Those that lose money over the long term are quitters, likely moving onto the next hot money making scheme (read: crypto trading, affiliate marketing, facebook advertising, amazon dropshipping).

It’s the same cycle each time. They eventually get bored, followed by failure, only to go going back to their regular boring job to sell their time (be sure to read our blog post on why you need to stop selling your time).

So to answer your question – Yes! You can make money trading the forex market, I do well, and have several colleagues that also pay their way handsomely through life with their trading profits.

Even a mediocre strategy can be profitable if applied diligently. What causes a bad trade to morph into a catastrophe is your reaction to it.

By understanding your psychology and the fear/greed that we feel when making and losing money in the markets, you can begin to put strategies in place to control them. You’ll then avoid the cry of rookie traders around the world “It has to turn around soon.. let me hold for a little longer”.

It’s easy to become attached to trades, particularly if we’ve been holding a position for a long time. A certain sense of familiarity comes into play as the market moves up and down, your affection for the trade rising and falling with each candle.

But the market will never love you back.

The forex market is more like a psychotic nyphomaniac with access to your ATM card than the woman of your dreams. If you marry a trade, it’ll be sure to take your house, kids and dog. Leaving you with nothing but a box of memories and a broken heart.

Treat each trade like you’re negotiating on the internet. Be an impolite dickhead. If the market doesn’t give you want you want, close the trade and say “don’t let the door hit you on your way out”. Then wait for the next one.

Or was it because you were in a good mood due to your home team winning a sporting event and you wanted to celebrate by trading?

Write it all down! At the conclusion of the month reflect on your performance and how closely you adhered to your trading plan.

If you traded like a cold faced killer, celebrate with a beer or three regardless of your monetary success. Not every month will be a winner. The only thing you can control is how you react when the market moves, and if you had a plan and executed it precisely you’re way ahead of 99% of traders.

Trading is lonely. Long gone are the days when I would spend the morning shouting orders in the futures pit, then smash a steak over a few pints with my colleagues, to return in the afternoon for more mayhem.

Now my trading takes place in my office, in front of half a dozen screens, normally by myself.

When you’re sitting at your PC preparing your trading day it’s important to find other like minded souls to bounce ideas off and hold you accountable.

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