Excerpt from: Forex Training
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| January 09, 2009 | | Measure your currency trading success against yourself |
One of the hard things to do when involved in any type of trading is to just concentrate on your own performance without comparing it with others'. I occasionally invest in the stock market above and beyond my retirement account. It is tempting to look at the great returns others are making and try to replicate -- or even beat -- their success. But that's not a practical way to do things. Someone will always make more money than me.
The same is true in forex trading. Over at Baby Pips, a great point was made in the article "Run Your Own Race":
As a trader, I always discovered that whenever I started comparing my
trading performance with other traders, my performance would usually
worsen. This "distraction" cost me lots of money in terms of losses. ...
Like the sport of golf, you alone are the one who needs to hone your
trading skills. You are the one who must find a method that matches
your skill level and personality. Comparisons to other traders just
make you feel frustrated.
Don't constantly think you are trying to beat others to an imaginary
finish line. People who achieve great things work independently and on
their own terms.
The important thing is to develop a forex trading strategy and style that suits you -- and that allows you to accomplish your goals. You don't need to compare yourself to others. Just compare yourself to you. As long as you are improving and learning, that is what really matters. | Topic Tags: Baby Pips, currency trading, forex trading, forex trading strategy, forex trading style, forex trading tips, make money, stock market, trader | |
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