The Next Stage In Forex Trading

I want to thank Sam for submitting these questions and giving me something to write about.   I’ve been writing this blog for so long now that sometimes I get writer’s block.  I always welcome and appreciate everyone’s emails and comments so keep them coming.

What do you think will propel you from the stage you are at now to someone who is successfully trading on a full-time basis?

Time and proof.  Proof will take time and will answer the ultimate question, can I make a consistent return month in and month out. I’ve been through the learning cycles of a Forex trader (See Post) and I think I’m somewhere in between stages four and five. 

1. Stage 1 - Unconscious Incompetence
2. Stage 2 - Conscious Incompetence
3. Stage 3 - The Eureka Moment
4. Stage 4 - Conscious Competence
5. Stage 5 - Unconscious Competence

Do you think you have to change how you do things now?

I really can’t see myself doing things much different than I am now.  I’ve come a long way over the last 3 years and even further in the last 4 months.   On the contrary, if I think that I need to change how I do things, I would.  I’m not close-minded and I’m constantly learning so if I stumble upon something new, I’m not going to toss it away.  Having said that, I’m a true believer that keeping things simple is the way to go.  

Will you be successful when you’re less busy with all the trading related things you’re doing? Or do you feel that it’s all going to ultimately lead you to success?

I don’t think so.   I need to stay busy, it’s keeps me motivated.  I do believe though that if I didn’t have a full-time job, it’s possible that I’d be more successful because it would give me more time to pursue other trading-related activities, trading strategies, etc. 

At what point would all that you’re doing be too much or I guess I should say too overwhelming? Is there a certain stop-loss for that?

I think it would become too overwhelming if I came to the realization that I’m not cutting it as a trader.  I need a goal and if I feel like I’m not making any progress at accomplishing that goal, I couldn’t continue.  As long as I feel like this goal is still attainable, I don’t think I’ll be overwhelmed to the point where I’d give up. 

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