Forex Time Wasters to Avoid
If you want to be a successful day trader, you need to stop wasting time, and Forex time wasters can be detrimental to your success. Right now, we are here to talk about 9 big time Forex time wasters you need to avoid, if you plan on being successful.
9 Forex Time Wasters – STOP IT!
Right now we want to take a quick look at the 9 biggest Forex time wasters out there. These are all things which you need to stop doing. If you do any of these things, you won’t be a truly successful Forex trader. Now, with that being said, today we are not focusing solely on trading per say, but also on life in general. The below 9 Forex time wasters also apply to life in general.
Waiting for Inspiration
One of the biggest Forex time wasters out there is to wait for inspiration, which is also true for life in general. If you constantly sit around waiting for inspiration, you won’t ever actually accomplish anything at all. You are the only inspiration you need.
Sure, you have to pick your moments and execute trades at the right time, but sitting on your hands and waiting for a sign from God is not going to cut it. If you expect to be a successful trader, and successful in life, you need to take action and make your own inspiration.
Worrying About the Opinion of the Sheep
As Tywin Lannister in the popular hit TV series Game of Thrones said “Lions do not concern themselves with the opinions of sheep”. This holds true in real life, in Forex trading, and across the board in general. Sure, listening to professional traders and the advice which they have to give is one thing.
However, taking advice or listening to the opinions of people who have no idea what they are doing is pointless. Yes, everybody has an opinion, but unless their opinion is knowledge and fact based, and very educated, then there is no point in listening to it.
When it comes to Forex time wasters, and to wasting time in general, complaining is one of the most severe offences which all too many people commit. Think about it. Where is complaining going to get you?
Absolutely nowhere, that is where complaining will get you. For instance, if you lose some trades, and you complain about it, is it going to change anything? No, of course not! Not only does complaining get you nowhere, but people really hate complainers too. Stop complaining and start taking action to correct your mistakes.
Trying to Please Everybody
Ok, so this one of the Forex time wasters may not apply overly much to trading, but it still does. One of the worst things you can do in general is trying to please everybody. Folks, pleasing everybody is simply not possible. Just look at politics.
There are always people who are going to be unhappy with the decisions you make, no matter what the case. The only person you should be aiming to please or satisfy is yourself. You are the one trading, it is your money being risked, and it is you should come out on top at the end of the day.
Comparing Yourself to Others
When it comes to Forex time wasters, another severe offence is to compare yourself to others. Where is this going to get you? Nowhere! Let’s say you are a newbie to the world of day trading. You don’t make much money and you lose trades fairly often.
You then see professional traders making several thousand dollars per day. It can be super demoralizing to compare yourself to the pros, because it makes you look at feel bad, but there is just no point to it. Sure, it’s fine to learn from the pros to try and emulate them, but to compare your success to there is useless.
Repeating the Same Mistakes
The definition of insanity is to repeat the same mistakes over and over again, and in terms of Forex time wasters, this is a big one. Newbie traders will often keep on making the same errors over and over again without making any real changes to their methods and strategies.
Why would you do this? Sure, if something isn’t broken, then don’t fix it, but if it is broken and not working right, you need to take steps to become better. It’s all about making improvements, not stagnation.
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Perfectionism is another definite Forex time waster. Folks, even the best and most experienced traders still are not perfect. Even the best of the best still make occasional mistakes and lose trades. A risk of losing is inherent in day trading and there’s just nothing you can do. You can never be perfect, and once you get this through your head, you can start taking pride in the wins that you accomplish.
Fear of Failure
In terms of Forex time wasters, a fear of failure is probably one of the very biggest ones out there. People who are afraid to fail are people who won’t ever be successful. Yes, FX trading can be risky, and there is always a possibility that you will lose some trades. It happens.
While it is OK to work on the side of caution and to take care when trading, not placing trades or taking action due to being afraid to lose won’t get you anywhere. To make it big, sometimes you have to take risks. Such is the nature of life.
Not Living Your Life
The other thing you should not be doing is wasting all of your time trading Forex. Yes, FX is a great way to make money, but it can become very consuming for some people. You still need to live your life!
Forex Time Wasters – Final Thoughts
There you have it folks, 9 Forex time wasters that you absolutely need to avoid. Remember people, these Forex time wasters do not apply just to Forex, but to life in general. It’s time to live your best life!
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