Here’s another chapter in my occasional series on ‘What Type of Trader are you?’
For this installment the question is; are you trading to learn or are you trading to earn?
What do I mean? It’s very simple really, are you still at the experimental, investigative stage of learning to trade or do you conduct your business in the market with expectations of income and expenses?
Have you ever asked yourself that question? Have you looked at your results? Is your frustration with trading due to unfulfilled expectations (they very often are). If you have goals of earning X amount of money from the market but are still engaging without clear Method, Mindset and Money management then I expect you are still trading to learn and probably failing to achieve your goals and therefore feeling a sense of frustration / despair / hopelessness (delete as appropriate).
By all means I endorse newbies to engage with a mindset of Trading to Learn vs Trading to Earn. However if you have expectations of earning from trading but you’re still learning then it shouldn’t come as a major shock when you fail to meet those expectations.
There comes a point whereby you’re required to commit to your trading and conduct it like a business. A time to narrow down the options, focus on what has been working for you and conduct your trading as a business.
So ask yourself honestly; have you been trading to learn or trading to earn? If you don’t know…then it’s probably the former. If you need any help then check out my earlier post on the 5 Steps to becoming a competent FX trader.
Either way you should be looking to set your goals and expectations accordingly in order to make your trading a positive experience, regardless of the outcome of trades.
Good luck and as always, trade well.