A few days back, I was sitting on my porch thinking about my successes and failures. I was thinking about the reasons for those successes and failures when suddenly a question clicked my mind, “What is the definition of a good forex investor and should I call myself a good investor?” To get an answer, first of all, I consulted my favorite Google (of course everybody grabs their phone, tablet, etc. when something clicks their mind. So do I!).
I searched for the term Investor, and this is what I got:
Investor – a person or organization that puts money into financial schemes, property, etc. with the expectation of achieving a profit.
I was flabbergasted by the way the definition is portrayed. Yes, everybody wants to make money, and that is why they put their hard earned dollars in property and other financial schemes. But unfortunately end up getting disappointed as the salesmen have the skills to show that his company can make the impossible dream possible, but in the end, these impossible dreams always remain impossible. Those who get stuck in such impossible dreams are the beginners who don’t know an iota of what is going on in the financial market and give away money to whosoever salesman convinces them.
To get success in the field of trading, it is important that the trader should have unwavering psychological devotion towards his purpose. You must have heard a saying,”There is no free lunch.” This means you have to put your energy and focus on achieving something or you can say to become rich in the forex market, you have to study and practice hard.
Investors think that people like Warren Buffet and George Soros have some secret “holy grail” which they use to make money and get rich. The place at which they are now is not the result of one-day hard work. It is the product of years and years of studying and analyzing the markets and companies to get compounded returns.
So, let’s get back to where I was…..Yes, in the porch. After analyzing the definition and after a lot of thinking I have concluded that now, after an experience of 12 years, I am a good investor. But on the road to success, I met seven deadly devils who tried to push me back hitting hard again and again.
Well, I am not here to discourage you, but to make you aware of the potential pitfalls that you should keep in mind to improve your odds of success. I have divided this article into seven parts to keep the things short and concise, yet make you deeply understand the devils.
So let’s get started…..