Selasa, 17 Juni 2008

Forex Trading Education - If You Want to Win Understand This Equation For Success

by Kelly Price

Most forex traders lose and the reason they do, is they don't understand the simple equation for forex trading success enclosed in this article. So learn it as part of your forex trading education and get on the road to currency trading success.

Here is the equation and we will discuss its significance in a moment.

Robust Logical System + Confidence in = Discipline to Apply = Forex Trading Success

Now that's nice and simple - but most traders fail to understand it's significance.

Of course, some traders simply get the wrong forex education, try and apply it and lose - here are some common beliefs of losing traders:

- Believing forex day trading or scalping works

- Believing prices move to a scientific formula

- Trying to predict forex prices in advance

- Trusting their money to a forex robot with a simulated, paper track record

Believe any of the above and you will lose at forex trading.

To win you must understand that having a logical robust forex trading system is not enough, you have to apply it with discipline.

This means you must have confidence in the logic, because you are going to have to apply it with discipline and remember - if you can't apply your forex trading system with discipline, you don't have a system!

Most traders hear about the word discipline but have no idea what it means and how important it is and it's a hard trait to acquire.

You need to hold your discipline when your trading system is taking loss and after loss (this happens to even the best traders) and keep executing you're trading system with discipline.

In a famous experiment, Richard Dennis taught a group of traders who had never traded before to trade and he did it in 14 days.

The trading system taught was basically simple (a long term breakout system) but Dennis didn't just tell them to follow it blindly - he taught them to have confidence in the logic, so they would have the discipline to apply it.

The result was stunning - these traders made over $100 million dollars in just 4 years and went down as trading legends.

When Dennis taught the group, he knew the importance of mindset and sticking with a plan through short term losing periods, to make long term profits and you must to.

Discipline is not easy, but if you get the right forex trading education and have the right mindset, you can enjoy forex trading success and you will be doing what over 90% of traders fail to do.

The rewards in forex trading are huge and you can generate a great second or life changing income, you must however be prepared to take your losses to get your profits. All successful traders know this and you must to.

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