Here's a forex education blog post I like and thought you might too! You can find the article at:
http://financial-blogs.blogspot.com/2007/07/forex-trading-do-you-have-what-it-takes.html
or below:
Forex Trading - Do You Have What It Takes?
There are some facts that you simply must accept to have a fair chance to be successful at Forex trading. Let's have a look at what these facts are and if you can succeed in the worlds most exciting investment environment.
Trading markets are not scientific
The thought of approaching Forex trading by applying science is appealing. However, Scientific theories dont and never will work, because humans determine the market prices, and doing so, they dont consider scientific criteria.
Most people would prefer to be able to make money without risking anything. Many vendors try to gain from this fact, offering trading systems which are described as a possibility to trade with low risk and make a regular income. The fact you must accept is:
If the reward is big, the risk will be mirrored. Pure and simple, risk and reward walks hand in hand. If you can't accept taking risks, you should look for another small business idea.
So far it has been kind of negative, lets have a look at the bright side
To be successful at Forex trading will not require hard work! Work smart not hard is a perfect expression here, meaning that you don't need to learn just for the sake of learning. You'll only need to learn one system/strategy. It wont take long to learn because...
Simple straight forward systems work best. A simple system in Forex trading will outperform a complicated system, short term and long term. Why is that a indisputable fact?
Because it will always be easier to implement a simple system in a complexed market. A complexed system with a lot of parameters, makes it much harder to find the right trading opportunities. The most reliable currency trading systems all tend to be simple.
You can learn everything about currency trading
If thats a fact, why do so many Forex traders lose? The answer is the lack of mental discipline.
Currency trading is more about mindset rather than just a method. If you dont maintain discipline to follow your method, the method isn't there anymore. The best way to gain the necessary discipline is to develop your own method. You'll be confident in your trading because of full understanding of the method.
If you are able to accept and take calculated risks at the right time, Forex trading can be very profitable, due to the leverage at your disposal. Forex trading is not rocket science. Its a lot simpler than you may believe, and thanks to the Internet it's available for everyone.
The key points:
Education
Learn to accept the risks
Rely on yourself
Trading discipline
Global Macro Forex and Financial Market Education, Research and Analysis utilizing Elliott Wave, Fibonacci and Gann Forecasting Techniques -
Wednesday, July 18, 2007
Tuesday, July 10, 2007
Forex Education Success Formula
You read about the risk trading the Forex market every day. I talk to many successful traders and investors about the Forex market and it is mind blowing the fear this market produces amongst the conservative investors and daredevil attitude of the aggressive traders. Yes, it is a fact that 95% of traders lose money in Forex. I was taught that if you want a better answer then you have got to ask a better question and my question is why?
The answer is rather simple – most traders seek the path of least resistance and that will inevitably lead to failure. They failed because they didn’t take the time to gain a proper understanding and cheated their Forex Education!
Look, the market is neither for you nor against you. It makes profit opportunity equally available as the chance to take a loss. It will take money from you no matter your age, sex, experience or effort you put into your trading. The Forex market only rewards those who are correct and nothing else. It’s the old saying – work smart and not hard.
That leads to the next question; how can I be correct and smart? The answer is simple – through Forex Education. I have put together my Success Formula for trading the Forex market.
1. Strategy – it’s not a one size fits all world. Different strategies play to us based on our individual trading personalities. Understanding the rules and tools are critical when applying them to the market. This comes with time and experience. Don’t short change your learning curve. It will eventually lead you to profit.
2. Money Management – planning your risk will keep you in the game as you climb the learning curve as well as exploding your account once you’ve gained the experience and knowledge. Mastering this skill is not optional!
3. Self-Mastery - is having the discipline and emotional control to manage your strategy and money management plan. Knowing yourself will be skill that catapults you in to the elite 5%. It takes self-awareness training, accepting full responsibility for all of your trading actions and the ability to go beyond trading and finding your true personality. Talk to any successful trader and you will quickly see the control they exert not only in their trading, but in their lives in general.
Learning to trade Forex isn’t rocket science. Keeping things simple and working smarter will lead you to success in this market and the path forward can only b accomplished by investing in your Forex Education.
Happy Trading!!
The answer is rather simple – most traders seek the path of least resistance and that will inevitably lead to failure. They failed because they didn’t take the time to gain a proper understanding and cheated their Forex Education!
