While luck can play a role in catching a big win, being a successful forex trader does not equate to hitting the jackpot or becoming an overnight success.
How many times have you let yourself fall into the jackpot mindset while trading?
New traders, or those in the middle of a string of losses, often let themselves believe that success in trading is all about being able to catch those big, homerun trades.
Let me be straight with you and say that this is NOT what forex trading is about.
Jackpots are mainly for casinos, where you tend to make huge risks by placing a big chunk of your money on a single bet with the hope of making bank.If you win, you can walk away with money that can last you a life time, but if you lose, you will have very little left.
The reality is that trading is a marathon, not a sprint.
Being an elite trader is not based on making huge, jackpot trades. It’s about consistently grinding out small wins day after day.Occasionally, you will get lucky and have a large winning trade, but that is only because you were able to seize the opportunity due to your daily activities and training.
As the great soccer superstar Lionel Messi said, “It took me 17 years and 114 days to become an overnight success.”
Know that this is the key to trading. You’ve got to grind it out. Avoid the jackpot mentality. Not every trade will be a big winner, and there will be times when things get rough.
But as long as you’re consistent, even small wins will lead to success and a consistently profitable trading account.