If You Want to Be Rich…Practice this One Habit.

[oreoluwa]

alright thanks very much for your information of the advise to practice just one Habit and the more we learn to trade just one Habit the more we get to understand the strategy and indicator we are making use of and make better profit out of the market

[ramix]

Do not be hasty in taking forex you have to understand the analysis and good strategy and know when to enter and when to exit so waiting for you in the best way that the key to successful control your emotions.

[kaisar]

this is another good article for us traders especially beginners.
Article lifted straight from Adam Khoo's website.All contents of the original article has remained unchanged.If You Want to Be Rich�Practice this One HabitWhat keeps most people from becoming rich is the habit of wanting instant gratification. Instant gratification is the habit of always wanting to enjoy now and not having the patience to wait for future benefits. As a result, these people spend a lot more than theyinvest. By spending on that new car, new widescreen television set or designer watch they get instant gratification. When it comes to investing in books, seminars, stocks or insurance products, they will think twice as they have to wait for future benefits. It is precisely for this reason that whatever money comes into their hands will soon be frittered away and not multiplied.People who want instant gratification will always look for quick and easy ways of making money rather than building a sustainable business that adds value to (repeat) customers. They tend to cut corners on quality and deliver shoddy products to save money and boost short term profits. As a result, their profits rarely last and they will soon go out of business.At the same time, those who desire instant gratification lack thepatience to allow their money to grow and compound through investing. When they don�t see huge sums of money in a few weeks, they abandon their investments and never get to reapthe benefits. They have no patience to wait for the seeds theysow to grow into huge money trees that bear fruit.You see, there are only two ways you can use your money. You can either spend it or invest it. When you spend $100, you get gratified from whatever you bought but that $100 is gone! You get zero returns. When you invest that$100 in a seminar, books or stock, it will grow into $120, $200, $500 or even $1000, depending on yourrate of return.Delayed GratificationOn the other hand, all millionairesadopt the habit of �delayed gratification.� They have the patience to wait for greater abundance in the future. Whether in business or in investments, you must delay gratification in order tocreate massive wealth.People with delayed gratification invest a lot more than they spend. Again, they know that by spending a dollar, they may feel good for aninstant, but their future wealth willbe destroyed. When it comes to spending money, they are extremely frugal. However when itcomes to investing, they do not think twice about writing a check for a few thousands dollars. They know that through patience, that money will multiply into a future fortune.Millionaires never take shortcuts in business. They always look at giving the best value to their customers, even if it means earning less at present. They knowthat by building their reputation, itwill lead to huge profit streams in the future.I cannot emphasize this value enough because I feel that it is what has really set me apart from all my peers. It is why I earn manymore times than most people my age. You see, when I was in collegeand university, most of my friendsspent their holidays partying and having fun. They experienced instant gratification.Instead of partying, I would spend all my holidays taking up speaking engagements to hone my presentation skills, reading investment books, analyzing company reports and writing chapters of my first book. I knew that by �sacrificing� my immediate enjoyment, the rewards in the future would be tremendous! Sureenough by the time I ****uated from University I had streams of passive income from my best-selling book and two businesses that I had set up. I was earning more money than many ofmy lecturers while many of my friends were struggling to get theirfirst job with their first paycheck.Frankly, I never felt deprived. I had so much passion for what I was doing that indulging in drinking and idle lounge-lizard chatter just seemed like a huge waste of time. Nor did I miss social companionship. I had a steady, supportive girlfriend (now my wife), and a core of close buddies in these businesses we ran (and had so much fun and profit), while still studying. In fact a couple of them are still working with me today.Let me give you another example. When it comes to spending money, I am extremely hesitant. Once I saw a mobile phone that I really liked. It was priced at $800. I kept staring at that phone over and over again but eventually walked away. I found it just too painful to part with $800 for a phone. My friends thought I was crazy as I was earning over $1,000 an hour at the time, whenever I spoke. But then again, I knew that the moment I spent that $800, it would be gone!On the other hand, whenever I go to a bookstore, I think nothing of spending $800 buying a whole series of marketing, business and investment books. In fact, I once spent $12,000 attending an NLP (Neuro-Linguistic Programming) training course in the United States, without even thinking twice.Why? Because I know that if I spend that $12,000, the ideas that I get from those books and seminars, when applied, will generate me millions and so they have! But most people do the exact opposite. They think nothing of squandering $3,000 on a ring but think twice before buying a good book for $30! No wonder they are poor! So, develop the habit of delayed gratification � andspend wisely � and you will see your money multiply.

if we are disciplined and can master trading emotions properly then we will be successful in forex. ungkin maximum training exercises on a demo account to learn as much as possible because success will be waiting.

[Razor1911]

Very useful input. everyone wants to get rich, and I think they will always practice the above. key should not be greedy and always humble. what we get is the result of hard work and never give up. very useful.

Exactly. thats a very important point that if you want to be successful in trading, then you should start practicing as much as possible. Only practice will give you the better results that everyone wants in trading. Most of the newbie traders fails because they are not that hard working and don't do enough practices. And the traders who are willing to work hard will definitely get better and better improvements and thus better and better results.

[fastry]

Very useful input. everyone wants to get rich, and I think they will always practice the above. key should not be greedy and always humble. what we get is the result of hard work and never give up. very useful.

[vaibhav thakur]

your article is extract of all strategies, one should surely practice this to become successful i'll try to keep all these things in my thanks a lot. i think patience was all i was missing, again thanks for such a wonderful post.

[rodro]

I also agree with you. Because we identify our mistake when we practice with demo. So it is very important. So it rich our self.

[jawaid123]

The point is that if you are following a trader then think in his way not in your way.
And also email him if possible and discuss the strategy more deeply.
Most of the time, when we find a strategy from a trader
who shared it on internet and plan to follow it ,
it happens that we can not understand
it properly and we get very low winning ratio.
Here the problem is that every trader have his own trading style
and it is difficult to adapt someone's style. So if we get bad results
from a strategy we say it is not a successful.

[RowenaM]

The founders of the eToro trading platform have obviously noticed that the forex market has significant advantages for the amateur trader in comparison to other financial markets. The forex market is less complicated because it revolves around 8 main trading instruments. The forex market operates 24 hours a day, with the exception of weekends, which means that traders can react to trends and news as they happen without waiting for the bell to ring. The forex market offers a greater range of leverages meaning that a forex trader does not have to invest huge amounts of capital in the market, since it is customary for forex dealers to offer leverages as high as 1:400.

[AkuMaenLagi]

Patience and continued learning is the main thing that can help the currency exchange forex traders to get to the top in forex trading. When we learn forex, simplify in our eyes and then we started to make better trading results in our trade.