Why am I a trader?

People often ask me what the “WWW” of a trade means. I am big on Ws because they have reminded me to keep on the right track over my years of trading. I use the Ws to remind me to keep my priorities straight on every trade entry.

The First W: Why?
Ask yourself the following five questions and make sure you understand the answers:
1. Why am I a trader?
2. Why I should be a trader?
Selections from CFG Newsletters 105
3. Why is it so positive and enjoyable to be a trader?
4. Why should I trade the forex exclusively and bypass the other markets?
5. Why should anyone help someone else learn to trade?
My own reasoning is that it would be important to build the credibility of the industry and establish that there is indeed a future in trading. The fact that the forex is the largest financial industry in the world certainly helps build the case. The freedom, the happiness, the development of self-discipline, the opportunity to help others learn to trade, the opportunity to have excess funds to give to favorite charities, and the job security are all part of my answer to the first W, why. I must develop the attitude that I have a personal
cause to be a trader and a mentor in order to constantly strive to achieve success. I want to be the knight in shining armor who comes to save the day to help others. I must feel that I have a mission to achieve. It is very important to have goals that help others. By helping others achieve success, the helper also continues to improve.

The Second W: What?
What do I get out of being a trader?
As a trader, you can achieve personal satisfaction, because you are calling all the shots when you make entries and exits in the markets. Becoming self-employed is a great day, as you begin to enjoy independence with no employer giving orders and no time schedule. You have the opportunity to earn money with no limits attached—enough money to help others financially, including your church, needy organizations, and victims of disasters.

The Third W: When?
When should I become a full-time or professional trader? It may be one of the biggest mistakes you could make to delay learning a business that offers probably the greatest opportunity of personal financial growth in the world with a very small amount of start-up capital required. The idea is for you to invest the least amount of money with the greatest earning power. The ongoing overhead of trading the forex is very low, and your goal is to keep trade losses small while you maximize profits and implement a style of selective trade entries. With this goal achieved, then profits should grow as well as your financial freedom.