Excuses will never help you to achieve your goals- not only in trading, but also in life in general. Traders specialize in making excuses on a daily basis. But making excuses not only prevents you from growing and making it better, it can also lead to even worse trades. On the other hand, a trader who knows how to avoid making excuses can make a profit very quickly because he can avoid the costly mistakes that amateurs constantly make. If you find yourself making these excuses, change your mindset ASAP. Get out of your own way.

Opportunities are everywhere. It’s just a matter of some work on your end to leverage on them. That said, here are 5 very common excuses Forex traders make… that you should avoid from this:

I don’t have the time

You can utilize your time rather than spending more time on television and Social media sites. Add those hours up alone and you have just found yourself some time!  If you stop saying you don’t have time, you will even free up the time it took you to say it.

I don’t have money

This is one of the more acceptable excuses, not having enough money could make it impossible to actually start trading, what it doesn’t do though, is prevent you from learning, considering that learning is the first part of trading, there is no reason why you cannot begin doing this while you save up some money. As the years’ progress, however, the excuse of not having enough money has become almost obsolete, there are brokers allowing you to open up accounts with just $10, we know that you cannot execute proper risk management with such a small account, but it is a way to begin and to get a feel for the live markets.

Markets not favor for me

The markets must be against me, they obviously saw me put on this trade and then decided to go against me so I would lose my money. Reality check, the markets do not even care who you are, they do not notice the little money that you are putting into the markets. There are trillions trades each day on the markets, you $100 trade is nothing to it, not worth anyone’s time or effort to try and trade against it.

Traders often don’t realize how many things there are that can affect the markets. You can never prepare for them all, in fact, you can’t prepare for even half of them, news events, natural disasters, banks changing consensus, loads of things affect them, just because it went against you, doesn’t mean it was anything personal.

Trading Results are not in my control

An internal locus of control is essential for becoming a consistently profitable trader. You cannot succeed in trading, business, or life without being accountable. You WANT it to be your fault. If it’s your fault, you can fix it. The more accountable you are, the more control you have over your trading career. Focus on what you can control versus what you cannot:

You can Control your risk management, Position size, Strategy, Trading  plan, Pair Selection meanwhile the uncontrollable are Price action, Market news, Outcome of trade and what other traders do. But it can be overcome with placing take profit and stop loss.

Motivation

Motivation is not something that can be taught, you either get it internally, externally or you lack it altogether.

You can walk a horse to water but you cannot make it drink. If you lack the motivation to free yourself from financial worries, be your own boss and live your dreams; then trading may not be for you. Once you start to see the bigger picture, motivation will never be a problem. It will be the solution.

Causes of Excuses

Never see a growth

A trader who blames outside circumstances doesn’t look at how he can overcome his challenges. Even worse, such traders don’t even think that their bad trading performance is their own fault.

Self-limiting beliefs

Traders who are always looking for excuses don’t think that they can do anything to change their status-quo. Once a trader starts believing his own lies, he will not be able to look for ways out.

Massive regrets

Would have, should have and could have are common terms used by traders who are controlled by excuse-driven trading. Regrets and a wrong use of hindsight is a bad place to evaluate your performance from. It always makes things seem much worse than they actually are.

A state of pessimism

Personal growth isn’t possible when you come from a state of pessimism. Making excuses and blaming outside circumstances makes trading and the financial markets look like a bad place. If you always believe that you have a disadvantage or that the markets are rigged, it is impossible to live up to your full potential. Good traders operate from a state of passion and optimism.

Paranoid trader

These ties with the previous point. Believing that the markets are against you and that trading is an unfair undertaking creates fear. Fear is what holds you back and making good trading decisions becomes impossible.

Locked in your comfort zone

Excuses have the purpose to make everything look better than it actually is. Thus, it signals that there is no need to change anything. As we have said before, change can be intimidating.

Avoid proactive thinking and blocks creativity

Excuse-driven traders only look for the next best trading method, instead of looking at what is really holding them back.

Conclusion

Each of these excuses will stall your development process and can even lead you to quit entirely.  We often asked how to overcome challenges, rise above excuses and propel the trading dream into a successful career. The person in the mirror is the only person who can make you become a profitable trader. Get Educated, Get trained then implement. Dedicate yourself to trading. Open account now and start trading.