Forget about the money: Start Small
The reason to be in the market is to make money and that’s true for every profession. You need to be money motivated and there’s nothing wrong with that, specifically in the society we live in. However we should rather need the motivation to trade but be less focused on the money.
Think of the best surgeon in your area and his consultation room full of patients. Then you know he has built up a good reputation. He focuses on perfect execution of each procedure. Only if he takes care and focuses on perfect execution over and over again will he have a very successful career.
The same applies to forex trading: our objective as traders is to focus on perfect execution on this one trade, not worrying about the past nor thinking about the future but following our simple set of rules on this one trade.
Think of Forex Trading as a skill, as a business. In the beginning take it very steady and take it very small. Prove firstly you can trade, that you have the confidence and that you are able to analyze the forex market, before starting to put in loads of money. You want to do this for the long term!
There are two main objectives: firstly reducing the pressure of the money. If you start with a big account you will feel the pressure when the trade is going your way as you think this is a lot of money and you will take your profits quickly, too quickly in fact. That’s our nature because we take our profits too early and our losses too late! In the face of adversity you will feel the pressure when the trade goes against you. “Oh no, I’m going to lose this…”
Secondly instead of focusing on and being influenced by the concept ‘money’ you need to refine your craft, your skill rather than looking from a profit perspective. You need to develop a genuine curiosity for trading and a passion for it. When you start making good progress and you have achieved some consistency then and only then can you start ramping up your trading account.
If we focus on the perfect execution and the process the cash will care of itself.