This Devil #2 is the result of the effect of devil#1 – Impatience. This lack of clear vision is purely due to the lack of confidence. Every investor wants maximum returns from his investment, and if a particular strategy is not yielding the desired result (as what the investor think he should get, but maybe the strategy is giving enough results), he starts thinking if his strategy is working or not. It is the nature of any investor as he wants to yield more and more from his investment. This is the time when the second devil of lack of clear vision comes into play. Famous by the name of flip-flopping, this is one of the most common problems that I faced when I was a learner and even at the time when I was an intermediate!!!
You are not alone as this is bound to happen. I have mastered the art of handling this deadly devil, and now I can easily recognize those who struggle. One of my friends is always on a look out for new strategies. He believes from the depth of his soul that this particular strategy or system will surely work and a luxury lifestyle is just a few steps away. This poor guy does not realize that there is no fault in any proven strategy (if applied correctly). The fault is in the thinking.
You must be thinking that there are some strategies and systems which straightaway don’t work at all. Yes, I agree that there are some strategies, but those are only shown by the salesmen who just think about achieving their monthly targets and nothing else. They just know a couple of arrows and lines on the chart and using this they trap those people who do not know even an iota of forex investment. Although one can make money by trading, it is pure speculation with some strategy. But believe me; making money with trading is possible.
So what is the solution?
See, there is no way one can become rich overnight, of course until unless he/she wins a huge lottery or something which is a rare chance. At least one cannot become rich overnight in a forex trading or investment. It takes time in every system to yield good results. Real success can be measured only after a hundred trades.
One best advice is to put aside some after tax bucks, time and energy to make money out of money. Before starting to invest, it is crucial to study as much as you can. Grab some good forex books, read articles in the magazines to increase the fundamental and technical knowledge.
Once you are confident that you can start trading, start with a demo account and test all the strategies that you have studied to see what is working in the virtual world and what’s not. Remember, the strategies that work in the virtual world will definitely work in reality. Once you are confident, just go on the floor and bang that gong. Be confident and never hesitate to look for the opportunities to enter the market, but the opportunity should be sure short.
Now once you have banged that gong, a third kind of devil enters your life: Sleepless Nights.
So let us learn how to handle this devil…..