Most Important Element for Currency Trading Success

By: Kelly Price

It's a fact that anyone can achieve Forex trading success and can be specifically learned by anyone, yet over 95% burn their equity quickly, so what is the key element to succeeding? Let's look at an equation for success and if you don't understand its significance you will never succeed...

Right lets take a look at the equation:

Simple Forex Trading System + Discipline to Apply = Forex Trading Success

So what you may say that's obvious!

Yes it is - but what most traders don't see in the above equation, is that discipline doesn't just come to you - it comes from inner understanding and confidence. Plenty of traders say discipline is easy, well they haven't traded. To get dsicipline you need two other key traits it comes from and we will look at them now.

Don't Be a Follower

Today we live in a society where it's fashionable to consult an expert and delegate responsibility to someone else. Forex traders buy forex robots and systems from vendors (most don't work anyway) but the ones that do, they can't follow because their discipline goes, as soon as they hit a few losses.

To stick with a system when its losing (all systems do at times) you need to have understanding and confidence it will come good and if you want to know if you have confidence in your trading system:

What most traders do not do is gain confidence and know what their trading edge is. I teach forex trading and the best way to spot a loser is ask them the following:

KNOW THE Answer To This Question!

What's your trading edge - what makes your system capable of succeeding when 95% lose?

Normally I am met with a blank expression and know the person is a loser straight away, as of course if you don't know your trading edge, you don't have one.

Your trading edge is based upon a logical well thought out simple method which, you understand how and why it works and have the confidence to apply it. You Need to know that you can hold your discipline through periods of losses and emerge a winner longer term.

Anyone can learn forex trading yet, traders constantly want to try and get success the easy way and in forex trading there are no short cuts. You need to do your homework and understand what you are doing and your trading edge.

Most traders are too lazy to do the above - but that's good news as if you get in the 5% of winners, they will be paying you with their losses.

So, get the right forex education, the right mindset and a trading edge and you are all set for forex trading success.

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