Getting in Forex Shape
Rumor has it that a pedestrian once stopped violin virtuoso Jascha Heifetz and asked how to get to Carnegie Hall, to which Heifetz replied “practice, practice, practice!” This dedication to craft should ring true to everyone from college basketball players to cellists to currency traders. It is important before moving forward that we define the dedication to craft as a dedication to practice and exercise the craft, not just performance. In the realm of trading, and in particular currency trading, where the markets are continuously moving with momentum that can turn on you in a split second, trading practice becomes all the more important. Sir Georg Solti did not get his position from spending an hour in the classical music section of Barnes & Nobles.
For fear of soliloquizing I’ll try to save the sermon for the mount, however, any seasoned retail trader can attest to the number of Forex rookies that begin trading with a live account instead of spending the time with demo accounts and learning the trade. Rarely if ever does this strategy work out; trading is a serious profession that requires dedication to practice. While anyone can get lucky and place a random winning trade; without a foundation of understating most will quickly give this money back to the market. Using Forex demo accounts should be seen as exercising or “getting in Forex shape.” If you look at the workout routines of any professional athlete you’ll see they never quit practicing their craft and improving their bodies to better handle the stress of their sport. The same should be true of new traders, continuously practicing the craft of executing trades and simultaneously working on the peripherals like quickly evaluating stop limits and take profits. While it may at first feel like we are perpetually pushing a boulder uphill, Sisyphus never had the goal of Forex profits to keep him going!
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Filed under: Trader Tips
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