Consider this fact:
Despite the vast amount of FOREX education available, the bulk of traders still lose.
The reason for this is most of the accepted wisdom does not work.
Here we will look at the FOREX education you need and a simple system that’s FREE That can make you big consistent profits.
Before we start looking at FOREX education itself, lets look at the equations you need to be successful trading FOREX.
Equation for success 1
Robust Method + Confidence + Discipline = Long term currency success.
Now, when you trade you need a method that’s simple and you understand.
Why?
Because if you want to make money trading you are going to have short term losses and you need to the discipline to follow your method when these occur.
If you don’t you will not have a method at all.
Many traders FOREX Education involves following systems they don’t understand or gurus and they simply can’t stick with them and fail.
Equation for success 2
Your method needs to have the following characteristics:
Liquidate losers quickly + Run Profits
Obvious one, but today people receive FOREX education that teaches them to trade short term and even worse day trade.
We have written about this in our other articles and it’s a waste of time. You won’t win, it will just be expensive FOREX education!
Why?
Because, the time frame is to short and moves are random.
You may have profits but you can’t run them in a day and they can never cover your inevitable losses and high transaction costs you accumulate.
Avoid FOREX Education that teaches you short term trading unless you like losing your money
The Education You Need
Most of the education is free and on the net.
FOREX Education you don’t need
There are of course many e-books and courses but most of these are worthless ( only buy one which has a real track record and the seller is a trader ) and there are few of these around.
In part 2 of this article we will cover a system you can learn yourself that is used by many of the worlds top traders and it’s simple to apply and understand.
Learn this fact
There is no correlation between how complicated a method and how successful it is.
In fact, the opposite is true, the more complicated a system is the more likely it is to break in the face of ever changing brutal market conditions.
Finally, as we have said you need to understand how your method works (this is easier with a simple system) as you need confidence to follow it with iron discipline to eventual currency trading success.
Reading
The only material we recommend you buy is classic works by traders who have been at the sharp end and here are some good ones
Market Wizards & The New Market Wizards – Jack schwager
Great books!
Full of inspiration, as the top traders in the world share their wisdom on how they made millions or even billions trading FOREX and other markets
Anything By Jake Bernstein
Focuses on the importance of discipline and mental attitude a key to success.
Trader Vic – Vic Sperandeo
Perhaps my favourite book of all. Packed with common sense from cover to cover from one of the true great traders.
They will cost you about $50.00 and that’s money well spent for the type of FOREX Education they give.
A system for profit
In part 2 of this article your FOREX education will continue, when we start looking at a specific method that you can apply for bigger FOREX profits and currency trading success.
Got a Question? Ask.
Ask the community a question about this article:
Frequently Asked Questions
Does the method really works for intraday traders ...
By: chim | 26-10-2007
Does the method really works for intraday traders ? It seems like breakout strategy ?
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