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If there is one bit of forex advice that you can take which will determine whether you have what it takes to be a winner at forex then you need to think about the question I am going to ask in this article.
If you think you can win at forex trading:
What's your trading edge?
A trading edge is - the reason you will win, when 95% of traders lose and lose quickly, so what differentiates you from the vast bulk of losers:
What's your edge?
If you think following the news, a vendors mechanical system, or day trading, to name three losing ways of trading - you don't have an edge.
So what is an edge and how do you get it?
The answer is you need understand the following equation for forex success and here it is:
Learning the RIGHT knowledge + having Confidence in Your Knowledge (and knowing your edge) + The Discipline to Follow your plan - Forex Success
Forget about following forex trading systems with simulated profits - you will NEVER Win. Even if you find a profitable one, you need to know how and why it works and how it gives you an edge - success is on your shoulders, no one else's and by far the best way to achieve success is to do what all successful traders do:
Take responsibility and do it yourself - ever heard of a successful trader who is a follower? No neither have I - so don't try it.
Forex trading success to a degree relies on method - but if you don't have confidence in your method, you will never have the discipline to apply it and without discipline, you simply have no method at all.
A trading edge comes from understanding what you are doing and why it gives you an edge.
It can be anything, everyone's edge is different - but you must understand what it is and why it will give you success, when 95% of traders wipe themselves out.
Forex trading looks easy and learning the basics is - anyone can learn to trade forex but very few win and the reasons never change:
Following others, no confidence and lack of discipline etc
Forex trading can give you a life changing income and to achieve this is not easy - of course its not! If there are big rewards to be made then it's going to be hard to achieve success. There is however a big difference between something being impossible and something being achievable - forex success is within reach of anyone.
Just work smart, have confidence in your edge and the discipline to apply your plan and you can achieve forex trading success.
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