Forex Trading For Novice Traders

By: Monica Hendrix
If you want to succeed at forex trading then beware the odds are against you 955 of traders fail and lose their money. Before you consider trading consider the 3 points below before you try to trade.

1. Do You like Responsibility?

It's a fact that most traders fail because they don't - they think they can buy an e-book for $100 follow a simulated track record, do no work and get rich well, if you are one of these people you will lose and lose quickly.

Not everyone likes responsibility and there is nothing wrong with that - but if you don't the forex market is not for you.

Forex trading places unique demands upon you not only do you need a sound logical system, you also need to have confidence in it and the discipline to follow it and realize that success rests on you and you alone.

The only person who can make you rich or wealthy is you - no one else is going to make you rich.

The good news is if you like the idea of taking charge of your own destiny and having the opportunity to make a life changing income, then forex can give you that - if you do your homework.



2. Are You a Risk Taker?

You hear a lot about forex trading does not need to be risky - but it is by definition!

If you don't like the idea of taking calculated risks, then you will not make a good forex trader. Successful forex traders know that risk goes with reward and the bigger the risk you take the more you make. This doesn't mean you act in a rash manner - but you know that the bigger the risk the bigger the potential gain.

3. Do you have a cool head?

Trading forex markets is 20% method and 80% attitude - you need discipline and this is hard to achieve for most people. If you don't like acting on your own and against the crowd and your emotional - again don't trade forex it requires tremendous discipline to succeed.

THE REAL KEY TO FOREX SUCCESS

If you have all of the above then you could become a good forex trader and enjoy forex trading success - but now you have to understand the key point you need to make it into the elite 5% of winners

You need to know your trading edge and why it will help you win.

Most traders if you ask them don't know what their trading edge is and the bad news is if you don't know what it is - You don't have one and you are going to lose.

A trading edge is something in your forex trading strategy has that enables you to win, while 95% of traders lose.

It's specific to you; you have confidence in it and can trade your edge with discipline.

How do you get a trading edge?

You work it out for yourself by working smart - you can take it from others but you must understand it and have confidence in it - that then is your edge.

Going back to point 1 you have to take responsibility for developing it yourself.

As you need to follow it you need to have confidence in it - this comes from understanding and gives you the discipline to apply it.

With me so far?

Good - then you have the opportunity (if you work smart) to get a trading edge and apply it on one of the world's most exciting businesses for profits and end up in the minority of winners and have the opportunity to earn a life changing income.

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