Ask a handful of traders about their impression of FX Investing and you will get responses that should be filed under the category of “difficult if not impossible to succeed at.”
We all know that FX Investing is risky – that’s not a secret. But, most people struggle to make money in this market because they fail to seek out a good education. Now, if a trader jumps into this market without the necessary skills required to sustain himself much less succeed, can the market be truly to blame?
I think not.
If an untrained surgeon tries to perform surgery on you (and, subsequently puts your life in danger), would you conclude that surgery is dangerous, so much so, that it would never be an option? I think not. Dealing with the poorly trained surgeon would be the unthinkable option, not surgery in and of itself.
The same logic applies to many other areas of life… For instance, cars are not dangerous. It’s the people who drive them that creates all the nuisance (I’m thinking of drunk drivers, people trying to drive and send blackberry text messages at the same time, sleepy drivers, etc).
If you truly want to make it big in fx investing, the first area of improvement you should target is your mindset. So, here is the BIG secret you’ve been waiting for:
The number one trick to succeeding in this market (like the pros) is to adjust your mindset.
Now, what does this actually mean? Well, if you are able to successfully adjust your mindset, you will have no problems exhibiting the following qualities:
- Emotional control
- Realistic expectations
Being able to put a lid on useless emotional eruptions (good or bad) as your trades progress is vital to succeeding in this market. At first, your emotions will render you giddy one day and completely deflated the next – all forex traders go through this phase. You will be tested in ways that you cannot even imagine. Prior to trading with actual money, I used to hear this advice all the time. And, foolishly, I never thought it would apply to me. I know better now! Believe me, emotional chaos will wreak havoc on you – this applies to everybody. You will fall down as a result, scrape your knees and get hurt. That’s a given. What is in your control, however, is how you choose to react to the inevitable mess. The true test lies in whether you get up and trade again, despite the fact that your idealistic trading world will be extinguished. That’s the real determining factor between succeeding and failing in this market. If you’re the sort of trader I hope you are, you will eventually get back up and ride the horse again. And if you do, you will serve yourself very well to keep your emotions in check, whether you win or loose trades or both!
I’ve talked about how this market can produce unbelievable returns (double, even triple digit returns). That said, if you are making a 100% this year, you must be the sort of trader who exhibits all the qualities of a winning FX Trader, in particular the three qualities I am discussing here. Hence, the case of realistic expectations. Lets work backwards, however, so you can understand more about just how important your expectations are. If you had $10,000 in your account, would you be considered wise or foolish if you expected to be able to double this amount in one month using a mini account?
Well, lets find out shall we? Read my analysis in the link below and then come back to this article…
View Analysis Here (scroll down to the blockquote in blue italics)
… Welcome back!
If you grasp what I’m talking about in the analysis above, you will quickly see why successful traders only make up 10% of all traders in this market. Most traders get into trades like these without considering exactly what they are doing. With enough time and experience, you’ll understand the numbers of fx investing so well, that you won’t have to do such and in-depth analysis for all your trades. In the beginning, however, you really ought to be doing this for yourself. Case in point: force yourself to have realistic expectations.
The final characteristic that I believe is worth mentioning is discipline. You will be tempted to get into all sorts of trades (in particular, the sort of trades like I discussed in the analysis above). If you fail to analyze your trades before getting into them and also lack the discipline to stay out altogether if the trade is not sensible, you will be sure to fall into the major group of traders (I.e.: the 90% who struggle). And, if you’re not emotional at first, you will soon realize how quickly than can change – be sure of that!
On the flip side of this is the sort of trader who controls his emotions and respects his trading capital far too much to ever enter any trade without analyzing it first. For a trader like this, discipline not only means trading according to a pre-determined schedule, but it also means trading with rules, being able to trump emotions, etc. In being disciplined, you will preserve your trading capital long enough to stay in the game and ultimately, really have a chance of growing it. You’ll want to have your capital handy when you start to become skilled at trading… The greatest tragedy is the learn this market while loosing all your money and then arriving at the finish line with plenty of skill (that could make you money) and no capital to use that skill set with! This is the reason why learning on a paper account is so key.
If you ever stray away from your resolve to be the sort of ‘tough nut’ I propose you should be in this article, pull up this post again re-read these words to set yourself straight once again. This market is very slippery, and it is tricky not just for beginning traders, but all traders alike. It does get easier with time, but we all make mistakes (even the veterans who make a lot of money in the fx forex market). If you stick to what I propose in this article, however, your odds for success will really tip in your favour and in end, you want to improve your odds as much as possible!
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