Forex Trading Facts To Win Big Profits
Here are some facts that many traders don’t consider if you do then you can win at forex and enjoy currency trading success…
Here are your facts in no order of importance they ALL contribute to your success!
Fact 1. Forex Trading is NOT Easy!
Of course it isn’t that’s why so many traders lose – 95% but the good news is with a bit of effort, you can win and make a lot of money. You simply have to know what you are doing (forget junk robots and mentors telling you it’s easy to follow them), if you do you follow them, you will lose.
Understand you need to do it on your own – but if you do put in effort, your rewards can be huge and this does not mean working hard.
FACT 2. The Work Ethic Does NOT Apply
In many jobs you get paid for the hours you work and are rewarded for the amount of time you spend working. In forex trading you get your reward for being right and this means working smart not hard.
You can learn to trade in about 2 week and in 30 minutes a day or less and earn big profits
FACT 3. Being Clever is NOT an Advantage
Simple forex trading strategies work best try and complicate your trading system and it will have to many elements to break and will lose. Keep it simple is wise advice when seeking forex profits.
Fact 3. Discipline is the Key
You need to have iron discipline, this is the hard part of forex trading, to trade through losing periods and stay on course, until a winning run occurs. If you don’t have discipline to follow a system – you don’t have one!
FACT 4. Picking Trend Direction is Easy
Compared with staying with the trend. When you trade you must execute your trading signal at the correct level and have your stop and trail your stop so you don’t get stopped out by volatility – this is much harder to do and many traders get the direction right, only to be stopped out by random volatility and see the trend go back the way they thought and their not in.
This is a major problem and you need to make a study of standard deviation of price, part of your essential forex trading education.
FACT 5. You need to Know Your Trading Edge
A trading edge is personal to you and something you understand, have confidence in, which you know, if you apply with discipline, will lead you to currency trading success.
Following someone else is not an edge! Its personal and if you don’t know what yours is, you don’t have one.
FINALLY The Good News …
Forex trading looks easy yet, few succeed but if you understand the above points you are well on your way to achieving forex trading success.
You have to work and you have to work smart to get a forex trading system, you have confidence in and can apply with discipline. If you do this correctly, the rewards can be life changing.
Samuel Leslie Berkovits