3 Tips for Traders Handling Forex Criticism

Winsor Hoang |

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If you've ever told anyone you're a trader, most likely you've been met with two types of responses: a sense of intrigue or skeptical criticism. It happens in virtually all fields that are still publicly misunderstood. But forex trading receives a different kind of backlash that can and does affect traders.

Part of the problem is the unnecessary fear people develop towards things they don't understand. The fact is, most people don't understand trading enough to make any real judgments about it. Their ignorance towards the industry isn't their own fault. The media and marketing from brokerage firms grossly misrepresent forex. They over exaggerate incomes, giving the impression that trading is a path to quick riches, or they under appreciate the success stories of traders who have found wealth in the field. Those who are outside the trading world often equate it to gambling and thus minimize the education, investment, and commitment required to be a consistently profitable trader.

Having your career choice be harshly criticized can affect the way you approach it. Traders can be so determined to prove family members and friends wrong that they make unnecessary mistakes. They suddenly become so intent on proving that wealth can be gained as a trader that they forget all the other important aspects of the journey. By allowing negative remarks about the trading industry to affect you, you're not emotionally managing. Because emotional management is crucial to trading success, it's important to know how to handle backlash. Here are some tips.

1. Focus on the Journey Not the Money

One of the incredible benefits of forex is the ability to truly grow and develop as a person. You learn about yourself in ways you could not of imagined. The fact is, trading will change you. If you focus on the journey, this change can be for the better. Becoming a disciplined, patient, aware, and innovative person doesn't just help you, it helps those around you. Traders have a number of admirable and inspiring qualities. And it's these qualities that you want to play up next time someone criticizes the field of forex.

2. Get a Mentor 

There are several reasons why having a mentor can help. One, a mentor shows to your family that you're not just trying to gamble the market. You're trying to grasp and navigate through it. This takes education, concentration and a development of a range of skills. Having a forex mentor is one of the best ways to truly learn the market and switch from a gambler mentality to a trader/investing mentality. They can guide and support you in the first year of the journey. The seriousness and commitment to learning a skill often helps to ease the criticism one would other face.

3. Don't Waste Time Trying to Change Public Opinion

Instead, keep focused on building your edge and making consistent profits. No matter how "mainstream" forex becomes, the general public will still have difficulty upstanding the value of it. To most people, you're simply trying to cheat the market without directly contributing anything to society. People will always value doctors and scientists over traders. The best thing to do is not to let the naysayers stop you from being a disciplined trader. Focus more on how to build your trading skills than on what your family and friends think of your career. At the end of the day it's your skill and edge that will make you a consistently profitable trader, and that's where your time and energy should go.

It can be challenging and even hurtful when those close to you do not see the value of your career choice. But giving into their negative sentiment can affect your trading. It's important to stay disciplined, focused, and committed as a trader under all circumstances. Thus focus on your career and avoid letting criticism ruin a good trade.

 

 

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

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