Money is not everything! This old saying sounds almost like a cliche. However, the saying is only true if you are in possession of sufficient funds. On the other hand, a way of developing expectations of wealth to yourself is to grow your own narrative for money. There are for example many traders who believe that Forex trading automatically will make them wealthy persons. The same might be typical by individuals who has the wrong impression about Forex trading and Forex traders with a high performance.
Forex trading is hard work! Success is not imminent unless you make yourself deserve it. A Forex trading strategy should always be your ultimate starting point. On the other hand, Forex trading must never be confused by any romantic ideas in generating unlimited amount of assets over no time. Forex trading is an alternative way of investing. Thus, it is important to keep the impression in this way. The result of a solid performance will naturally create many expectations. However, we must never forget that generating a high performance is still a method of investing. A high performance must never find its path to a disrupted narrative for money.
Tore Herbert Hoff has almost a decade of experience working as a Forex trader. One of his most important advises is: “Success is not imminent. Success will only be a result of hard work and your effort to achieve your goal”. Thus, any other expectations than this should not be valid. However, setting the goals for your trading strategy must always be based on your future aspirations and desires. Certainly with a realistic view on the potential in your strategy. But, does it allow the general public to judge your performance based on assumptions of your work?
In spite of high performance and results, we are still dealing with investment of funds. Even if the consistency of the strategy is superb, investment business shall never give any guarantees of a certain return. Thus, any well functioning strategy shall also not be the roots for any dreams that your investment might bring to you!
If you are an investor, and perhaps especially a retail investor, you must be advised to follow the most important rule in investing. Namely, do not invest more money than you can afford to loose. Second, do not let your dreams over-rule your reality. We have seen far to often how a disrupted mindset for money can lead, in worst case, even to a personal disaster. Unfortunately, the higher the expectations, the higher the disappointment. However, you must always keep a clear mind about what your are bringing your assets into.
On the other hand, you have the right to be properly informed. The money manager therefore has a major responsibility to provide you the pure facts and a historical performance that reflects the experience. There is also a responsibility to provide all details of the investment in itself. Only then you can free yourself from the gap between your potential narrative and the real world performance.