every trade, win or lose, then you’ll walk away feeling like you’ve moved forward. Because you have.
Regardless of how much money you actually make, you will have accomplished something: You will have further honed your trading skills.
In the grand scheme of things, winning minor battles and learning from your defeats will help you win the war. You’ll master the markets and become a winning, profitable seasoned forex trader.
