In the forex market, just as in life, there are things you can control and things you can not control. The wise trader understands the difference between the two and accepts it. While not so smart traders will kid themselves and regularly overtrade their accounts. Thirsting for action, they conjure false trading signals. That is the number one stumbling block to success in forex.
When Jordan Lindsey, the founder of JCL Capital, says that targeting a 7 percent return and compounding the profits for ten years would turn $10,000 into a cool $1 million the math backs up his assertion. The hard part is in fashioning a trading plan which can regularly produce such results. The road to the forex pot of gold is singular and requires focus and execution to attain, but it is doable.
Many traders who have given up on their dreams sabotaged themselves first. They come up with workable trading plans, but then they deviate from them. Ideas can only work if you adhere to them, as Jordan Lindsey has often said. Many times traders transform into gamblers, allowing their need for action to undermine their strategy. A “need for action mentality” is antithetical to becoming a consistently profitable trader.
Jordan Lindsey has misgivings about traders who seek stellar returns over a short period. Such traders delude themselves. They talk themselves into taking trades that are not there. Patience is the only vehicle to forex trading success. If the market fails to present a trading setup, that is not your fault. All that a trader can do is wait for it. Profitable traders are comfortable going days or even weeks without trading.
Once you start trading impulsively, you are no longer trading; you are gambling. The market “takes out” gamblers as if it were protocol. Traders must only take trades when their predetermined criteria have presented themselves. Trading correctly implies that you only trade when you have the edge. That is what Jordan Lindsey means when he says discipline not to make ridiculous mistakes is a reflection of having a well thought out plan and seeing it through to the end.