I read all the time about how important it is to learn lots of information to trade forex and how you continually need to learn, but this is NOT true.
Succesful Forex trading is actually very simple and the knowledge is easy to acquire, yet 90% of traders lose - so why is this ?
Because knowledge alone is not enough, furthermore you need to learn the right knowledge and most forex traders don’t.
There are plenty of very smart people who lose and plenty of small potato investors who make a lot. The fact you have a lot of knowledge or are clever does not ensure success and in most cases ensures you lose.
Let’s look at this in more detail.
The right knowledge
Is not hard to acquire and starts from learning yourself and not trying to get a short cut to success by buying it - if you think you can buy success you are going to lose.
Trading means getting knowledge that works and you can have confidence in.
Your aim is to make money, not be clever and you can build a simple system from free resources on the net.
Simple systems beat complicated systems as they are easier to understand, easier to apply and make more money as they are more robust.
Fact is most of the top traders in the world use simple systems.
We have been traders for over 22 years and our system is simple:
Trend lines, support and resistance to spot trends and 3 confirming indicators and that’s it and it works.
The right knowledge is easy to acquire but the trick is you MUST understand it, to have confidence and this gives you the trait that most traders lack.
Discipline
If you try and follow someone else you won’t have confidence and you won’t be able to follow a system with discipline.
Unless your knowledge is acquired by you and you have confidence, you won’t be able to follow your trading system through losing periods. You will simply throw in the towel
Discipline sounds easy to acquire but it isn’t – it’s extremely hard to hold your emotions in check.
How do I get the RIGHT Knowledge
Forget all the e-books, courses and other forex education sold on the net.
Go to Amazon and get some books by top traders, who have walked the walk rather than simply talk the talk.
Most sold info on the net is not worth the money and you can get far better knowledge cheaper at your local bookstore.
Good books to start with are Jack Schwager – Market Wizards and New Market Wizards – the interviews here are all with legendary traders and is a great inspiring read.
Then get some books on trader psychology.
I am a big fan of Jake Bernstein who really shows how important and elusive getting the right trading psychology is and really hits it home.
Another favourite of mine is Trader Vic by Victor Sperandeo, a fantastic book covering all you need to know from money management to system building.
Done that?
Then go on the net and build a simple system based around technical analysis, a breakout methodology find a few indicators you like to confirm trend momentum and you’re all set to go.
Sounds simple?
Building the system is the easy part – getting the right mindset is the hard part - good luck.
More from Sacha Tarkovsky
Facelift Costs – the Secret of Reducing the Cost by 70% Instantly!
By: Sacha Tarkovsky | 11/08/2007 | Women's Issues
Many people would love to have a facelift ( Rhytidectomy) but cannot afford the cost of around $10 – 15,000, however informed patients are getting face lift costs reduced to as little $3,000!
How are they doing it? The answer is quite simple they....
Breast Enlargement - Get a Womanly Sexy Look at a Cost That May Well Suprise You!
By: Sacha Tarkovsky | 11/08/2007 | Women's Issues
Breasts are one the major identity features of the women and all women are concerned about this area and many want a breast enlargement operation.
Until now many have been put off by the cost, but the cost of breast enlargement has recently fallen dramatically in price.
This article is all about getting the operation of your dreams at a cost that may well surprise you.
Liposuction Costs – Why you Should Consider India to Get the Look you Desire
By: Sacha Tarkovsky | 11/08/2007 | Women's Issues
Tummy Tuck or abdominoplasty, Liposuction of fat deposits has become hugely popular as an instant way of improving physical appearance.
Many patients are however put off by the high prices in Europe and the US and are traveling to India to get the same treatment at vastly reduced cost of 60% are more!
Arthritis - Cure it Now at a Cost That May Surprise You!
By: Sacha Tarkovsky | 11/08/2007 | Diseases and Conditions
Arthritis is a debilitating disease that causes severe physical pain and emotional turmoil for millions of people who suffer with it.
Many do nothing about it, simply because they feel the cost of joint replacement surgery is too high...
Overseas Property Investment - Choosing the Best Destinations
By: Sacha Tarkovsky | 23/07/2007 | Real Estate
When looking at overseas property you need to first be careful in the country you pick to invest in and you also need to be careful in terms of location. Let's look at some points to consider and a great destination, recently voted one of the top ten in the world.
A Novice Forex Traders Guide to Fundamental Analysis
By: Sacha Tarkovsky | 23/07/2007 | Currency Trading
If you are new to forex trading you have access to a lot of fundamental analysis as the click of a mouse from banks brokers and news wires you can look at and trade upon it – let’s look at forex fundamental analysis and how to use it.
Primorska Property – Slovenia an Investment for Above Average Growth
By: Sacha Tarkovsky | 22/07/2007 | Real Estate
Slovenia property is attracting more foreign buyers than ever before, as it has emerged as one of the worlds best investment property destinations and was recently voted as one of the top ten, with estimated growth in the next 10 years being as much as 300%!
Slovenia Houses - Why Savvy Investors are Buying
By: Sacha Tarkovsky | 22/07/2007 | Real Estate
Slovenia is a country that many people are unaware of as a property investment destination however this is all about to change, as Slovenia has recently voted one of the top 10 places in the world to buy investment property and buying houses in Slovenia is "hot" and becoming more popular with overseas property investors.
Finance 
| Posted: 24-05-2007 | Comments: 
