Writing for Cash Online

Joining the winning League at Forex Trading
Friday, October 19, 2007

If you cannot answer the question enclosed in this article, you are 100% guaranteed to lose. The question you should be able to answer instantly with no thinking. So what is the question? Here it is:

"What is your edge (DEFINED) that will allow you to win at forex trading when 95% of traders lose their money?

Most traders can't answer this question or answer it incorrectly. Here are some incorrect answer.

- I have an e-book from a vendor who has great track record.

Get real - if you think someone else can give you success for a few hundred bucks your wrong. Most of the track records sold are simulated and most systems are junk.

- I am using a scientific theory to predict prices in advance

Loads of novice traders do this and think it works. The reality is if prices were predictable there would be no market, as we would all know the price in advance.

- I am trading the fundamentals and news

Sure you are and anyone who tries this will lose. We live in a world where the news is discounted instantly and you are trading behind the curve.

- I day trade

This is popular and simply the best way to lose money. All short term volatility is random so you can never ever win - period.

There are plenty of people on the net who will tell you getting rich and making money in forex is easy - but common sense tells us that 95% of traders lose so this is not so - you need an edge that can lead you to forex trading success!

What is a trading edge then?

What an edge is:

An edge is something you know and have confidence in and can trade with discipline - you know why it works and have the courage and conviction to take advantage of it.

It comes from within and does not involve following someone else.

Mine for example is -I can spot contrary trades combining 2 x indicators and use 2 x timing indicators to give me advance warning of a counter move and can hit these trades hard with courage and conviction.

It really doesn't matter what your edge is, so long as it's logical, you have seen it work and have confidence in it.

Trading is a combination of the following

Robust Method + Discipline To Execute It = Forex trading success

If you have a good method, you also need the correct mindset to execute it with discipline, otherwise you have no method in the first place.

Many forex traders get duped by vendors or try methods that simply will never work. Forex trading looks easy, but is anything but and you wouldn't expect it to be, as the rewards are so high. On the plus side, everything about forex trading can be specifically learned, by those with the desire to do so and all this means is getting the right forex education.

If you learn forex trading the right way, ignore the myths and vendors who will tell you its easy then you can become a winner.

Successful forex trading is a combination of method and mindset that come together to get an edge and then give you the mindset to execute it for success.

So if you failed to answer the question above correctly or don't know what your edge is - it's back to your forex education until you do.

Try and trade without an edge and you will join the 95% of losing traders.

Posted byForex Trainer at 9:19 AM  

0 comments:

Post a Comment