I Think Being a Forex Trader Is Cool – Mistake #942

 Why Thinking that Being A Forex Trader Is Cool could get you Broke?

Often when I tell people I trade Forex, their first reaction is “Wow, how cool”. Indeed, guys, Forex trading is cool, but not the way you think: it’s you behind a computer screen, struggling to make money or at least not lose it. To me that is cool because the only person I depend on is me, not my co-worker or my boss. But it’s not a glamorous job and it is definitely not the mainstream “cool” stuff you are used to. Starting to trade Forex just because it’s cool… is wrong and it won’t do you any good in the long run.

 

Underground Cool VS Mainstream Cool

Many times throughout my career before becoming a Forex trader I had to repair the mistakes of others. I always hated that. You tell an employee to send a certain product to a client and the next day the client calls you yelling he needed X but got Y and he had to repurchase X from another company because he needed it urgently. Now who has to fix that? You, if you are the supervisor/boss of the employee who made the mistake in the first place. So you spend time fixing the mistake made by another and you have to delay your other tasks which then pile up. And then another guy makes another mistake that needs fixing and that means more of your tasks will be postponed which ultimately means you finish work at 8:00 pm, get home at 9:00, eat something and go to sleep because you need to be fresh in the morning to start all over. To me that is not cool. It’s not a normal life. Sure, you might say “Get another job” but as long as you work alongside other people, you will have to fix their mistakes, whether it’s your job to do that or simply because you want to be helpful. Been there, done that, but I’ve had enough and that’s why Forex to me is cool. That’s “underground cool”, meaning you don’t go bragging to other people how cool you are. But if you think Forex is “mainstream cool”, you are in for a surprise.

You don’t have short-skirted assistants who ask you if your coffee is hot enough, you are not a kingpin of some sort, buying and selling currency left and right, smoking a cigar with your feet up on your mahogany desk. And assuming you make enough money out of Forex to have all that (by the way, let me know how you did it), I don’t think being flashy is the ultimate goal. Once you start thinking of yourself in terms of “mainstream cool”, you start to get cocky and cockiness will eventually lead a Forex trader to a Margin Call.

There is a certain coolness when it comes to Forex trading but don’t let it go to your head. Come on, we have to admit it’s way cooler to trade from the comfort of your home than waking up every morning to go to the office and listen to your boss telling you what to do and having to listen to your colleagues’ dry jokes. But before you can be a trader you have to put in hundreds, maybe thousands of hours of learning and practicing. That part is not underground cool, is not mainstream cool, it is just hard and you cannot be a trader if you don’t go through failures and times when you say “That’s enough, I’ve had it”. Well, that hard part is what separates traders from wannabe cool dudes. Having the strength to continue when others don’t is what makes you cool. Enduring 12 hours daily in front of your screen for as long as it takes you to build a solid knowledge base makes you cool. Being knocked down and then getting back up makes you cool, not walking around with a superior attitude thinking to yourself “Bow to me puny mortals, I am a Forex trader and I am superior”.

 

The Cool Lesson to Be Learned

When I started trading I felt cool. I admit it now and I am not proud of it. However my coolness period lasted as long as I traded Demo and immediately after starting to trade real money I realized this is a business, not a way to show off. Making Demo money was easy but virtual money doesn’t buy you cars and more importantly, if you lose, it doesn’t hurt your wallet. Once real money is on the line, then you really have to be cool, calm and collected so I guess the real lesson to be learned is that trading is harder than you think and requires a lot of dedication. Once you’ve realized that you will understand in which way Forex is cool.

 

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