Forex Mistake #9 – Being Lazy is a Shortcut to Zero Account

Why Being Lazy could get you Broke?

We humans have an unfortunate trait: we are lazy. Not always and not all of us… but I was lazy when it came to working hard to make it in Forex. Fortunately I snapped out of it before it was too late. How I did that? I lost some money of course and then I realized being lazy is quite expensive so I decided it’s time to put in the work and to start earning money.

 

How Being Lazy could get you Broke

It’s so easy being lazy – probably that’s why I liked it – and you can get really good at it, really fast. Just how kids don’t want to do their homework, I didn’t want to study Forex. Sure I wanted to trade and make money, but when it came to the hard part of learning… not so much. I guess online marketing had a lot to do with this because everywhere I looked, brokers or their affiliates claimed stuff like: With our free trading guide you will become a real trader. To me that meant: Ok, I can read that guide (hopefully it’s short) and I can start making money. I wanted to believe trading is easy because the opposite would mean that I have to put in hundreds or thousands of hours in front of the screen reading and practicing but I didn’t want to do that, I wanted the easy road. So I took the easy road and started trading. It was like going camping without taking the time to pack a sleeping bag, a tent and a knife… too much work, right? And there I was: I opened an account with the first brokerage that called me on the phone (hey, I was too lazy to read some reviews about that broker) and I traded Demo for about a week. Of course I made a profit because Demo is totally different than Live although the same data feed is used. I allowed my trades to have massive drawdown, I added to losing positions, I didn’t use a Stop Loss and basically I did all the wrong things. But being a Demo, there was no fear of losing and also, the account was pretty big (50K virtual money or so) and could withstand the drawdown until price finally went in my direction, giving me a profit.

 

At that point I figured I was right to be lazy… after all, why spend so much time learning if I made a profit in my first week trading. I’m a natural! Let’s start trading real money. My first deposit was small and it was lost in less than a week but being a lazy guy at the time, I simply added more money although in the back of my head it was starting to become clear that I had to work to improve my trading skills, not open my wallet again. The broker I was trading with was not one of the best around (and I’m being gentle) but I was too lazy to look for another one, I was too lazy to read the Terms and Conditions, I was too lazy to practice more on demo or to test a strategy. So there I was, thinking like an idiot that I don’t need to do much and money will come running to me and jump in my pockets. The good thing is that I stopped being lazy before losing too much (at least I had the common sense to invest small); in fact I stopped trading completely and for several months I studied for about 8 hours a day. It occurred to me that if I want to turn Forex trading into a job I have to treat it as such, a thing I was too lazy and cocky to understand right from the beginning. Once my “training” period was over, I came back to trading with a totally different mindset. I knew it’s a tough job but now my confidence was backed up by knowledge, not by stuff like “What can it be so hard? After all price can only go Up or Down”. Now I am far from being a millionaire yet, but at least I’m not lazy anymore.

 

 

The Lesson to be Learned – Get Up!

Ask yourself this: “If it’s so easy, why isn’t everybody on the planet trading Forex?” Because it’s not easy and it requires a lot of commitment. If you are prepared for that commitment, then Forex can give you tremendous rewards but don’t repeat my mistake and don’t be lazy. You could do this job from the comfort of your home and you could make a lot more than you make now, but you need to work hard, a thing I realized after I paid for it. A businessman works hard to build his empire, a doctor studies years for his diploma. They cannot afford to be lazy and you should treat Forex the same way: work hard and you’ll be rewarded.

 

Have We Saved You From Going Broke?

  • Mouhcine

    I love your saying mate you are completely right that Laziness period where I am now and I am trying to get of it Thank you for your help .
    Ps: is it worth getting to FX college or online training and lessons ? and what is your favourite?

    Reply
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