When you first decided to take a look at Forex trading as a possible avenue for income, What were you expecting to get from it? How were you expecting it all to work? How long were you expecting it to take you to reach all of your goals? Many traders come into Forex expecting a nice way to diversify their portfolio or maybe a simple way to make some money from home.
After they have spent a few weeks or months searching the internet however these modest goals are replaced by expectations, thanks to all the hype and rubbish out there, and the difference between a goal and an expectation is vast. For example if your GOAL is to make enough every month to live off, you are less likely to quit your job after 2 months to trade, because no one reaches their goals exactly when they want to, it takes time and patience. If however you EXPECT to make enough to live off, and then you dont, the psychological implications can be powerful and very negative.
Because your trading method failed to meet your expectations you are now much more inclined to give up trading in that way and find a new better method, which of course leads you down the path of system chasing, which is not good!
The moral here is to set realistic goals for yourself and your trading, but never form any kind of expectation because even professional traders have no guarantees as to the markets next move, so all we can do is set our goals and trade with as many probabilities on our side as possible!
How do you find the battle to avoid forming expectations? Do you struggle to get them out of your mind? Or maybe you have over come this stage and would like to share your tips and methods with others?
