Are You Practicing Your Forex Trading Mistakes?

I have a short story to tell you, and I hope this gets you thinking and reflecting on your own forex trading. This story was one that a Coach’s Corner member brought to us during one of our CC sessions, and as you’ll see, very relevant to trading.

This person had been in the CC for just over a month, and was starting to really notice some positive change. In fact he sent in a trade that he had taken, and he was really happy about what he had done, and so he should have been, because based on what he’s learned, he did a perfect job of reading what was going on with the currency pair he was trading, the EUR/USD. He recognized the setup, and he entered the trade and took pips out of the market. 

But…the email he sent was in 2 parts. The first part was all about the trade, but it was bottom part that I found really fascinating.

This guy has been involved in sport, both in coaching and playing, and he told a story about an old golf coach of his that had a positive influence him (years later) when it came to trading. And the story was this:

He was having problems with his swing, so back in 1997 he went to see a golf coach, but before that, he had spent something like a year and a half trying to figure out his problems on his own. He’d adjust his swing, and his grip and his stance, and whatever, with very limited success. So he went to see the golf pro. And in about 3 lessons, the golf pro had him hitting the ball just the way he wanted to. Imagine that: 1 ½ years of jacking around with his swing, and in 3 short lessons, he’s seeing some real, lasting improvement!

But what really impacted this buy in regards to trading was something that the golf pro said to him as they were walking past the driving range. People were smashing balls out onto the range, and this guy told the golf pro that he, too was going to go and start hitting some balls to practice up what he has just learned.

And this is when the golf pro said something to him that was so profound. He said, “go ahead and go to the driving range, but you’re not allowed to take your clubs. You can take a book and read”. And the pro then said to him: “Most people go to the driving range to practice their MISTAKES!” Wow! That’s quite an observation. And he said that without a coach, they were simply doing what they always did, and practicing their mistakes.

This is so absolutely true. In fact this person said that he himself has been practicing trading mistakes for over 3 years. He went on to say that “the Coach’s Corner is simply invaluable. Thanks for beginning the process of fixing my trading swing”.

Think about it: Have you been moving ahead with your trading, or have you simply been practicing trading mistakes that you’ve been making for a long time? If you’re falling behind, it’s probably because you’re practicing mistakes without even knowing it. And they’re costing you, not just in trading capital, but most importantly, in psychological capital.

If you’re not getting the results that you need, in other words you’re continually slipping behind, or at least not getting ahead, then you have to change the path you’re on. Maybe it means joining the Coach’s Corner and working with us for a while, or you might have something else in mind, but find someone who is qualified to help you get turned in the right direction.

Wishing you all the best!

Vic