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Currency Trading - The Only Way to Win Is to Answer This Question Correctly
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There are many different ways to win at currency trading but the fact is no matter which method you choose you must be able to answer this question without even thinking about it: “My trading edge is ( Defined as ) You need to answer it in such a way that you have an edge you understand which you know will lead you to trading success and seperate you from the vast bulk (95%) of traders who lose their money quickly. A trading edge is NOT - You have bought a 100 dollar e-book and intend following a guru without thinking about it - You are day trading (it doesn’t work ) - You intend trading off news stories - You want to buy low and sell high ( simply one of the biggest myths of currency trading) It’s something that separates you from the herd of losers and it’s NOT easy to get – on the other hand, if you do get it ( and you can by doing your homework) you will know what your edge is and you will win. ALL successful traders have a trading edge and just as importantly, they know what it is and why it will lead them to success. Mine for example is: Years of studying contrary trading and using net traders positions and market sentiment, to hit contrary trades hard at the right time – others have different edges - but that’s mine and I know it. I rely on my own method ( albiet derived from others ) to spot these trades and I have the confidence and discipline to hit them hard when they come. Your trading edge comes from inner understanding, the confidence to apply what you know and the discipline to follow your edge and trade it. You need to have courage and conviction and belief in your ability that you are right and not blame anyone else if you lose ( which you will) as no one can win every trade. This is why so few traders can actually define an edge (most are lazy and follow other people) and most have no proper forex trading strategy that separates them from the herd of losers. Forex trading can be learned by anyone – yet most traders lose. Why? Because they don’t go through the right steps of acquiring the right knowledge, then adapting it to their personality and then trading it with conviction, that they are right. Most traders simply cannot accept responsibility for their own actions and if you can’t either, then forex trading is not for you. By all means get knowledge from others - but make sure you agree with it, understand it and make sure it can give you an edge which you can clearly define. If you don’t know what your trading edge is, you don’t have one, so continue with your forex education until you do - or lose your money. I find it amusing when I read all the people saying how "easy" trading is when it quite clearly is not as if it was 95% of people wouldn't lose they would all win. People in life know they need to study to be successful in most areas yet in forex trading they think they can simply turn up and win with no thought or little preparation - sorry life doesn't work that way! For the trader prepared to put in some time and effort though the rewards are immense and when you have your trading edge it will last you a lifetime and make you a lot of money. It really is that simple.
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