There’s one important question I need to ask you and think carefully before answering it to yourself:
Is Forex a hobby for you or a business?
This question has 2 parts: the first is what is true for today and the second is what you want it to be. For instance, if you want to treat Forex trading as a business but you feel that you’re not giving it enough time today, then it’s a hobby today but you want it to become more of a business in the near future.
You may feel like you can’t really call your Forex trading a business, since you don’t have enough free time these days, but the truth is that you can be a professional Forex trader with less than an hour of work each day.
Of course, this is only after you have a sound trading system at your disposal and you know how to operate it and your charting software perfectly. If you don’t have a trading system, or need to continue educating yourself, then it may take a bit more time to get to the right level. However, this shouldn’t be more than a few weeks.
Trading with a system saves time, effort, not to mention losses and frustration. It’s the first aspect of treating Forex as a personal business.
The second aspect is to give it time every day (you can take days off like with any business). What this means is that when the Forex time-of-the-day arrives, you’re focused on what you’re doing. You shut off any distractions like your cellphone and TV and concentrate on making the right decisions. How much time you spend is up to you. If you’re a day trader, you will spend more time because you make more trades. If you’re an intra-day trader, you will need less time. It is mainly up to you.
The third aspect is to understand that you will need to invest some money to succeed, whether it’s in Forex education material, the right trading, tool, joining an exclusive online community and so on. To make money you have to spend money. It’s a rule of business.
I urge you to make Forex trading a business. By treating it as a business, you’ll quickly begin making better decisions and enjoy a higher level of success.
Good trading,
John
p.s. if you’re looking for a broker that’s fun to trade with, I recommend eToro
