agree with your conditions , generally confidence gives us motivation to move on but when making a losses this confident level goes down and we trade at random.
What is Motivation in Trading?
- Thread starter Coner1980
- Start date
I totally agree with this statement.
Most people come to trading because they want to make money easily, sitting at home. The thing is that not all of the newcomers have enough money to live on forex trading. Technically, it is possible to make a million dollars out of a hundred in a year but it is very unlikely. The chances are the a person who has only $100 will lose all the money within a week because in the chase for decent money, he/she will forget about risk and money management which will bring him to nothing.
On the contrary, if a person starts with $10,000, they will be able to learn money management and they will boost their motivation every time their deal is successful because they will get some real money from them.
Most people come to trading because they want to make money easily, sitting at home. The thing is that not all of the newcomers have enough money to live on forex trading. Technically, it is possible to make a million dollars out of a hundred in a year but it is very unlikely. The chances are the a person who has only $100 will lose all the money within a week because in the chase for decent money, he/she will forget about risk and money management which will bring him to nothing.
On the contrary, if a person starts with $10,000, they will be able to learn money management and they will boost their motivation every time their deal is successful because they will get some real money from them.
with 10K they will chase just another targets the rule of thumb is just to play with money you can afford so you will get a kind of paid trading lessons.
I think that everyone's main motivation is profit, which covers a simple interest
in any occupation, everyone has their own motivation, for some it is money, for others it is just enjoyment of the process itself
For me, every ten years it is different about motivation. First ten was challenge of me against me. Second ten years I became somewhat ruthless of stealing away as much as I could, third ten years reverted to the challenge of overcoming risk management, and thereby increasing equity curve and decreasing drawdowns, fourth ten years motivation is really lacking - until recently, had not made any new trading models that were very different than in past in awhile. I had reached a plateau and thought it was as far as I could push barriers....
...and recently?
Keeping motivated is essential in all aspects of life.