Want To Trade Forex: The Ask Yourself This Simple Question
What’s your edge?
If you want to win at FOREX trading you must have an edge remember this fact:
Around 95% of traders lose ? so if you don?t know what your edge is you will join them.
Let?s look at the basis of having an edge and what you need to win.
FOREX Trading is HARD ? and anyone who says it?s easy, is lying.
You need an edge that allows you to win while the vast bulk of traders lose, it really is that simple.
The basis of what you need to do to achieve an edge is outlined below:
1. You can?t buy success
If you think you can consult a guru or get anyone else to give you success you need to wake up and need to ?smell the coffee?!
If guru?s made money in the vast majority of cases they wouldn?t need clients.
Some are good and genuine, but that?s probably less than 1%.
If you want to follow one, you need to understand what they are doing, have total confidence in their method and see a real time track record of success.
You then need the confidence to follow their method with discipline.
2. You need a method you understand and know why it makes money
This means in most cases means deriving your method on your own and trusting it.
You need to trade it through losses and know you will end up a winner longer term and remember, all methods have long periods where they lose.
To win longer term you need to have total confidence in what you are doing and stick with your method through good times and more importantly, the bad.
If you don?t have discipline, you will fall by the wayside like the vast majority of traders and won?t be able to execute your method.
If you don?t have discipline to trade your method, you have no method at all!
3. What sets you apart from others?
This is your ?edge? the reason you will beat other traders.
If you don?t know what your edge over other traders you will lose.
When you trade in the market you trade against other traders.
It?s a brutal world where only the strong survive and you need to have an advantage and more importantly, know what it is.
An edge in trading can be a number of things, but one thing is for sure:
You need to know what it is and why it allows you to take on and beat the vast majority of other traders.
Common traits of traders with an edge are:
They understand everything about the market:
How it moves and why and they have built a method themselves that suits their personality.
They then have total confidence in their method and can apply it with discipline to preserve and make them money.
If you want to win you need to do the same.
In conclusion, if you don?t know what your edge is, forget FOREX trading and do something else with your money or you will lose it all.
FREE ESSENTIAL TRADER PDF’S AND MUCH MORE On all aspects of becoming a profitable trader including features, downloads and some great FREE Trading PDF’s visit our website at www.net-planet.org/index.html
MOST VIEWED POSTS
-
Forex Trading System: Building One For Big Profits In 3 Simple Steps
Here we are going to show you how to build your own profitable FOREX trading system in simple steps.
You can build one easily by utilizing free information on the web.
We are going to look at choosing a methodology, structuring the system and implementing it for profit ? It will give you big profit potential [...] -
Trading Forex- Gbp-jpy Outlook.
For those who trade currencies and Yen crosses in particular, last three weeks were truly eventful. We witnessed, or even participated in, very large moves. These kind of of moves were experienced for the first time by most current Forex traders. Why? Currency trading has been embraced by general trading public after 2000. During this [...]
-
The Forex Market: Opening An Account
Opening a Forex trading account is not a complicated procedure, but there are some decisions that need to be made before you open the account. First you should decide how much capital you are willing to use to open the account, and then investigate brokers until you find one that you are comfortable with. Most [...]
-
Common Chart Indicators In The Forex Trading System
Common chart indicators in the Forex trading system are used by Forex traders as tools to help evaluate the market and minimize trading risks. There are several common charts that are read and evaluated by Forex traders to help them make knowledgeable trading decisions in the market. The charts include Bollinger Bands, MACD, Parabolic SAR, [...]
-
Forex Trading: How And Why Prices Really Move
How and why to forex prices move? The answer may sound obvious but most traders get it wrong and lose. If you understand the following 3 points, then you will get a head start in your quest for currency trading success.
So how do prices move?
Well of course they move in reaction to all the [...] -
The British Pound: A Low Risk High Reward Trading Opportunity
The British Pound will present a trading opportunity next week.
Here we will look at it and how you can trade it for profit
The British Pound Is Testing Resistance
If you pull up a chart (we are using futuresource.com for this example) you will see that prices are trying to test January?s high on the daily [...] -
The Roulette Wheel Of Forex: improving Your Odds
There are two factors that really determine whether an investor will risk capital or not: the potential for profit and the ability to liquidate the position should things start to head south. Real estate is a very stable investment for one simple reason: they aren?t making any more of it. In time, all property value [...]
-
Forex Trading - Tips On Buying Courses & Systems
Many traders are daunted by the thought of forex trading so they decide to get help from an expert mentor or guru.
Let?s look at some tips on how to choose one.
Firstly, the vast majority of advice sold on the net is either available free anyway, or simply does not work.
Think about it:
If you do [...] -
7 Tips For Choosing Forex Brokers
The more we live the more we find out that we are dependent on many things besides our wits. Smartness will only get us so far, but unless we make use of systems set up for our convenience we are apt to fail. This is so with the Forex market. The way how the market [...]
-
Forex Trading Styles: Choosing The Forex Style That Suits You
When you start out in Forex currency trading you will be faced with deciding which of the two main styles to use. Of course, you could combine both styles but there are only so many hours in the day, so it is likely that you will choose one or other of them.
We will explore the [...] -
Online Forex Trading: Is Simple But The Majority Of Traders Lose, Why?
Most traders lose however online forex trading is simple to learn. Traders lose because they follow conventional wisdom (a lot of which is wrong) never acquire the right knowledge and then cannot apply it.
Here we will give you pointers on getting the right knowledge and mindset to win.
Let?s look at why traders lose
1. They [...] -
Forex Scalping Methods
Scalping the Forex market is one of the fastest growing methods for trading Forex in the modern day world. In Forex scalping trading is performed over much shorter periods than other forms of trading and income is often generated even from relatively small fluctuations in a currencies price.
The main reason people trade via scalping is [...]