If you can't get this question right, you will never win at forex trading and are destined to join the 99% of losers - get it right however and you could be on the road to forex trading success.
Here it is
What is your trading edge defined which will enable you to win?
A Trading Edge is NOT THE Following
Now most people mistake what a trading edge is and it's not any of the ones listed below and most traders believe them, so if you agree with the statements below you will lose:
- I am going to try day trading and scalping to make money
- I am going to follow a robot hey it only has a simulated back tested track record but that's no problem
- I am going to trade breaking news stories
- I am clever and work hard that will bring me success
- I am going to predict prices in advance
- I believe in the scientific theory of market movement
- I don't worry about money management that's just placing a stop
- Complicated systems are best as knowledge is power
All the above if you believe them will see you lose and are common statements by novice traders but there not a trading edge and anyone believing the above can kiss goodbye to their equity.
Forex Success and an Edge Is Built on This.
Working at the basics and working smart, you are not given success so forget all the junk forex robots and day trading courses that tell you that you can win - you can't. Most robots have never even been traded in real time and day trading by its nature doesn't work.
Neither do scientific approaches, as the markets are obviously not scientific, if they were we would all know the price in advance and there would be no market!
Stop hoping someone will give you success and base your forex trading strategy on the following key points. They can lead you to a trading edge and currency trading success.
- Get a simple forex trading system, based around trading the odds
- Have confidence in it by learning it
- This will enable you to trade it with discipline for long term success
- By learningforex yourself you will have an edge you are confident in
By learning yourself you will get a trading edge you are confident in, you know will put you in the minority of winners and give you success.
Keep in mind 95% of traders lose so it's not a walk in the park.
For those traders prepared to work at the basics and learn the right forex education and apply there knowledge with discipline the potential rewards are awesome.
Sure you have to work at your forex trading strategy but for the work you put in you could be rewarded with a great second or even life changing income and that has got to be worth the effort.
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