I posted an article by Jeff L where Jeff set out his mindset, rules & a game plan to succeed. Keith W has entered the following for the competition.
A similar theme but with a different slant. I certainly see lots of similarities between the training, discipline, structured plan, guts & determination required to undertake this gruelling event. This helped Keith undertake his first marathon & of course perseverance. Keith picked up an injury after only 17 kms (42kms in a marathon), did he succeed? Read on:
The Forex Marathon
Trading Forex is a lot like running a marathon, lots of people think about it, many give it a try, but only some do it. They both require training and practice but above all, they require mental discipline and strength for you to be successful or cross the finish line. It is this mental discipline and strength that will enable you to succeed at either no matter what background you come from.
I was like many, I had often thought of completing a marathon and often spoken about it to my wife. Then back in 2007 she bought me a book on marathon running. Only when I started reading did I find the motivation and training plan to actually do it. Similarly with Forex, to get started I started researching and reading articles on the internet but was not sure where to start. One day I was sitting in a waiting room whilst new tyres were being fitted to my car and I started talking to another gentleman who was also waiting. Funnily enough, he was at the point of giving up his day job in order to trade full time.
He gave me some suggested books to read and a website called www.babypips.com as a good place to start learning. It is amazing how when you focus on an idea / goal and take small steps to towards it, the right information and leads will come to you, some times in the strangest of places.
I have never been a sports orientated person, hating running at school, but I had a goal to complete a marathon, feeling that if I can do that I can do anything. I am 178cm (5’10”) and at the time weighed 87Kg (192lbs) so I certainly do not have a runner’s physique but I did not let this influence my goal of completing the marathon in anyway. Similarly with Forex, you do not have to come from an accounting or financial background to be a successful trader.
I started following the 18 week training programme set out in the book timing it so that I finished the programme just in time for the marathon. The programme was quite simple, setting out the distance you had to run each day, with 2 rest days during the week and one alternative training day.
Just like a trading plan sets out the rules you use to select, enter and exit a trade. In both cases the most difficult part is stick to the plan which is where first part of the mental discipline comes in, “being able to stick to the plan”. Making sure that you go for the daily run or only taking trades that fit all of your trading rules “Trading the Plan”.
My training for the marathon was based on short runs during the week and a long run on a Saturday with the distance on the Saturday building up as your fitness increased. It was as the length of these Saturday runs built up that I came to realise that there was a second part to the mental discipline required for marathon running. That was the mental strength to push through the physical discomfort as you hit the wall and continue on to complete the required distance. In Forex this equates to the discipline to wait for the price to come to you “Planning the Trade”.
I did most of my training for the marathon by myself with only some tips from an associate who competed in Triathlons. Then for race day I joined a pace group to help me achieve my goal time. Unfortunately, Forex is not as simple as training for a marathon. After completing all of the lessons on Babypips.com I was left wondering how to actually formulate a trading plan.
Where I live, there are many books available on Forex so I started searching on the internet for information. I ended up buying a few expert advisers including LMT. I started a Demo account and followed the signals given by the EA’s which were initially successful but then started losing and my account was going down. I knew there had to be reasons as to why this was happening and I needed help to find out where I was going wrong or what I was missing.
Just as an athlete uses a coach to help improve his training and performance, so can a coach help you dramatically improve your Forex trading.
I was fortunate to come across Forex Mentor Pro, I have found that information provided on the website and the guidance from the daily blogs has dramatically accelerated my learning and understanding of Forex. In the 7 months I have been a member of the site, I have learnt far more than would have been possible from reading books during the same period. Amongst the things I have learnt, I now understand why the EA’s did not work all the time and how to avoid the loosing trades. I would highly recommend Forex Mentor Pro to anybody new to Forex or for anyone wishing to improve their trading results.
By the way, my target time for the marathon was 4hrs 30 minutes, I was on track to finish in this time until I hurt my knee at the 17 kilometre mark. I continued on pushing through the pain and finishing in 5 hours 38 minutes.
With perseverance and discipline you will succeed “Trade the Plan and Plan the Trade”.