Currency Trading - If You Want To Win This Is Essential!
Written by OnlineLoan on 05:55Currency Trading - If You Want To Win This Is Essential!
By: Monica Hendrix
There is one thing you need to win at forex trading and yet most traders don't even consider it before they start trading and they get a harsh lesson and join the 95% of traders that lose money. Here it is:
Without thinking about answer this question:
My Trading edge is ( define it )
A trading edge is something that will allow you to enter the 5% of winners and avoid the losing majority
A trading edge is NOT any of the following:
- I can predict market movement in advance.
- I know how to buy low and sell high.
- I Day trade for small regular profits.
- I follow a scientific theory as human nature is constant.
- I have a complicated trading strategy.
- I Don't bother with money management I just place a stop.
- I follow a vendor as he knows best.
- I listen to the news and follow the experts.
All the above believes are not a trading edge and will see you lose.
The equation for market success is:
Logical robust system + Confidence in it + Discipline to execute it = Forex success
If you want to win, you have to have a system based on logic that gives you an edge - it doesn't matter what your edge is, so long as you have confidence in it and can follow your system with discipline.
Success comes from within and the framework has to be built by you and executed by you - even if you take tips or logic from others.
I find it amazing how many forex traders believe the hype they read on the net and buy a forex trading system from a vendor ( normally with no real time track record ) and think they can simply follow it and win.
They expect riches with no effort and for $100! Its not quite that simple.
Even if you follow someone else, you need to learn their method and decide for yourself if it will win or not. You then have the confidence and discipline to execute the system.
Forex trading looks easy - but its not and you wouldn't expect it to be with the rewards on offer.
However, its not as hard as people think either and everything about successful currency trading can be learned.
With your forex education you need to learn knowledge and then execute it correctly.
Forex trading is all about confronting an all powerful force ( the market ) where only you can be wrong and its always right. While this sounds daunting, with the right education and attitude you can win.
It's a bit like being a captain of a boat.
You need to know what you are doing and you need to have confidence that what you will do will allow you to cross the ocean and get from A to B safely. You have a choice - you can make a living from the ocean and obey its laws, or you can drown in it.
If you want to enjoy currency trading success you need to have an edge which you have confidence in and can execute your forex trading strategy with discipline to win - its as simple as that.
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