December 24, 2008
Trade Forex for a Living - Do You Have What it Takes to Succeed?
Samuel Leslie Berkovits :
The fact is anyone has the potential to trade forex for a living not everyone will do what it takes to succeed. So what does it take to enter the group of traders who trade for a living? Let's find out...
First we need to state a fact that 85% of traders lose money, so you know its not going to be a walk in the park. The difference between winners and losers is two fold:
Winners get the right forex education but they also have something more which is they adapt the unique mindset that is needed to succeed. Forex trading is a combination of both and mindset is really the key to success because - anyone can learn a successful method if they want too.
Now let's look at what it takes to trade forex for a living in terms of strategy and mindset.
1. Acceptance of Responsibility
If you think you can just follow an automated forex robot or guru and win, your mistaken.
Most of the forex advice given is dubious anyway - but even the good advice, you need to agree with it and have confidence in it or you wont follow your trading signals with discipline.
2. A Simple Robust Odds Based Strategy
Forget about being complicated simple strategies work best, in an odds based market such as forex.
You can't predict the future and anyone who says they can will lose simply trade the reality of price and trade longer term and hit the big trends.
3. Cheerfully Take Your Losses
If you don't learn to lose you won't win in forex trading.
You see lots of vendors saying you can trade with no losses well, they have never traded! All traders do and that's even the best. You have to keep your discipline and trade through these periods which can last for weeks at a time, until you hit profits again.
4. Your Success is Built on Defense
A successful trader once said to me take care of the losses and make them your priority and the profits will come and take care of themselves and just like the great football teams, if you defend well - your offense will get the chances to win.
Most traders think money management is simply placing a stop its not - it's placing a stop, understanding volatility or standard deviation and knowing when to bank profits.
5. Courage to Accept Big Gains
Most traders won't take the right calculated risks and always want to bank too early. The true pros know forex trends can last for months or years and milk them for all there worth.
6. Courage, Confidence and Discipline
The professional forex traders know how to execute their methods they have the courage to so what they feel is right, when other disagree and rock solid confidence in what their doing, to give them the discipline to stay on course.
7. Success Comes From Within
Any trader who wins knows this.
No one makes you a success - you take the lead and take success for yourself, based upon your skills. Always remember - the market doesn't beat the trader (the conditions faced are the same for everyone), the trader beats himself.
Forex trading is not easy but the rewards are so big you wouldn't expect it to be. On the other hand by working smart and applying a system that's simple, logical and you have the confidence to execute with discipline will bring you success.
Do you have what it takes to trade forex for a living?
Hopefully, this article has gone some way to answering the question for you.
FAP-Winners
The fact is anyone has the potential to trade forex for a living not everyone will do what it takes to succeed. So what does it take to enter the group of traders who trade for a living? Let's find out...
First we need to state a fact that 85% of traders lose money, so you know its not going to be a walk in the park. The difference between winners and losers is two fold:
Winners get the right forex education but they also have something more which is they adapt the unique mindset that is needed to succeed. Forex trading is a combination of both and mindset is really the key to success because - anyone can learn a successful method if they want too.
Now let's look at what it takes to trade forex for a living in terms of strategy and mindset.
1. Acceptance of Responsibility
If you think you can just follow an automated forex robot or guru and win, your mistaken.
Most of the forex advice given is dubious anyway - but even the good advice, you need to agree with it and have confidence in it or you wont follow your trading signals with discipline.
2. A Simple Robust Odds Based Strategy
Forget about being complicated simple strategies work best, in an odds based market such as forex.
You can't predict the future and anyone who says they can will lose simply trade the reality of price and trade longer term and hit the big trends.
3. Cheerfully Take Your Losses
If you don't learn to lose you won't win in forex trading.
You see lots of vendors saying you can trade with no losses well, they have never traded! All traders do and that's even the best. You have to keep your discipline and trade through these periods which can last for weeks at a time, until you hit profits again.
4. Your Success is Built on Defense
A successful trader once said to me take care of the losses and make them your priority and the profits will come and take care of themselves and just like the great football teams, if you defend well - your offense will get the chances to win.
Most traders think money management is simply placing a stop its not - it's placing a stop, understanding volatility or standard deviation and knowing when to bank profits.
5. Courage to Accept Big Gains
Most traders won't take the right calculated risks and always want to bank too early. The true pros know forex trends can last for months or years and milk them for all there worth.
6. Courage, Confidence and Discipline
The professional forex traders know how to execute their methods they have the courage to so what they feel is right, when other disagree and rock solid confidence in what their doing, to give them the discipline to stay on course.
7. Success Comes From Within
Any trader who wins knows this.
No one makes you a success - you take the lead and take success for yourself, based upon your skills. Always remember - the market doesn't beat the trader (the conditions faced are the same for everyone), the trader beats himself.
Forex trading is not easy but the rewards are so big you wouldn't expect it to be. On the other hand by working smart and applying a system that's simple, logical and you have the confidence to execute with discipline will bring you success.
Do you have what it takes to trade forex for a living?
Hopefully, this article has gone some way to answering the question for you.
FAP-Winners
Filed under Currency Trading by trader
