| Remember that the absolute best trading system is you. In reality, most traders fail because they fall
into two distinct categories.
Category #1:
The trial and error trader. This is the trader that makes the decision to learn
to trade via trial and error. This individual will spend countless hours
scouring the internet for as much free information as possible, diligently
trying to piece all of this information together into a successful trading
strategy, trying to determine what works and what does not. This is a long and
painful journey.
The real problem with this process is that it's
not uncommon for this trader to make a little profit, reinforcing the idea that
there is light at the end of the tunnel. Inevitably, this trader always gives
the profit back at some point, never truly getting an understanding of what
makes price move in the market place, never truly developing a sound trading
strategy, and finally giving up with the belief that the market is rigged.
" I was doing fine and
then nothing seems to work now. Why?"
This is because typically the trader was diligent
in getting training and an understanding of how the market works, but never took
the time to identify personality characteristics that may impede his or her
trading career.
The top two such characteristics:
Lack of patience. Trading can often be like
watching paint dry - a boring experience waiting for the right entry point. We
see price moving but our trading rules that we have been taught do not allow us
to enter. We get impatient, break the rules, and enter in the middle of a price
move only to get stopped out.
Patience is king in trading. Learn a couple of
techniques, master them, wait until they occur, and only trade then. That is how
you can consistently grow your account balance.
Unrealistic expectations. Trading is the same as
any other discipline. Over time, with the correct training and application of
Forex Education, you will get better.
In the beginning, set realistic goals over
time grow those goals. But you have to be realistic in the beginning. Most
traders quit only because they lacked patience and set unrealistic goals in the
beginning. Their greed exceeded their need, always trying to find the top and
bottom of every price move, becoming discouraged when the trading strategy
worked and a profit was achieved, but the market continued to move in their
direction and feeling that there should have been a way to capture every dollar.
Then they stay in too long on the next trade only to give back the profit.
In both cases, it's simply greed that is
defeating their trading strategy.
Good trading is a discipline. Look at
professional athletes. They all follow a simple formula to achieve success.
1. They seek training and continue to access
coaching and mentoring. They thrive on having someone else evaluate what they
are doing and feed on constructive feedback on how to get better.
2. They constantly practice the fundamentals to the point that their actions
become mechanical, eliminating all emotion.
3. They establish goals and stay focused on their goals. And when they are
defeated, they never quit.
You
can become empowered to control your financial destiny. The information,
training and technology available today are powerful resources when applied
correctly. See Our
education packages
There are markets that are open 24 hours a day.
Entry cost can be as little as $250 to get started. The FOREX market is a
fantastic place to trade - no other market offers all of the attributes
necessary for an individual trader to become successful like the FOREX does.
But seek training. Be patient and realistic. R
Category #2:
The technology trader. This trader truly
believes they just need to load up the program and then sit back and let the
system determine where the profit is. Just as in the first category, profit is
made only to be given back on down the road. The technology trader is then on to
the next new program.
These traders fail often for the same reason. They
never took the time to get properly trained.
Trading is a business. Individuals who first take
the time to get educated in an avocation have a greater chance of success than
those who do not.
With the proper training, you can decide what
trading strategy coupled with the technology available makes sense for your
personality.
Training will give you the knowledge to decide what is right for you,
what makes sense.
Remember this:
If you know not yourself and know not the market,
you will win very few of your trades.
If you know yourself and you don't know how the market works, you may win about
half your trades.
If you know not yourself and get emotional, yet you know how the market works,
you will win about half your trades.
If you know yourself and the Market, you can succeed.
The first step is to become educated on how the market works.
The second step is
getting to know yourself. |
