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The-egg-is-laid

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.

Dream Lifestyle

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.

Looking Back

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.

Market Truths

• 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.

Self Reflection

• 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?

Please leave a comment below and click the like/share buttons

About Rachel Hunter TraderRachAbout 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.

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16 Responses so far.


  1. Joaquin Monfort says:

    A background in scientific research helps because it gives you the tools to test strategies rigorously using statistical analysis. The more able you are to model how a strategy is likely to play-out in ‘reality’ the better prepared emotionally you will be for the highs and lows.It also helps you to filter out non-performing strategies and I found when I was novice trader I wasted a lot of time on analysis which didn’t actiually give me a sufficient edge.

    • Rachel says:

      Thanks for your comment Joaquin. Your viewpoint is interesting. I haven’t come across anyone from a scientific research background before that has gone into trading. It’s great that you’ve shared your experience.

  2. The post is very appealing, you made some valid points and the matter is on point. I have made a decision to add your site to my bookmarks so I can go back to it at another time.

    • Rachel says:

      Thanks for your positive feedback. Feel free to sign up to my newsletter so that you receive information straight to your email inbox. Subscribers will exclusively receive a copy of the new 5 minute forex trading plan that I’ll start trading, which demonstrates a trading journey from its beginning.

  3. How is it that just anybody can create a weblog and get as popular as this? Its not like youve said something incredibly impressive more like youve painted a quite picture around an issue that you know nothing about! I dont want to sound mean, right here. But do you actually think that you can get away with adding some fairly pictures and not seriously say something?

    • Rachel says:

      You’re entitled to your opinion. I put a lot of thought and preparation into what I publish. I expect people who have experienced trading will be able to identify first hand with the issues I raised.

  4. andrew eva says:

    Hi Rachael
    A very impressive blog with good thoughts and ideas. If I may just add for the novice traders out there tarding forex is high risk and money management is key. This is not about going from zero to hero but a slow long learning process. Money management to me is key in trading and if you greedy success will never follow. all though trading is a good way of making money its the pleasure of getting the trade right that is more important than anything else. Well done on an excellent BLOG.

    • Rachel says:

      Hi Andrew. Thank you for your very nice comment and very valid comments about money management. You make an interesting comment about getting the trade right. For my trading I prefer to focus on making money over a large sample of trades rather than being “right” on an individual trade (a profitable trade). High profit-multiple trading can make great returns and only need a lower win rate to achieve breakeven. Often you can get the direction right but whether your trade wins or not is determined by where you place your stop. Losing trades are not something to be avoided as they’re the “rent” you pay on the way to making the winners. In my experience a premium return is often received for what feels like more risk. Back testing a variety of trading strategy scenarios often confirms this generalization. This is one of the reasons why trader psychology can be such a challenge, especially for beginner traders, because doing the best thing for your account balance can feel very uncomfortable at first. I’d be interested in your thoughts on this. Cheers Rach

      • andrew eva says:

        Hi Rach
        I certainly agree with you on multiple trades and in my case i often will have a number of trades at any given time. My saying of getting the trade right is in my mind knowing best point of entry and exit. In other words I would far more enjoy a trade i exit at the right time than a trade I exit to early and it continues for another 50-100 pips even if I make more money on the tarde i excited early for me its rally about getting the best out of any one trade in other words getting as close to maximum as possible. Trading Phsyc in my opinion is per individual. I always say if you are not prepared to lose some money then you are not ready to trade. Its all about making sure your winning trades are out performing your losing trades. The biggest mistake new traders make is holding on to a losing trade to long and closing a winning trade way to early in fear the trade turns. I suppose we could go for hours about trade physc but at the end of the day find what works for you and stick to that and I also believe in trading a particular currency for a while before moving on and expanding. Getting to know the actions and what makes a certain currency move is so important.

  5. I just want to tell you that I am all new to blogs and really savored your blog. Most likely I’m planning to bookmark your website . You surely come with wonderful posts. Appreciate it for revealing your website.

    • Rachel says:

      Thank you Micheal. I really appreciate your feedback. I’d encourage you to sign up for my newsletter where I write other exclusive information for subscribers to help with their trading. Cheers Rach

  6. Hi Rachel,
    interesting article for novice (and not novice) traders.
    Your post highlights an important rule to be a profitable trader: plan the trade before entering and know where it beguins and where to close it. In fact I think it is impossible to say where the price will be 2 or 3 hours later so the best way to make money for traders is to wait always for the same pattern. When it occurs the best way is to plan a logical entry point, a logical exit point (which is on support and resistance levels or Fibonacci levels or something like that) and of course a stop loss to preserve capital. Then no more reflexion, even if price moves higher, and of course no greed or fear. If trader does so, it avoids what you have presented as the biggest mistake new traders make (holding on to a losing trade to long and closing a winning trade way to early)

  7. Hi Rach,

    Found your blog today and had a look back over some of your most popular posts. Especially liked this one about starting your journey.

    Did you start with a certain size capital account? How easy was it to just give up the day job and make that leap into trading? Did you practice in your spare time for a few years before the jump?

    Sorry if you cover these in other posts, I’ve not had time to read much yet!

    Thanks,
    Lee.

    • Hi Lee

      Thank you for taking an interest in the website. Great questions.

      I had more money available to trade than my experience when I started out. It’s important for a beginner to trade with an account size appropriate for their skills.

      I’d been studying trading for many years when I started, but had high pressured jobs with long hours. I always planned to start trading one day. There were some changes in my accounting career that allowed a natural progression for me to start and then progress towards trading full time.

      I have so many valuable insights to say about the decision to “give up the day job” that you’ve inspired a post about it. Sign up to my newsletter and keep a look out for it.

      Cheers Rachel

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