It is a question I often get asked: What makes the most supreme qualities of a Foreign Currency Trading expert?
And throughout much of the material I publish, I have answered many sections of this question in different ways. But what I'd like to talk about here, is one real quality that can be applied to Foreign Currency Trading methodology in a huge number of ways: Dedication.
The different directions of dedication
I am not referring to dedication in a general sense. I don't mean to be successful in foreign currency trading you have to feel dedicated to making money'. I mean you really have to dedicate yourself to every single aspect of the FX trading industry.
Method Dedication: Unbelievably important. If you are not dedicated to your method, then you are walking a thin line and en-route to disaster. It doesn't matter what your brain is telling you. FX trading will often have your brain saying 'Exit! Exit!'. But what you have to ask yourself, is 'would exiting at this point fit my Foreign Currency Trading methodology?' and if the answer is 'no', then you stay. And yes, you'll sometimes lose money. But it's about the bigger picture.
Lifestyle Dedication: If you see foreign currency trading in the same way as you see a regular job, then it's time for you to pack up your belongings and get in line to apply at the local burger joint. FX trading is not a regular job - that means you aren't going to get every weekend off, you aren't going to leave work at work and go home with an empty head. You must stay focused "around the clock" as the market never sleeps. It doesn't mean you can't relax - but if you want to make serious cash, you really need to keep your business at the forefront of your mind at any given time.
Dedication to be Different: Similar to your method of dedication, this simply means you have to stick by your decisions regardless of what others around you are doing. It is sometimes easy to fold to the pressures of following the example of another, but if you're following the right plan and you're sticking to it, you are going to be successful in the long-term picture of your FX trading career. Methods tell you to do the only thing that nobody else is doing? Put everything else out of your mind and stick to your plan.
The importance of dedication
Dedication is a very general concept, but can be directly applied to many aspects of foreign currency trading. If you can't dedicate yourself to your trading, then you probably can't become a supreme trader.
