If you want to trade a forex trading strategy and win, you must have this in it and if you don't you are going to join the vast majority of losing traders - let's look at it...
The specific element which needs to be contained in your forex trading strategy is:
A "trading edge" which you understand, are confident in and can apply with discipline.
Sounds obvious it is yet most traders' mistake what an edge is and it is NONE of the following:
- Trying to follow someone else and not knowing the strategy
- Following a forex robot with simulated track record
- Day trading or scalping systems
- Systems that want to predict forex prices
- A complicated trading strategy
- Working hard and believing your effort will be rewarded
- Being clever and thinking this is a route to trading success
- Trading breaking news
The above, are all based on either getting the wrong forex education and believing myths or, trying to follow others.
Most new traders do one or the other and lose - UNDERSTAND THIS!
Forex trading is NOT easy, if it were 95% of traders wouldn't lose. It's not hard either, if you work smart, understand what you are doing and get a trading edge.
You can learn forex trading in about 2 weeks and then in 30 minutes a day, seek big profits but you must understand that you need a trading edge you have confidence in. You need to have learned it yourself, because if you don't know what it is and have confidence in it; you will never be able to trade with discipline.
Discipline is simply the ability to keep executing your trading signals through losing periods ( all forex traders who are successful face this and don't believe anyone who tells you otherwise) and these periods can last for weeks.
If you can't keep executing your signals in line with your system, during these losing periods, you may as well not have a trading system.
You must be able to trade through losing periods, until you get winners which you will, if your system is soundly and logically based.
To win and make long term profits in forex trading, you must learn to lose in the short term. You cant win inforex trading without taking your losses cheerfully.
It's a fact that anyone can learn to trade but must traders fail. As we have noted this isn't because they can't learn, they can - they just get the wrong information or don't have confidence in what there doing and this normally means they don't have a trading edge or are not confident in it.
A trading edge is unique to you, all traders have different ones - but all the successful traders, know what it is and have confidence that it will lead them to long term currency trading success.
If you understand the above then you are on the way to achieving currency trading success.
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