It doesn’t matter what type of trading you engage in or what Forex trading system you use, if you don’t have this key factor you will join the losing majority lets look at it in more detail…
Let me ask you a question and try and answer it without pause and have confidence in your answer – here is your question:
What is your trading edge ( defined) which will lead you to success when 95% of traders lose – What is your edge that will make you a winner?
Simple question and most people will get the answer wrong and here are common answers which are NOT a trading edge and will lead to losses.
– I like to trade breaking news and keep on top of events
– I use a Forex robot with a simulated track record and think it will repeat in real time
– I have found a Forex mentor online and will follow him he knows best
– Day trading and scalping is the way to make money
– I work hard so I am bound to be successful
– I am clever so I am bound to be successful
– Predicting the markets in advance is the way to make money
– I have a mathematical theory as human nature repeats it will win
All the above are common answers and none of them will help you win.
A trading edge can be anything you like, it must be based on sound logic and you must have confidence in it and the discipline to trade it through periods of losses.
Most Forex traders are to lazy to work on getting a good Forex education and like to trust experts and robots which have simulated track records and thing they will repeat in real time – but they don’t and there is no easy short cut, that takes the place of a good Forex Education.
You need to have confidence in what you are doing and you will lose at times so you need the discipline to keep losses small and carry on until you hit a home run.
Trading success comes from inner understanding and only you can give yourself that, through your learning which is reflected in your mindset.
If you understand the above, you can win and the effort you have to make, will be well rewarded, with a great second or even life changing income.