By kelly Price
Regardless of the forex trading strategy you use, it must contain the key element enclosed yet, most traders never even consider it and when asked what it is get it wrong! If you don't want to join the majority of losers, make sure your strategy has it and get in the winning minority...
The key to success in forex markets is:
A trading edge which you can define and which you have confidence in can help you NOT join the losing majority or the 95% of traders who burn their money.
Obvious?
Yes it is - but most traders think the statements below are trading edges and they are not! If you think they are, you will soon see your account wiped out.
Agree with any of the following statements and you are odds on to lose
- I have a forex robot with a simulated track record in hindsight and think it will make me money
- Forex day trading and scalping are a great way to trade
- I like to trade breaking news stories and react quickly
- I like to predict forex prices in advance.
- I believe in a scientific method of trading and science is the answer
- I am clever so am bound to succeed
- I work hard and will get there in the end
- Knowledge is power and I will learn everything I can about forex
There are many more - but show me anyone who agrees with the above and I Will show you a loser.
The problem is most forex traders just don't understand what an edge is and the above are either myths, thinking forex trading is a walk in the park, or they can follow other people.
Forex trading is hard and that's why the rewards are so big for the small minority who can get a trading edge.
The good news is anyone can learn to trade and get an edge with the right education.
A trading edge is personal but it is the key factor which will give you confidence and allow you to follow your chosen forex trading strategy through periods of losses (and don't believe anyone who says losing periods don't last - they can last for many weeks and this happens to even the worlds top traders) and stay on course with discipline until you hit a home run.
In forex trading its dealing with the losses that is the hard part and if you think it's easy to stay disciplined when the market makes you look a fool time after time, you have never traded.
In forex trading you must love your losses and see them as part of being successful.
A trading edge has nothing to do with being clever or working hard or having a complicated strategy.
It's a fact that simple systems work best and always will, as they have fewer elements to break. Furthermore, your strategy on its own even if its logically based still needs to be applied for this you need confidence and this will lead to discipline.
Lack of discipline is the key reason most traders fail because, if you can't follow your trading system with discipline you don't have one.
To win at forex trading you need to work smart not hard; you can learn forex trading in a few weeks, gain confidence, get discipline and then start trading and get on the road to currency trading success.
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