One email I received today was from a dejected and disappointed trader who admitted that his heart really wasn't in trading. He was on the verge of finally testing regularly and consistently. Probably just a few months away, at most, from consistent, stable returns. But he gave up.
Another email I received today was inspiring. Nick, a student of mine who has much to teach us all, writes:
Also, I have been getting up at 4:00AM PST in order to catch as much of the NY Session as possible. It is definitely a sacrifice, but I have been able to catch trades that I would have otherwise been unable to make. I'm sure there are several factors that determine whether or not someone can be a profitable trader. From my experience over the past few months, the two factors that stick out the most are: #1 Motivation: it is easy to lose your motivation while trading forex because losing trades are fairly common and you can go days without making a trade. A trader must be able to remain motivated during these times, otherwise they are destined to get frustrated and lose their entire account. #2 Willingness to Sacrifice: It is very difficult to wake up and monitor the market for a few hours, then go to work for 10 hours and then come home and backtest for a few hours. I've been doing this for a while and I definitely have to make sacrifices, but in exchange I am catching profitable trades and getting closer to my trading goals. No form of success can be acheived without some form of sacrifice.
What's your level of motivation? Willingness to sacrifice?
