Thursday, September 6, 2012

Forex Education - If You Can't Answer This Question Correctly You Will Lose

If you can't answer the question I am going to pose in this article you will probably lose all your money when you trade. The question though is one that very few novice traders consider or think about so here it is:
What is your trading edge?
Why will you win when 95% of traders lose all their money quickly?
What separates you out from the majority of losers and means you are going to succeed?
If the answer is - I have bought a system for a couple of hundred bucks, or I like to trade off the news or on recommendations of others - kiss goodbye to your equity.
The fact is most traders in forex do not get decent Forex education!
They think it's easy to win and believe the hype they read, or treat it as gambling and the market takes their equity.
A trading edge is the edge you have over the losing majority - for example, if I was to describe my trading edge it would be:
My use of sentiment and momentum indicators, to isolate high probability contrary trades and the ability to load these trades and remain disciplined.
I know I am good at hitting these trades and have a track record of doing it over 15 years. This is not meant to sound arrogant, it's what makes me a good trader and I know it and you must get one to, if you want to win.
Know Your Edge and Know Yourself
Now your edge might be something different but that's not the important point - the most important thing is you have an edge you have worked on and you know it gives you a head start on the majority.
An edge is something that comes from within and is a combination of method and the mindset, to make it work with discipline in the markets.
Or any day in the Forex markets - it's a brutal world where only the strong survive and you can only rely on yourself no one else can help you - you're all on your own.
If you don't like the above and like to blame everyone else for your losses - from your system, to your broker, do yourself a favour and don't trade Forex - it's not for you.
If you are ready to stand alone apply yourself and get the right knowledge, you can acquire the correct Forex education, get an edge and win.
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