Becoming a millionaire through smart forex trading is a very real possibility.
But it isn’t as simple as just having the right tools and training. To reach true success in trading it takes discipline and investing time into developing the right mindset. In this guide, we walk you through the habits that stop you from reaching your true potential and becoming a forex millionaire.
Forgetting About Your Health
Overworking yourself, eating rubbish food and being completely inactive is a sure-fire way to burn yourself out – in turn, this will lead to poor performance in every area of your life. This is a bad strategy, as very few people achieve millionaire status overnight, instead, it takes years of consistent performance, which is made possible by taking care of your health.
Not Managing Your Time Properly
Managing your time is crucial in becoming a successful trader. Finding smart ways to achieve better results without having to invest more timeis the key to getting the most out of your day.
For example, you may be able to learn about forex trading by reading endless blogs, watching endless YouTube videos and learning from your mistakes, but this route will take up a huge amount of your time. Instead, it can be a smart idea to work with a leading trading provider (like us) who delivers only the most important information and can mentor you, helping you avoid costly mistakes.
Being efficient with your time isn’t just about finding the best methods and resources. It is also about understanding the best time to do things. For example, if you wake up early, you may be able to get 2-3 hours of uninterrupted work time before others start to demand your attention. You could even save yourself hours every week by leaving for the office early to avoid rush hour traffic.
Ignoring Valuable Resources
Even billionaire investor Warren Buffet still reportedly dedicates 80% of his day to reading and learning new things.
It isn’t just specialist information and industry news that will help you become more successful. Expanding your mind and your interests can help you draw inspiration or spark creativity, which will often drive better results.
For example, although philosophy may not be directly applicable to forex trading, understanding the principles behind stoicism could help you stay calm during dips in the market, increasing the chances of your long-term success.
Ignoring the Smaller Picture
Just like small increases in profits can compound into huge future profits, small expenses over time can amount to big losses. This is especially true when you compare those losses to the opportunity cost if you had invested that money into generating a return.
For example, unused subscriptions to things like streaming services, gyms and magazines could be much better allocated to investments.
Although it is always good to learn the basics before you begin, getting started will help you improve quickly by giving you hands-on experience and letting you learn from your mistakes.
Time in the game not only makes you a better trader but also gives you more time to take advantage of the power of compounding.
Surrounding Yourself with the Wrong People
It isn’t always obvious to us, but who we surround ourselves with is crucial to our success. Although it isn’t always possible to surround yourself with millionaires, spending time with those who you can learn from and those who support your ambition is important to keep you motivated and on the road to becoming a millionaire.
Spending on Vices
Not only are these vices bad for your budget, but they will also impact your mood and cloud your mind, making it more difficult to make clear decisions in your pursuit to become a millionaire.
We aren’t saying that enjoying a couple of glasses of wine or pints of beer is going to completely ruin your chances, but spending excessively on any vice is bad for your mind, your health and your wealth.
Wasting Time on Low-value Past Times
Instead of spending hours streaming Netflix, invest time in reading books, taking online courses or watching educational videos online. If watching TV or playing games helps you relax, allocate specific time to this rather than letting them take over your day.
Being Scared of Risk
Being completely risk-averse will likely see you pouring all your savings into a basic savings account. Although you may make a small amount of money through interest, these accounts historically do not beat inflation and you will therefore see the value of your savings reduce over time.
The remedy to being afraid of risk is understanding it. When you know the real risks involved in certain investments you can weigh them up against the potential rewards and assesses whether they are worth it or not.
Pretending You Know Everything
In our super-connected world, it is easy to slip into a trap of wanting to appear all-knowing all of the time. We look up to ‘influencers’ who seem to lead perfect lifestyles and appear to have an answer, or at least a strong opinion, on almost every matter.
Knowing that you cannot know everything is crucial to success in two ways:
It allows you to constantly stay inquisitive and open to new ideas in your area of expertise
It stops you from wasting your time on matters which are of no value to you
For example, if you specialise in forex trading, the details of the latest TV show, the latest sports scores and what your neighbours are up to is not at all relevant to achieving your ultimate goal.
“What’s the point? I’ll never become a millionaire”
Frankly, if you think like this – you never will.
Although it can be healthy to apply a certain level of pessimism to situations, your overarching mindset must be positive to achieve success. Think of it like this…
“I WILL become a millionaire…but perhaps selling chocolate teapots isn’t the right route to achieving this”
Being generous with Your Time
Being more cautious about how you spend your time doesn’t mean you should stop helping others. But it does mean that you should consider how you can best support people given your situation.
For example, it might be very nice of a brain surgeon to volunteer for litter picking – but is that the best use of their time and skills?
Learning how to say no will help you focus on how you can make the biggest impact possible, whether that is growing your wealth so you can support your loved ones or applying your knowledge and skills to supporting your community or environment.
Becoming a Forex Millionaire
In this guide, we have walked you through some habits which may stop you from becoming a forex millionaire. Take time to assess which of these habits you have and work out ways to eradicate them from your life.
The Platinum Formula:
Perfect Fundamentals + Perfect Technical Analysis + Perfect Logic + Perfect Risk Management = Perfect Trade
THE PLATINUM WAY
At Platinum Trading Academy, United Kingdom, we teach all individuals from different walks of life to become a full-time trader or create a secondary revenue stream by trading part-time. We trade in an Institutional Way by letting the market come to us and being patient. Using Platinum’s Trading system you can take many Pips out of the market. We can ensure using this style of trading your trading will make a turnaround as you will become much more consistent.
If you want to trade like the professionals do, making consistently profitable returns from your trading, get in touch with us and we will demonstrate live exactly how we approach the markets.
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Hopefully, you have enjoyed today’s article. Thanks for reading!
Have a fantastic day!
Live from the Platinum Trading Floor.