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Success in Forex Trading: What It Requires
I recently had a great opportunity to see a host of famous actors speak along with meeting several of them. They shared a lot of stories about their experiences throughout their career, including several of the roles they are famous for. One story in particular made me think of trading.
What most of us see when we witness actors is the success, fame and money they have made over the years. But many actually have a story to tell that is unique to them. This story, if you listen carefully, often highlights a wisdom which can be useful for our lives (even trading).
Although I cannot say he is my most followed actor, after hearing some of his personal stories, I was impressed and appreciate his ‘wisdom qualities‘.
William Shatner is most famous for his role as Captain Kirk in the popular Star Trek franchise. If you were to interview 10,000 people and say his name, probably the first words from 95+% of them would be ‘Captain Kirk‘ or ‘Star Trek’.
What most do not realize is he originally trained as a classical Shakespearean actor with his first minor roles in the early 50’s. Slowly working his way up to small TV/Broadway/film roles, it wasn’t until 1966 that his most famous role as Captain Kirk.
The original show ran from 66′-69′, but was then canceled after receiving moderate reviews. The year it ended was also the same year he went through a divorce. This is where it starts to get really interesting.
After being typecast as ‘Kirk’, he had a hard time finding roles. Never mind the fact he went through a divorce (difficult in itself), he had three kids to feed and lost his home. He lived out of a truck bed camper for a quite a while, where he had days without food in the fridge. He took whatever small roles he could to support his kids.
During the 1970’s, he got small roles which eventually led back him landing a film role in the first Star Trek film again as Captain Kirk. Six more Star Trek films, along with two TV series roles led to a new level of fame that would last him a lifetime.
He worked for 15+ years before landing the Kirk role, to which he played for 3 years and then lost his job. He lived in a camper with no food for days on end, and did whatever it took to make it work. He never stopped working towards his goal, no matter how hard it got, even after two+ decades with no/little money for his hard work. Yet after 27+ years of this, he finally landed an opportunity which lasted him a lifetime.
He has demonstrated the mindset of success, a determination and willingness to keep going after his goal after incredible hardships and failures. Ironically, these are the same things required to be successful in forex trading.
One last note I’d like to share about Mr. Shatner before discussing another subject.
Through some really savvy business deals, he has become a deca-millionaire several times over. He is now 82 years of age, yet still works incredibly hard – traveling to conferences, TV projects, one man shows, competing in horseback riding and more – all at 82!
He doesn’t need the money at this point (hasn’t for decades) – yet works tenaciously hard. Why? Because he is passionate about what he does. He likes to create, produce and continually challenge himself.
Underneath the unique history of his failures, work ethic, and successful mindset is another critical point. That is – most people think of success as a straight line, but in actuality it is nothing from it. It is beset with years of hard work, preparation, and overcoming challenges. It is wrought with failures, mistakes, and low points.
Most people go through these things, whether its acting, sports, or trading. The difference between successful and unsuccessful people is how they respond to those moments, particularly when things go wrong or become difficult. Successful mindsets keep moving forward and find solutions.
They are willing to work hard whether their fridge is empty or full – have a home or not. They are passionate about what they do, and meet each failure with more effort than before. What is required to be a success in forex trading is the same.
Your path as a trader and equity curve will in all probability not move in an upward 45 degree line. It will require you to work when you do not want to, and make decisions that feel incredibly uncomfortable (almost irrational). They will not be your preferences, nor will they be easy.
You will need to prepare day after day, and the work never ends. It will require you to maintain a high level of energy, and will demand you to get up from each failure. Your emotions will fight you at almost every step in the way – yet you need to be calm and clear.
This is what is required to be consistent and successful at forex trading. Whether you meet this challenge will be entirely up to you, your mindset and choices from this moment forward.
But I’d like to end with a hats off to Mr. Shatner for sharing some of his wisdom qualities and stories. He has earned his success, traversing difficulties where most would fold, while never stopping to move forward.