One of the problems I have with my trading (and with starting an online business) is that I have a tendency towards wanting everything to be perfect.
For my first online business this meant that I spent something like 50K more than I needed to, building a website to the point where it was “perfect”, before I even started to market it. More importantly, I wasted a ton of time I could have put into more productive uses. Of course I now know better and most of the things I thought I needed I really didn’t.
For my trading, this meant that I have developed several winning trading systems, but instead of taking the system I have in front of me and trading it mistake free, I spent a lot of time “hunting for the holy grail”. If I had just taken one of my half decent systems and focused on trading it instead of always jumping on my newest idea, I would be much better off for it.
It’s really about accepting that you don’t need to be perfect in the markets. If you can make 0.5-1% a week consistently, you will be one of the best traders in the world. There is no need to have the perfect system, just one that is good enough, and that you can scale to trade at size.
Now I accept that I don’t have to be perfect, and that it is much better to be trading the system that I have instead of constantly searching for something better. Yes, there is a role for developing and improving your system, but it should not come at the expense of trading and wealth creation.
Where to channel your perfectionism
Do you suffer from “the curse of perfectionism” when you trade Forex?
If so, now is the time to STOP, be disciplined, and focus on what’s important.
Channel your perfectionism into risk management and mistake-free trading. In the long-term, these areas are going to be the greater source of your trading success.
About the Author
Sam Eder is a currency trader and author of the Definitive Guide to Developing a Winning Forex Trading System and the Advanced Forex Course for Smart Traders (https://fxrenew.com/forex-course/). He is a part owner of Forex Signal Provider www.fxrenew.com (You can get a free trial). If you like Sam’s writing you can subscribe to his newsletter for free (https://fxrenew.com/newsletter-sign-up).