One of the biggest roadblocks to Forex trading success is falling prey to the “shiny-object syndrome”. In Forex trading, the “shiny-object syndrome” describes a trader who was always drawn to the next, latest, greatest, Forex trading strategy.
I have to openly admit that I fell prey to this syndrome in the early days of my trading. I basically hopped from trading system to trading system to trading system. Basically, I became a “jack of all trades” and a master of none. The greatest skill I developed from this endeavor was my ability to abandon one trading system for a “shiny”, newer, more exciting trading system. I basically placed myself on a roller coaster that only seemed to go down. When one system reached a new equity valley I would abandon it and move on to the next system. Once that system reached a new equity valley I became discouraged that I'd move on to the next system. In essence, I didn't stick with any system long enough to give it an opportunity to go on to make new equity highs.
I finally stopped jumping from system to system to system when I decided to take the time to learn how to evaluate Forex trading systems. You see, before learning to evaluate Forex trading systems I had no idea of how to select or create a system that was tailored to my specific needs. I decided that I would create my own Forex trading system and focus on trading that system in that system alone.
I'm glad to have made the transition from looking for the next “get rich quick” system to sticking to trading a system I developed myself. It has often been said that true success is a matter of focus and focus is a matter of discipline. This means that all of us must resist the urge to abandon the Forex trading system that is working, regardless of how appealing other Forex systems may appear to us at the time.
It is interesting to note that when I began trading I was very interested in the level of excitement that I felt during the time that I was trading. Over time, it turns out that the most profitable periods in my trading career have been those periods that inexperienced traders would describe as “extremely boring”. Do not let your craving for trading excitement have you fall prey to the “shiny-object syndrome”. In the long run, your trading will be much more profitable by sticking with those systems that you have found to be tried and true.
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