- By: KELLY PRICE
If you want to know how to win at Forex trading then there is a simple question you must answer without pause and with confidence - here it is...
What is your trading edge (define it clearly) that will enable you to join the elite 5% of winners and avoid the losing majority of traders who burn their cash?
Simple question and most traders consider the following an edge and its NOT!
- I am going to Follow a Forex robot which has a simulated track record
- I am Using a day trading or scalping system to keep losses small and earn regular income
- I am able to Predict the market in advance
- I work very hard so will be successful
- I am clever and can devise a complicated method to beat the market
- I am going to trade breaking news and be a step ahead
All the above thoughts are held by losers.
Forget following simulated track records, anyone can trade backwards and never trade in the day session only all volatility is random and you will lose. You can't predict in advance as that's simply hoping or guessing, so don't try, you need to trade the reality of price change not guess what will happen.
If you think working hard and being clever, can lead you to success think again - it can't. You only get judged on profits not being clever or effort.
Breaking news? As the markets discount immediately and markets actually don't move on the news story, they move on trader perception of it so breaking news won't help you either.
If you want to Win at Forex
Understand your trading edge is a combination of a simple Forex trading system which you can apply with discipline. Method and mindset are linked together.
Sure you need a good solid method but you also need the discipline to follow your system, otherwise you don't have one.
Following any method with discipline is hard as you need to keep executing your trading signals as you lose and the market wrong foots you and stay on course and don't believe anyone who says you won't lose .
You will only do this, if you have learned your method and have rock solid confidence in it - you can't follow anyone else to success, it comes from within!
Trading is a world where you rely on yourself your method and your discipline. Every trader will have a different edge - but it comes from inner understanding and knowledge.
The Good News!
You can learn Forex trading in a few weeks and then start executing your Forex trading strategy in about 30 minutes per day and for the effort you have to make, to get a trading edge, the rewards are staggering.
So get the right Forex education work smart and get the right mindset and you could be on the road to Forex trading success
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