There are many things in your Forex trading career that are as
important as having a good system. You should never underestimate the
importance of having the right mindset, and the dangers of having the
wrong one. A career as a Forex trader can be a rich and rewarding
experience or your worst nightmare.
I
know many traders that develop and addiction to the Forex market. An
addiction that is as dangerous and destructive as any other. Trading the
Forex market should never get in the way of you living your life.
It
is easy for people with addictive personalities to take the wrong path
while trading the markets. That is why knowing yourself is so important.
If you tend to do things compulsively then maybe you should think twice
before getting involved in trading the Forex market; or any other
market for that matter.
The Forex market is an addictive
occupation, and unless you are prepared it can easily suck your life
away. Just like alcohol, drugs or a gambling addiction.
Why are
you trading in the first place? What do you expect to get out of the
market? Do you know your weaknesses and strengths? Different people
trade for different reasons. Analyze yourself and if you think you are
up to the challenge go ahead. Trading is a beautiful and rewarding
business.
I think I can offer you guidelines so you can determine if you have an addictive personality.
1.- Analyze your family history.
Abused children or the ones that lived on unstable homes are more likely to develop an addictive personality.
2.- Guilt feelings
Do you feel guilty after doing something? Do you keep doing it anyway?
3.- Do you lose control easily?
My
father use to say, when I was young: "You can take a drink once in a
while, that's ok. The problem is when the drink takes you. I think this
applies to any kind of addiction. For example, in the Forex market, you
can trade for a living but never live for the trading.
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