If you read any material from the great traders you will hear them tell you that discipline is the key to forex profits. If you don't have it - you won't win and most of the 95% that lose fail to acquire it.
This trading tip is all about acquiring it the easy way and trading for huge profits.
A simple equation for market success is:
A logical trading system + Understanding = Confidence = Discipline
Sounds simple? It is - but most traders fail to understand it and its significance.
Lets look at some common mistakes made by forex traders.
Most new traders use illogical systems.
For example, they try and day trade and that's a guaranteed way to lose as the logic is ill founded. Other think you need to predict to win but you cant predict what will happen in the future - again the logic is wrong.
Other fail to understand how and why their trading system works.
They simply follow a guru or mentor and expect to win with no losing periods.
In the real world, they get some losses, they don't understand why and confidence goes and discipline breaks down.
Others think the cleverer they are and the more computer power they have the more likely they are to win.
Again this is not true.
Computers are more powerful today than the one that Mission Control used to land man on the moon - yet the ratio of traders that lose remains the same - 95%
Don't be fooled - the key to forex trading success is not the system but the trader and his attitude; discipline is the key just as it has been since trading began.
So you can see the first building blocks are:
Get a simple logical system that can get the odds in your favour.
If you build it yourself or follow someone else you MUST know how and why it works or you will never acquire confidence in your trading system.
If you don't have confidence that it will win eventually, you won't have the discipline to follow it through losing periods - it's as simple as that.
Today traders think someone else can lead them to success.
They need to learn that no one else will make them successful - only they can make themselves a winner.
Others are duped by vendors telling them they can make a regular income or pick tops and bottoms with scientific accuracy - Rubbish! If only trading were that simple.
If all those trader claiming that they could make such great gains really could, they would be to busy trading and making millions to sell it to you.
No trading success and discipline comes from within from understanding flows confidence and from confidence flows discipline.
If you don't have the discipline to follow your method you have no method!
The above is obvious - but most traders still look for the short cut, the guru or the far out trading system that will make them instantly rich or with no effort - but they all learn a harsh lesson - a wipe out.
If you are not prepared to learn forex trading and get the right forex education don't bother do something else as you will lose.
The Good News Is:
Anyone has the potential to learn how to trade and acquire discipline but you must do your homework and understand no one else can give you confidence and discipline it comes from within.
So do your homework and learn a system you can have confidence in and discipline will follow - it really is that simple.
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| Posted: 06-11-2007 | Comments: 
