Do I Really Need Rules to Trade Forex (Basics No. 2)?

Anyone just starting out in Forex will find out really fast that trading offers a real possibility of acquiring greater freedom than any other job can provide. It is a lifestyle that will permit you to make as much money as you want to, live where ever you choose, and work only during the hours that best suites you. If you work for yourself, there are no bosses to deal with or deadlines to meet. This is the freedom at its purest form, so long desired after years and decades of our lives where we were always told what we should do and how.And with only few hundred dollars, you can start this endeavor right now. With so many people struggling with paying bills and finding jobs, who could resist that?

However, as you jump into trading foreign currencies and start experiencing this freedom, why would you want to lose it by limiting yourself, and put a self controlling mechanism in the way of rules that you need to follow? It sounds very discouraging to do something like that. One second you feel like you can do what ever you want to, while at the very next one, you set up rules that will take that away?!? That fear of loosing newly acquired ‘liberty’ is probably one of the two biggest reasons why most people resist creating rules (another being desire not to take responsibility).

Although a lot can be written to answer previously mentioned question, it actually can be put very simply…Creating rules is essential in acquiring success in forex trading. Without it, the dreams of prosperity will always be just a dream, and freedom that is so desired will never be obtained.

To make it crystal clear, the rules are not put in place to control the market, which can not be done in the first place, or even limit you in a way other jobs do. They actually do not take away any joy of freedom. Rather, the essential rules work to prevent how excessive emotions (that trading as a job generates every second) can effect you. If you stop to think about it, they are there to enrich you, not limit you.

But actually, if you can trade without any emotion, not joy when you make money, or despair when you lose, you may not need strict rules at all. Unaffected by feelings and desires, you will always be rational to do exactly what is in your own best interest at all times, and nothing else.

However, to get to that point, you really need to be full master of yourself. Sounds deceitfully easy, yet anyone that tried knows how difficult it can be. The road to acquiring such a mind discipline usually requires letting go of many ideas that were the foundation for starting to trade in the first place. Once you start trading not to make money, but to play the market the best you can, you will be starting on the road.

Go to the next Basics No.3 or back to Basics No.1