Why Kenya’s Makmende would be a bad Forex Trader ~ forex and dailyfx trading news
Kenya’s fictional hero, Makmende, can bring a moving train to a stop. Nothing stops him, he stops everything. Makmende is void of hesitation because he does not know fear. He has more lives than a cat. He is full of admirable strength. Makmende is Kenya’s hero in times of adversity. He can find the terrorist bomber and stop a flood.
But can Makmende fare well in the online forex market? His strength and character may tempt us to answer in the affirmative. But with a deeper understanding as to how the online forex market operates, any keen forex trader would answer in the negative. I highly doubt, whether, despite his innumerable strength and courage, Makmende would get a job as a hedge fund manager even if he had the best book qualification.
The online forex market has no regard to the strong or the week. The forex market has no sympathy to the week and it pays no respect to the strong. In the forex market everyone has the potential of being both a victor and a victim. Pro forex traders are not necessarily men and women of giant physique who take no nonsense. Neither is the struggling forex trader an emaciated little being living by the mercy of others.
The reason why Makmende would be a bad online forex trader is less to do with his physique and much to do with his character. Character plays a greater role in determining the level of our success in the online forex market. Character is never taught, it is the result of acquired habit depending on the nature of the environment. Makmende leaves in a Kenyan environment in which you often meet more than your own share of troubles and in which only the strong survive.
Unfortunately, in the online forex market, strength that is devoid of wisdom can destroy a forex trader. You must have the strength to execute a trade knowing at the back of your mind that it may be a loser or winner in the end. But you must also have the ability to choose only the best forex trading set ups. The size of your brain or body will be of no value if you fool yourself into believing that the online forex market will have regard to your physique. Your stop loss will be hit over and over until you get the discipline of successful forex trading.
Below are some reasons as to why Kenya’s Makmende would be a bad online forex trader.
Adrenalin Junky
An adrenalin junky does not know fear. He has little regard to the traps placed before him. Yet the forex market is a constant beehive of traps that stings whoever has no sixth sense or third eye on how to trade the forex market. Your adrenalin will serve you best at the battlefield but there is no need for it in the forex market. You cannot execute trades simply because you feel courageous enough to do so. There must be justifiable and sufficient reasons behind every forex trade you take.
Your adrenalin may drive you into overleveraging, but it cannot prevent you from the reactionary effects of an overleveraged forex trade. The adrenalin may push you into overtrading, but it may not insulate you from the grave dangers of overtrading in the forex market. Preserve your adrenalin for over things like approaching women. Online forex trading requires only pure wisdom behind every trade you execute.
Brains not Brawls
The single most prized possession in online forex trading is your brain. Use your brain to hunt for the good forex trading setups; use your brain to determine the best risk reward and the best leverage. Whoever masters how to use his brain first, has accomplished half of everything that there is to know in the forex market.
The brawls are left for the adrenalin junky like Makmende. Approaching the forex market with your brawls alone is an attempt at bulldozing the forex market which is simply impossible. The online forex market has no feelings- you won’t get a chance of throwing punches at it. Forex trading won’t stop simply because you approached the market with your brawls, leveraged your whole account, and lost all your forex capital in the process. The forex market cares less about how much of life’s adversaries you’ve overcome. It won’t care that your entire life savings is at risk. Use your brain then and avoid an early and sad exit from the forex market.
Sadly enough, for Makmende, he is an adrenalin junky who relies more on his brawls and little on his brains. He lacks the most important prerequisite to successful forex trading. the reason is because adrenalin junks are dispossessed of patience and as a result they mostly trade the lower timeframes in the forex market. They have the brawls to take the trade setups in the lower timeframes that are nothing but a trap from which to come out, they must lose part or all of their forex trading capital.
Are you possessing any of Makmende’s disastrous characters? If your answer is in the affirmative, then avoid the forex market as you would a scourge. Otherwise, you might end up a worse than you were on your first day of trading forex. Losses in the forex market are inevitable. And the market has little regard to your temperament, strength or physique. Whoever thinks that the three aspects are essential is simply deluded and the clock is ticking for the end of his days as a forex trader. Know yourself and trade forex successfully.
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