A lot of high-performing individuals cannot succeed in their fields on skills and determination alone. Celebrities have their PR teams, managers, and glam squads to portray them in their best light. Athletes have coaches and therapists to maximize their talents. Heck, even surgeons need assistants so they can perform their craft without distractions.
What do the celebrities, athletes, and surgeons have in common? Well, as you’ve already guessed from the title, they all get help from their support systems.
The Merriam Webster dictionary defines a support system as a group of people who give someone help, money, and encouragement. Researches show that having a network of supportive relationships has many advantages including reduced stress, better coping skills, and an overall sense of well-being.
Like any high-performing individual, forex traders need the advantage of having a good support system. So who exactly are in an average trader’s support system? Let’s narrow them down into three groups:
1. Family and friends
It’s difficult to put in the time and effort needed to become a consistently profitable trader if your friends and family don’t support you. For starters, it’s hard to watch the charts for hours if your family is dogging you to quit your “hobby” and get a “real job.” It’s also hard to talk about the markets with your friends if their eyes glaze over at the mention of “interest rates.”
You don’t have to give School of Pipsology pop quizzes and force your loved ones to understand what you’re doing. In fact, they don’t have to understand forex trading at all. You just have to communicate how important trading is for you and, if you’re important to them, then they’ll find a way to support your endeavor.
Just don’t expect cheers and pom-poms! Their support can be as simple as pretending to know what you’re talking about when you’re babbling over “broker spreads” or as important as not bothering you during your strict trading hours (for home-based traders).
2. Trading mentor or hero
While you can become consistently profitable by reading tons of books, watching trading videos, and live trading for hours, it’s still easier to navigate the forex markets with a trading mentor.
The best thing about having a mentor is that you have someone to guide you through your trading journey. Be careful though, as there are many scammers disguised as “mentors.” But if you happen to find a legit one, then he/she can show you different trading techniques, point out mistakes that you wouldn’t have seen by yourself, and push you into improving your skills.
Even your trading heroes can be included in your support system. Their own trading stories, techniques, and even motivational quotes do count as assistance in helping you make better trading decisions.
3. Other traders
As I’ve mentioned before, no trader is an island. Though not all traders perform better in groups, nobody should go through forex trading alone.
Those who work in formal trading offices have the advantage of working with like-minded individuals. You may or may not like working with them but you can’t deny that being challenged by their trading ideas, biases, and techniques has helped elevate your trading performance.
You don’t have to go to a prop firm or a trading convention to find your fellow forex geeks though. These days you can easily hit up forex trading forums and swap as many questions and trading tips as you want. Just remember to be patient with the newbies and respectful of everyone!
In forex trading, having a support system can be as simple as surrounding yourself with people who can help you execute your trades flawlessly. You may not need someone to watch the charts or place your orders for you but you do need that extra edge you could get from being surrounded by people who support you.