This is a question any forex trader should ask themselves, before they start to trade and the way to find out, if you are likely to win with your forex trading strategy, is to ask yourself this simple question...
My Trading Edge is (Define it exactly) and this is why I will win, when 95% of traders lose.
Now this might seem quite obvious and it is - but most traders think they have an edge and they DON'T!
Here are some common answers which are anything but an edge and will see a trader lose. Here they are:
- I have bought a forex robot with simulated back tested track record from a vendor
- I Have a system that predicts market turns in advance
- Science moves markets and I have a scientific theory
- I follow a guru, mentor or expert, as they know best
- I like to trade breaking news
- I am going to use a complicated strategy
- I am smart and clever than most traders so will win
- I work hard and hard work will bring me success
The above are common replies when I ask novice traders what their edge is and there not an edge at all.
They are either misconceptions about how forex markets operate, or common myths perpetrated by vendors selling products.
Now be aware of this:
Anyone can learn to trade and anyone can be successful - but still 95% of traders fail and this is huge percentage!
Entering the Elite 5% of Winners
To enter the elite 5% means you have to have an edge and it's based around this:
You don't need to work hard or be clever - but you do need to make sure you cover the basics and understand how and why, markets move.
You then need a simple forex trading system, based around trading the odds, which must have robust money management. Don't fall for the harder you work or, the more clever and complicated your trading system is, the more likely you are to succeed - it's not true.
The missing Link for Success
Simple systems work best and always have as they are more robust.
Now, learning how to trade successfully is within all traders - but forex is not simply about having a good method, its about having the discipline to execute your method with discipline.
Discipline is the missing link!
If you can't trade your trading system with discipline and execute your trading signals with discipline, you don't have a system!
Most traders think they can trade with none or very few losses but even the best traders, face weeks or sometimes months where they lose and you have to stay on track until the profits emerge and this requires discipline.
If you can do the above, you can win.
You are In Charge of Your Destiny
To many traders think someone else can give them success and buy junk forex robots and other sure fire systems from vendors. The market then teaches them a lesson in reality, that there is no easy money.
The smart traders of course knows this and takes the time to learn the basics and get a system they are confident in and can execute with discipline.
They know exactly why there forex trading system will help them win and their edge.
Its this that gives them confidence and the mindset to apply their system for huge long term gains.
Anyone can learn currency trading but few traders do it correctly however in return for a little effort, your rewards will be immense.
So learn forex trading correctly, get and know your edge and you will enjoy currency trading success.
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