Forex Trading Education - To be a winner

By: Kelly Price

If you want to know whether you are likely to win at forex trading then simply answer this question with confidence and with no hesitation. Your answer will tell you if you can enter the small minority that make big consistent gains...

The question is

What EXACLTY is your Trading edge? The part of your forex trading strategy which will set you apart from the vast majority of losers?

Now when you answer the above keep in mind, a trading edge is none of the following, listed below! If you think any of the answers below gives you a trading edge your wrong - here are some common answers ...

- I have bought a forex trading system from a vendor with simulated track record it made money in back testing and should work for real

- I can succeed at day trading and scalping

- I am following news stories and expert advice

- I am using a scientific theory and predicting market movement

- I have won money in a demo account so am confident

- I am clever and work hard so success is bound to follow

- I am using a very complicated trading system which I have back tested until it worked

NONE of the above is a trading edge. Most are commonly held views or myths and there all a recipe for failure.

The first point to keep in mind is that no one can lead you to success you have to take responsibility for your destiny. Furthermore, even if you do have good advice, you need to learn the basics of how and why the advice will work for you otherwise you will never follow it with discipline.

Being clever is no help either. You don't get rewarded for being clever, you only get your reward for being right furthermore, complicate your trading to much and your trading system will break in the brutal real world of trading.

Trading success is based on a simple, robust system which you have confidence in and you can apply with discipline.

To do the above requires you build a set of rules which are logical, you understand have confidence in and can apply with discipline.

Forex trading success is a combination of a robust system and the ability to apply it.

The fact is anyone can learn to trade and if you avoid the myths the biggest obstacle to success is yourself - your emotions. You see, to win at forex trading you need to acquire traits that are not normal in everyday life:

- A Capacity To Work and Act in Isolation

We find this hard as we are pack animals and like to run with them and its helped us survive since Stone Age times - but run with the pack in forex trading and you will lose.

- You Need to Make Your Own Rules

Most people simply cannot do this; there so used to following rules they can't take responsibility for their actions.

- Looking Stupid

None of us want to looks stupid but the market will do it to you over and over again. The market price is always right; only you can be wrong and people have a problem with being wrong.

Final Words

Its very hard to get the right mindset to trade forex successfully - but if you have confidence in your ability, a willingness to accept responsibility and discipline to follow your own rules, then the forex markets offer you a life changing income.

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