There are three obstacles Apiary Fund traders must overcome in order to get funded: trading knowledge, trading skill, and trading psychology. The toughest of these is trading psychology.
The next few Apiary Fund blog posts will focus on a different barrier we have in our trading psychology and present ways to break the barrier!
Trading Psychology Barrier: Getting Something for Nothing
Most people like the idea of trading currencies because of the vast fortunes you can make with very little effort. Sadly, it’s not that easy. Trading currencies requires work – a lot it. You must spend time learning and developing your skill. Like anything that requires skill, such as sports, music, or professional occupation, you should not expect to just walk in and experience instant success. The desire to make something from nothing leads to speculative behavior. Speculative behavior leads to financial ruin.
Breaking the Trading Psychology Barrier: Commitment.
Breaking the trading psychology barrier of getting something for nothing is as simple as making a commitment.
The usual excuse for the uncommitted is that:
– “There’s something ‘better’ around the corner” – or –
– “There’s no clear evidence of a win with what I’m doing.”
Modern psychology will tell you that ‘WHAT’ you commit to is secondary to ‘HOW’ you commit to it. It is ‘how’ you commit to trading that will make you successful. Only the smallest part of committing is a passive process that evaluates whether or not something will work. The #1 factor that will make the choice to trade currencies successful or not is what work you put into it.
Stay tuned for tips on the next trading psychology barrier: Fight or Flight.