Six Reasons Why My Project Will Fail
I don’t know what the outcome of the forex project is going to be. If I had to put a bet on whether or not it was going to eventually succeed, I would have a very tough time deciding. I’m not even sure if I would put the odds of success at 50% at this stage in my learning cycle.
Fortunately, I’m a fighter and I don’t give up easily. I’ve told myself in discussions that I have to give this project at least 5 years of my life before declaring it a failure. I still have 3 and 1/2 years to go. Nevertheless, I feel that if I put possible reasons for failure on the table now, it may help me overcome them. Read more to see the top 6 reasons why my project will fail.
- No guts - It certainly won’t be easy to give up the bi-weekly paycheck, bonus, life insurance, health insurance, and flexible spending account that a US corporation provides me. Trading full-time means giving all of this up and relying on my trading to provide for me and my family.
- Lack of Capital - It would be a bad idea to decide to trade full-time with too little capital. I honestly don’t know at this point how much money I’ll feel safe starting with but if I cannot accumulate enough capital between now and then, I’ll never be a full-time trader.
- Inconsistency - If I cannot be consistently profitable in the months and years leading to trading full-time, it would be a bad idea to still consider this as a career.
- Failure to Control Emotions - I already feel like I’ve made great strides in this department but I have to continue to work on controlling my emotions when trading. If I feel like I cannot take the daily ups and downs of the market, forget about trading for a living.
- Lack of Commitment - Learning how to trade and trade profitable is a lot of work. There have been a couple of times where I thought I had lost my commitment.
- Fraud - I can’t totally dismiss that another Refco type situation could occur in the Forex market. I’m already skeptical of some of the Forex regulation or lack thereof. If I don’t have confidence in any FCM because of some future event, then trading Forex full-time will never be a reality.
If I had to pick which reason above weighed on me more than the others, it would have to be #1. Hopefully I can show that I can be consistently profitable. I think if this happens, I’ll have the guts to take the challenge head on without worrying about what I’m giving up. What I would be gaining will be so much more, financial freedom.
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