The Fine Margins Between Success and Failure

Filed under: Learn Forex Trading |

 

Sometimes, you can be so close to success and not even know it. I am willing to bet that there are many people throughout history who have been close to greatness only to give up at the vital moment. If you can indulge me with a football analogy for a moment, a good example of this comes from the manager of the football team that I support, Roberto Martinez of Wigan Athletic. Now you might have a certain image of football managers as being crude and ineloquent, but Martinez is different. Last season, Wigan Athletic was bottom of the league for most of the season. The experts all had us as certainties to go down, but through it all, Martinez held firm and was adamant that the team were doing all of the right things and that the results would come. Sure enough, Wigan won 7 out of their last 9 league games to stay up and defy the odds. But there is a lesson to be learned for all traders here. Let me explain…

 

The margins between success and failure in any field can be extremely fine. For Wigan, it was simply an unusual refereeing decision or an untimely injury. In forex trading, you might have a string of bad results and you might well feel like throwing in the towel. However, the important thing is to keep doing all of the right things. That means not making unusual trading decisions based upon emotions. It means to keep doing the things that you were doing when you were winning trades. This is what Wigan did, and if you do it too, then I’m sure that the good results will come. Stay in the game of trading for the long term, not the short term, and stick rigidly with your system through any drawdowns. In the end, that is all that really separates the winners from the losers.

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