Profitable Forex Trading - You Will Only Win If You Answer This Question Correctly!
by majid khan at/on 11:21 AM
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kelly PriceIf you want to make money at trading, when it's a known fact that 95% of traders lose then you must be able to answer the question enclosed correctly. Let's look at the question and see if you know the answer.
Before we look at the question, keep in mind just 5% of traders win and while trading can be learned by anyone, its obvious from this statistic, that trading success is not just a walk in the park. Here is the question:
What Exactly is your Trading edge ( Define it ) which will help you enter the 5% of winners?
Most traders give the wrong answer and this goes with the myths that have grown up around trading, related to what is needed to achieve trading success.
Many traders think they can spend a hundred dollars or so, on a cheap piece of software and get an income for life with no effort! If this were true, 95% of traders wouldn't lose money. These systems do not give you a trading edge on the contrary , they will simply see you lose.
There are other traders who are prepared to make an effort but they think hard work, being clever or trading a frequently guarantees success and of course it doesn't. trading is simple and simple strategies work best, so you don't need a college education to win. Hard work counts for nothing, as you are simply judged on the profits you make and nothing else.
All trading edges are different but they will both combine the following two elements:
A simple trading strategy based on trading the reality of price action and the discipline to apply it. In fact, discipline is one of the key traits you need to succeed. All trading systems will lose for long periods at some point (don't believe the people who tell you, you can predict with 90% accuracy etc - its not true) but losing for a long period, doesn't matter so long as you can take your losses and keep them small and stay on course until you hit a home run.
Most traders don't have confidence in what there doing or they have egos and hate being wrong.The result of these traits is they run their losses and this leads to their demise. Keep in mind, if you don't have the discipline to follow your trading strategy you don't have one.
So what's your trading edge? If you don't know, you don't have one and its back to your education until you do, and when you get one, you will then be on the road to trading success.
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