When 95% of traders lose money, what makes you think you can win? To see your chances
of succeeding as a forex trader, here is a checklist for you to see and become one of the elite
traders, who make tremendous long term profits.
Following are a few ways to lose money. You may wish to change your mind immediately if
you are thinking of trying any of them. Do this to avoid losses and continue your forex
education!
1. Following a Forex Robot with Simulated Gains – You can apparently achieve success
without any effort as promised by these. You are asked to accept their track records
simulated going backwards. Your equity will get destroyed by trying them.
2. Day trading and Scalping – Due to the random short term volatility, simply doesn’t work.
Like the robots, even people selling these always have simulated track records.
Many more of these all fall into the category of trying to find someone else to give you
success. This does not work in forex markets.
Apart from needing a trading edge, you also have to understand ways and reasons of it
leading you to success. Let’s look at this in detail.
Success Comes From Within
The combination of a simple robust helping you to understand and trade with discipline is what forex trading is about.
You need to know what you are doing to trade with discipline. This translates into having
confidence, which you definitely don’t get from someone telling you what to do. You get
confidence by from your own knowledge and learning.
Discipline & Losses
As you have to keep executing trading signals through losing periods, discipline is hard. This has to be continued till you hit a home run, even when the market is fooling you and taking your money.
A Trading Edge
What separates out your forex trading system from the 95% losers is your trading edge. You can answer what is your trading edge and how will it help you beat the majority. You don’t have one if you don’t know what it is.
Few succeed in the simple looking forex trading. These elements are present in the winners’
forex trading strategy:
Using simple robust forex trading system
– Having solid grounding in the basics of forex trading
– Knowing exactly why their system will lead them to success
– Having confidence and discipline to stick with their plan
– Knowing only they are responsible for their Forex trading success.
You have to stand alone, be confident of your actions and be disciplined to follow your plan in
forex trading.
Success is in YOUR Hands
Sounds simple, however it is actually depends on your approach to forex trading – with the right mindset and getting right education. The trader beats himself, rather than the market beating the trader in forex trading.
Learn the basic fundamentals, get a suitable system, become confident, get an edge and be
disciplined. Do all of these to enjoy currency trading success.