Look, the market is neither for you nor against you. It makes profit opportunity equally available as the chance to take a loss. It will take money from you no matter your age, sex, experience or effort you put into your trading. The Forex market only rewards those who are correct and nothing else. It’s the old saying – work smart and not hard.
That leads to the next question; how can I be correct and smart? The answer is simple – through Forex Education. I have put together my Success Formula for trading the Forex market.
1. Strategy – it’s not a one size fits all world. Different strategies play to us based on our individual trading personalities. Understanding the rules and tools are critical when applying them to the market. This comes with time and experience. Don’t short change your learning curve. It will eventually lead you to profit.
2. Money Management – planning your risk will keep you in the game as you climb the learning curve as well as exploding your account once you’ve gained the experience and knowledge. Mastering this skill is not optional!
3. Self-Mastery - is having the discipline and emotional control to manage your strategy and money management plan. Knowing yourself will be skill that catapults you in to the elite 5%. It takes self-awareness training, accepting full responsibility for all of your trading actions and the ability to go beyond trading and finding your true personality. Talk to any successful trader and you will quickly see the control they exert not only in their trading, but in their lives in general.
Learning to trade Forex isn’t rocket science. Keeping things simple and working smarter will lead you to success in this market and the path forward can only b accomplished by investing in your Forex Education.
Happy Trading!!
Sunday, July 08, 2007
Forex Education - No Pain, No Gain
Forex trading breakthroughs have a lot to do with your ability to get comfortable with being uncomfortable. Success usually comes from staying in the here and now, as well as accepting the fact that the market literally can do anything at anytime.
Many of your actions now may seem frustrating - such as designing a trading plan, sticking to just a few currency pairs, learning the intricacies of a strategy. It can seem downright overwhelming too. Just remember that each step you take in the process is adding value to your eventual trading success.
Why is it that so many people are always seeking the easy way out? I guarantee the amount of time searching will be less than just digging in and climbing that learning curve as fast as possible. Just imagine where you're going to be a year from now with a little bit of effort and determination!
Here are some thoughts to get you through that learning curve at lightning speed:
1. Hard Work Now Will Pay Off Later
All the work you do now mastering the process of trading through Forex education will pay off. Will it pay off today or tomorrow? Probably not, however, the small things done consistently in the right places will pay huge dividends later.
2. Every Experience Is A Lesson
Learn from both your mistakes and your success equally. As the question - what lesson am I meant to learn from this and journal it!
3. Focus On The Positive
Losing is a part of trading. Except it and keep your self-talk 100% positive. You will find that at the end of your Forex Journey you were your own worst enemy.
4. Choose The Difficult Action Over The Easy
Doing this will make you a stronger person, not just as a trader. You will find that your characteristics follow you in trading. When you grow as a person you will enhance your ability as a trader. Ask yourself - what action would a profitable trader take and then do it!
Remember this when you get frustrated by learning a new trading technique or in transitioning from demo to live trading -- if you are uncomfortable you're growing as a trader -- and take comfort in being uncomfortable.
Happy Trading!!
Many of your actions now may seem frustrating - such as designing a trading plan, sticking to just a few currency pairs, learning the intricacies of a strategy. It can seem downright overwhelming too. Just remember that each step you take in the process is adding value to your eventual trading success.
Why is it that so many people are always seeking the easy way out? I guarantee the amount of time searching will be less than just digging in and climbing that learning curve as fast as possible. Just imagine where you're going to be a year from now with a little bit of effort and determination!
Here are some thoughts to get you through that learning curve at lightning speed:
1. Hard Work Now Will Pay Off Later
All the work you do now mastering the process of trading through Forex education will pay off. Will it pay off today or tomorrow? Probably not, however, the small things done consistently in the right places will pay huge dividends later.
2. Every Experience Is A Lesson
Learn from both your mistakes and your success equally. As the question - what lesson am I meant to learn from this and journal it!
3. Focus On The Positive
Losing is a part of trading. Except it and keep your self-talk 100% positive. You will find that at the end of your Forex Journey you were your own worst enemy.
4. Choose The Difficult Action Over The Easy
Doing this will make you a stronger person, not just as a trader. You will find that your characteristics follow you in trading. When you grow as a person you will enhance your ability as a trader. Ask yourself - what action would a profitable trader take and then do it!
Remember this when you get frustrated by learning a new trading technique or in transitioning from demo to live trading -- if you are uncomfortable you're growing as a trader -- and take comfort in being uncomfortable.
Happy Trading!!
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