Forex Trading - A Valuable Character Trait in Life But In Forex Trading It Will Ensure You Lose!

The character trait we are referring to will make you lose, yet it is one we all admire in all other aspects of life - so what is it?

The trait is being too clever.

This may sound odd, but working in a brokerage for 10 years and seeing thousands of clients, every time a trader tries to apply to much effort or be to clever they lose because:

Simple systems are best and the real key is the discipline to execute the method â€" not its complexity.

People who think their clever, try and build systems that are to complicated and they also have an ego - they refuse to accept their wrong and both these traits wipe them out.

Let’s look at this in more detail.

1. Keep it simple!

Today with all the advances in news, communications and software â€" the ratio of winners to losers remains the same as it was 50 years ago, so the appliance of knowledge for knowledge sake doesn’t help.

The fact is a simple system, is more robust than a complicated one and has fewer elements to break and is likely to be more successful.

2. An ego

Clever people often have an ego and think they deserve to win - because their smart.

This means they hate being wrong and their trading signals being made to look stupid by the market.

Problem is this happens to all traders, even the world’s best!

The market will make you and every trader look stupid and on a frequent basis.

What you have to do is accept it â€" the only right price is the market price.

It is always right no matter what you think, if you try and fight it, you will lose.

Don’t Fight!

The market moves the way it wants and is all powerful - try and fight it by refusing to take losses or over riding your system and the market will destroy your equity.

The Sensible Way

It’s a bit like being the captain of a ship â€" he knows the sea can smash his ship to bits, if he does not obey the rules - however if he is sensible and obeys its rules he can navigate his way safely and reach the shore intact.

You Decide!

Do you want to be clever or do you want to make money?

And do you:

Want to fight something all powerful or obey its rules?

The choice is yours and will determine whether you are a winner.

Work smart not hard, keep it simple and be humble and accept the truth the market presents to you win - you do this by obeying its laws and navigating correctly., it’s as simple as that.

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Forex Education - 4 Tips for Getting the Best Education To Win

Forex trading looks simple yet few succeed â€" 95% of new traders lose their money and only 5% win. This may seem an odd fact when anyone has the potential to learn forex trading.

The answer is most traders simply learn the wrong forex education and this article will give 4 tips to get the right education and win.

Firstly the growth of the internet has led to a lot more information becoming available to forex traders and some of it is very good - but most of it is junk and will simply ensure you lose and this leads us to our first tip.

1. Be wary of vendors selling education on the net

Most of them make me laugh for $100 or so I can get a system to make me regular profits every day, trade with 80% accuracy or even make me a millionaire â€" all for a few hundred dollars!

Don’t buy them â€" they won’t help your forex education.

There simply marketing guys not traders - if they were, they would shut up and trade for themselves, if making money was as easy as they say they wouldn’t need me or you.

2. Don’t learn the wrong Knowledge!

There are many myths that have been perpetrated on the net mostly by vendors and let’s start with the biggest one â€" forex day trading works.

No it doesn’t, day traders don’t make money â€" period

All short term volatility is random, so it can’t - that’s why you never see a day trader with a real time track record of profits.

Scientific theories are a great way to make money, another stupid myth.

If markets moved to scientific theory, we would all know the price in advance and there would be no market, yet new traders still learn junk theories like Elliot wave and Fibonacci numbers, lose and wonder why.

3. Get Knowledge from the real pro’s

You can do this simply by going to Amazon.com and you can get some really good forex education from traders who have walked the walk, rather than simply talk the talk.

For about $100 or so you can get some great advice (see our top 10 books for traders) and get them. They will inspire you and give you a good solid grounding in what it takes to be a successful forex trader.

This is an investment in your forex education that is well worth the money.

4. Work Smart Not Hard

Forex education involves working smart not hard and learning the right knowledge.


If you want to learn forex trading ALL that you need to build a successful system is available free on the net.

See our other articles, there is some great information on technical analysis, formations and indicators and it’s all free.

You don’t get rewarded for the effort you put into forex trading you get your reward from being right with your forex signals â€" nothing else. All you need to do is get the right info and you can become a successful trader.

CONSIDER THIS FACT

In 1983 Legendary trader Richard Dennis to prove that traders could be taught took 23 traders with no trading experience and taught them to trade in 14 days.

These traders went on to make Dennis $100 million dollars! The story is told in “The way of the turtle” and also Market Wizards â€" Get these books and you will see that Dennis made them focus on the RIGHT education to win with no filler.

Now you may not make as much money as the turtles but anyone can learn to trade and learn to win if they focus on the right education â€" you just need to find it digest it, apply it and hopefully this article will have pointed you in the right direction â€" Good luck.

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Forex Trading – 2 Simple Tip to Increase Profits Dramatically

Here we are going to give you 2 simple tips that will instantly improve your overall forex trading results.
There simple to learn, easy to apply and could help you achieve big profits consistently of 100% or more annualized.

Consider this point:

Forex trading is all about being right with your forex trading signals and making money â€" You don’t get rewarded for the effort you put in to forex trading strategy the only thing that matters is profit.

Here we are going to focus on working smart not hard to make more money from trading.

Before we discuss our forex tips in greater detail, lets look at two key points in regard to currency trading.

1 The Big Trades Only Happen a Few Times a Year

If you look at any currency chart the really big strong trends only occur a few times a year and these are the trends that offer the best risk reward. The rest of the time the markets are either trending sideways with no clear trend, or showing high volatility which is hard to trade.

2. Trading The Odds

If you want to make money you need to trade the odds and get them on your side. The best way of doing this is to focus on set ups that give you a clear trading edge which is easy to see on any forex chart.

You need to look for valid support or resistance which has been tested numerous times over several months â€" you know if these levels are broken the likelihood of a new trend developing are high.

The two tips to make more from your forex trading system are:

1. Cut back the amount of trading you do

And only focus on high odds trades â€" look for valid breakouts of support and resistance and trade them.

Keep in mind, most big trends develop from new market highs NOT market lows so you need to focus on the breaks and go with them.

Use a breakout methodology and ONLY trade these high odds trades. You won’t trade often but each trade you go into will have the potential for triple digit gains.

If you like the excitement and buzz of trading this method is not for you, but if you want to make money from your forex trading strategy it is!

This now leads onto the second point:

2. Risk More Per trade and DON’T Diversify

You will hear a lot about diversification and cutting risk but all it does is dilute profit potential.

You will also read a lot of investment wisdom that says risk only 2% per trade, well if you are a small forex trader with a $5,000 account, that's just that’s $250.00!

Forex markets involves taking risks and with risk goes reward - the more you risk the more you make pure and simple. If you are trading a currency move that is a high odds one risk more â€" 10 â€" 20% is a good figure to aim at.


The above forex trading strategy focuses on making money nothing else and will cut the time you spend forex trading. Furthermore it's based on a breakout methodology which is simple to learn, easy to apply and is discussed in the next article in this series.

Article Source: http://www.Free-Articles-Zone.com