Forex Trading - Answer This Question Correctly or Get Wiped Out!
What's your Trading edge (defined)
Now before you answer this question let me tell you what a trading edge is NOT:
-You have a day trading or forex scalping system
-You think you can predict forex prices
-You think forex moves to a scientific formula
-You have a simulated track record from a vendor you have bought
-You like to buy low and sell high
-You think you can trade expert opinion and news
-You think you are clever
-You think you have a complicated system that can beat the market
Most
forex traders think the above will give them a trading edge - but
believe any of the above and the market will take all your money and do
it quickly.
Think about this simple fact:
95% of traders lose money in the market and you need to think what your edge is i.e why you should succeed while others fail.
Now
let's be clear - anyone has the potential to be a successful forex
trader yet few succeed. The reason most fail is they believe common
myths like the ones on the above list, or they don't have the right
mindset.
Successful forex trading is built on three pillars:
- Knowledge and understanding and getting the right forex education
- Confidence in your method to make money longer term
- The discipline to follow your forex trading system through periods of drawdown to ultimate success
Your
trading edge is not just about a method, it's about having confidence
in it, so you can have the discipline to apply it through drawdown and
emerge a long term winner.
Forex trading is simple and your method needs to be too.
A
simple method works best because it is more robust in the face of
brutal market conditions and has fewer elements to break than a
complicated one. Furthermore, it will be easier to understand and have
confidence in.
If you think that you need to be clever or put a
lot of effort into your trading think again - you get rewarded for being
right with your trading signal and market timing, nothing else. Sure in
many jobs you get paid for effort but in forex trading it's all about
being right.
So do you know what your trading edge is? If you
don't and you can't define it, then its back to learning forex and your
forex education until you do.
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