Break Free from Depending on Others to Succeed in FX

When you don’t see results in FX, you might tend to rely on others and stop thinking or taking action on your own.

And you might start asking questions about things you could easily figure out by researching and verifying them.

However, doing this kind of thing can halt your growth all at once, and results become even harder to achieve.

I used to be extremely dependent on others in the past, so I took quite a detour.

FX is a personal responsibility.

FX is a personal responsibility.

It may seem obvious, but surprisingly, there are relatively few people who think this way. Even if they understand it intellectually, they don’t truly comprehend it.

In trading, even if you listen to others’ opinions, ultimately, from entry to exit, it’s you who makes the decisions.

When you press the entry button, it’s evidence that you’ve decided to enter on your own.

So, even if you rely on others for trading and incur losses, it’s not their fault but your own.

I occasionally come across people who make a fuss like, ‘Compensate me because I lost money due to you!’ – they are typical examples of not understanding personal responsibility.

If you don’t truly understand personal responsibility in this way, success in FX will not come to you, and surviving in the world of FX will become incredibly challenging.

Be careful not to overly focus on others’ trades.

I used to be like this in the past, when good results aren’t coming in FX, I tend to think about strategies too much and end up watching various people’s trades.

Doing so, ‘This one seems useful,’ ‘Oh, this looks good,’ and I try to absorb all the information.

However, when you do this, the abundance of information becomes confusing, and you end up lost, not knowing which one to use, which further leads to a wandering path.

Especially in today’s age, many strategies are being introduced on social media platforms like X (Twitter) and through videos on YouTube.

Moreover, all these strategies are potentially viable, so it’s easy to become overwhelmed and uncertain about what’s best.

In the FX, there is no one-size-fits-all strategy for consistent results.
As long as a strategy suits you, it can yield results.

However, on the flip side, mastering just one strategy means you can achieve success with it alone.

So, there’s no problem with using others’ trades as a reference, but be cautious about not watching too many different people’s trades.

Even if you use them as a reference, it’s a shortcut to pick one person who seems compatible with your style and deeply study that person’s strategy through verification.

I used to teach trading, and the difference between those who achieve results and those who don’t was indeed consistency.

If you’d like to learn more about this, you can also read the following article.
Difference Success and Not Success in FX is Consistency

Copying others’ trades is meaningless.

I often see people on platforms like X (Twitter) posting their entry rates, saying things like ‘USD/JPY at 110.75, buy.’

When you see this kind of information, you sometimes think, ‘If I follow this, I can win, right?’ and you end up copy trading.

However, even in this regard, I believe it’s meaningless from my perspective, and it’s better not to do it. This is because, even if you can profit by relying on those trades, it doesn’t empower your own abilities.

Moreover, if that person suddenly stops rate distribution, you may not earn any more, and it could lead you back to losing streak.

In some cases, you might say, “No, I’m using copy trading to learn.”

However, from my experience, even if you start with the intention to learn, over time, it can become tedious, and you might end up just following the provided distribution without much effort.

In the past, I also subscribed to a paid trading signal service for $500 per month.

I started with the intention of using those signals to “learn while earning.” However, gradually, I stopped studying and ended up just placing orders based on the provided rates.

Moreover, the trading style of those signals didn’t suit me, and I didn’t follow the specified take-profit and stop-loss levels; I closed positions on my own.

As a result, I disrupted the advantage of those signal trades, and eventually, I ended up in an overall loss and had to stop the service.

In the end, I gained nothing from it, and I simply lost money, not even able to recover the $500 monthly subscription fee.

Therefore, even if you engage in copy trading with others, you won’t acquire much for yourself, so it’s better not to do it.

Studying FX is on your own.

When studying FX or trading in general, it’s essential to primarily rely on yourself.

As I’ve mentioned repeatedly, when it comes to trading, you will need to make all judgments by yourself.

Therefore, if you become too dependent on others from the learning stage, you’ll stop thinking for yourself, and your rate of growth will slow down significantly.

In the past, I was heavily reliant on others, so whenever I didn’t understand something, I would immediately ask someone without much thought.

The people I asked questions to were kind enough to provide answers, but once I got the answers, I would become satisfied and not take any further action.

And then, if I encountered something I didn’t understand again, I would ask right away without attempting to figure it out for myself.

This led to a notably slow rate of growth.

I receive various questions daily, and many of them are like, “You can easily find the answer by researching it.”

Repeating this kind of behavior can be a waste of time waiting for a response, and often, responses may not even come, which slows down your rate of growth.

However, despite that, when it comes to studying FX, doing everything entirely on your own can be inefficient.

So, I think it’s a good idea to refer to 1 or 2 people whom you think are reliable and study with their guidance.

After all, learning from a professional in the field is significantly more efficient.

Joining FX communities or taking courses can be beneficial as well.
Still, it’s important to avoid getting involved in too many things and spreading yourself thin, as it can lead to confusion.

Your daily lives is also important

In fact, FX is often influenced by our daily life attitudes.

In our everyday lives, when inconveniences occur, we often hear people saying things like, “It’s because of this” or “This is why that happened.”

However, if we develop a habit of blaming everything on others, it becomes easier to shift the blame onto someone else when we lose in trading.

As a result, we may continue trading indefinitely without facing ourselves, and the desired results may remain elusive.

Therefore, even in your daily lives, when you encounter inconveniences for which you are responsible, it’s important to accept them.

Simply being able to do this can lead to a change in your attitude toward trading, resulting in a significant increase in your rate of growth.

Summary

FX is fundamentally a world of self-responsibility.

Dependence on others can make it challenging to confront oneself, hindering personal growth.

Of course, relying on others itself is not a significant issue.

The problem arises when you become overly reliant and stop thinking for yourself.

Therefore, no matter what you do, developing the habit of thinking for yourself first can significantly boost your rate of growth and propel you forward toward becoming a consistently successful trader.