Your forex education must help you answer the question below correctly. If you can't answer the question below - then don't trade forex as you will lose.
The question is:
What is your trading edge ( defined)?
A trading edge to clarify is something that will help you win, when 95% of traders lose and enable you to join the 5% of winners.
Below we have listed some common beliefs which many forex traders hold that are NOT a trading edge and simply see traders lose.
- I Follow an expert as he knows best.
- I have bought a trading system from a vendor with a simulated track record.
- Day trading is a great way to make money.
- I use a predictive scientific theory as markets are scientific.
- I Like to predict the big moves in advance.
- Buy low sell high is a great way to make money.
- I don't have money management rules I Just place a stop.
- I have a lot of knowledge and learn more all the time to win.
If you hold any of the above beliefs - you will lose.
So what should your trading edge consist of?
It doesn't really matter - so long as you know what it is, you have confidence that it can make you money and is based on sound logic. It's personal to you - but must be in line with the following equation.
Logical Forex Method + Understanding Logic = Confidence = Discipline to apply it = forex success.
Lets start with - it must be logical and all the beliefs we listed above are myths and not logical.
You must of course understand how your method works, not just follow a mentor or guru because - if you don't understand your method, you won't have the confidence to follow it, with discipline, and if you cant followit with discipline you no method.
In the method itself, there must be an edge and it can be anything you like but you must understand how and why it goes you one.
For example - my edge is hitting contrary trades at turning points. with four indicators combined I have confidence will work.
Yours could be anything - but so long as you know what it is then that all that matters.
Your edge is personal to you.
When acquiring your forex education, understand that method is only part of the equation for success.
The really successful traders know that success is as much based upon understanding, confidence and discipline, as it is on the method used - its an overall understanding your after.
Today, too many traders will not get the right forex education and take short cuts. They believe they can buy success from a guru or vendor for a few hundred dollars and of course lose.
Success comes from within.
If you learn forex trading the right way and focus on getting the right forex education, you can get an edge and you can win.
The fact is everything about successful forex trading can be specifically learned, by those willing to put in the time and effort.
If you put in the time and effort, your forex education will be richly rewarded - as you will be able to enjoy currency trading success and pile up huge long term profits.
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| Posted: 19-11-2007 | Comments: 
