To start this blog I thought it fitting to go back to the very beginning and review and reflect on the start of my own trading journey.
My background is as a Chartered Accountant having worked for both commercial and chartered accountancy firms. Latterly I had senior roles that were always all-consuming leaving little time for much else. It was a career path that took many years of education and on job development. I was very good at what I did and liked the success it brought me. I was no stranger to hard work and challenges.
While working I became aware of the opportunities to trade financial markets as it became more accessible to everyone with the growth of brokers in the retail space. I was very interested in trading financial markets, mainly because I liked the idea of the lifestyle it could provide.
The thought of having an income that’s not based on time, that had seemingly unlimited rewards, that’s geographically independent and where I could work as much as I decided to was seriously inviting.
From my background as a Chartered Accountant I was obviously highly skilled working with numbers so I thought trading success was a good match for my skills.
Coming from a working background where you can be precise and things are right and wrong is a disadvantage and a way of thinking to be overcome. Many professional occupations train for years in universities and on the job to get things just right. Doctors train extensively to get exact diagnoses based on the patient’s symptoms. Accountants can reconcile to the exact cent so everything balances perfectly. And so on.
Market moves are uncertain in their direction and unique in the way they move each time. You are always going to be wrong. There will always be a better place to have exited for either more profit or less loss. You need to embrace and accept being wrong all the time.
This uncertainty and wrongness can cause beginning traders a lot of anxiety and discomfort. Beginners need to learn to push though the discomfort to expand their comfort levels. More advanced traders constantly monitor their actions and decision-making to minimise the effect on objective thinking due to fear and greed created by market uncertainty.
Your goal as a trader is to be disciplined and consistent amidst the uncertainty of the markets.
• Trading of financial markets is done in a state of uncertainty.
• The trader must be disciplined and consistent in both mind and method to succeed.
• What attracted you to trading financial markets?
• What impact do you think your work background has on your trading?
• How comfortable are you with being wrong, or do you take winners early in an attempt to avoid it?
• How disciplined and consistent is your trading in good times and bad?
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About the Author: I’m Rachel Hunter, TraderRach, a Forex Trader who helps traders achieve the life they love with forex. Be strategic and design your trading business for sustainable success and have fun! That’s my mission. Join many traders’ gaining the edge with “10 Powerful Lessons for Forex Trading Success” plus other goodies. Years of precious learning specially packaged up for you. My background before trading is as a Chartered Accountant and Chief Financial Officer. I know what it takes to make a trading business rock on. It would give me great pleasure to make a difference to your success.