Forex Preferred Character Trait

By: Monica Hendrix

The character trait we are referring to will make you lose, yet it is one we all admire in all other aspects of life - so what is it?

The trait is being too clever.

This may sound odd, but working in a brokerage for 10 years and seeing thousands of clients, every time a trader tries to apply to much effort or be to clever they lose because:

Simple systems are best and the real key is the discipline to execute the method - not its complexity.

People who think their clever, try and build systems that are to complicated and they also have an ego - they refuse to accept their wrong and both these traits wipe them out.

Let's look at this in more detail.

1. Keep it simple!

Today with all the advances in news, communications and software - the ratio of winners to losers remains the same as it was 50 years ago, so the appliance of knowledge for knowledge sake doesn't help.

The fact is a simple system, is more robust than a complicated one and has fewer elements to break and is likely to be more successful.

2. An ego

Clever people often have an ego and think they deserve to win - because their smart.

This means they hate being wrong and their trading signals being made to look stupid by the market.

Problem is this happens to all traders, even the world's best!

The market will make you and every trader look stupid and on a frequent basis.

What you have to do is accept it - the only right price is the market price.

It is always right no matter what you think, if you try and fight it, you will lose.

Don't Fight!

The market moves the way it wants and is all powerful - try and fight it by refusing to take losses or over riding your system and the market will destroy your equity.

The Sensible Way

It's a bit like being the captain of a ship - he knows the sea can smash his ship to bits, if he does not obey the rules - however if he is sensible and obeys its rules he can navigate his way safely and reach the shore intact.

You Decide!

Do you want to be clever or do you want to make money?

And do you:

Want to fight something all powerful or obey its rules?

The choice is yours and will determine whether you are a winner.

Work smart not hard, keep it simple and be humble and accept the truth the market presents to you win - you do this by obeying its laws and navigating correctly., it's as simple as that.

Foreign Exchange
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 

» More on Foreign Exchange