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Forex is the new gold rush. Everyone seems to be in on it, but only a few lucky ones with discover the secret to the big nuggets. Do you have the skills you need to be a consistently profitable Forex trader?
Its far too crowded in the retail fish bowl. Its time to leave your retail chums behind, and move into your new home. The greatest enemy of knowledge is not ignorance, it is the illusion of knowledge - Stephen Hawking. There is a lot of discussion regarding whether professional Forex traders really have the time to trade and teach. This is my opinion on the subject. This is a valid question. The obvious answer would be that the training provider does not really know how to trade Forex successfully, and the money they make from teaching, is the only money they really make from their time in the Forex business.
But in the majority of cases this is the only reason the training providers exist, to take money by making false claims about their skill set and what they can offer to aspiring traders.
Many training providers that claim to be able to trade successfully to the point where it is their main source of income are merely re hashing the same old rubbish that everyone else teaches. But based on the fact that the people who pay him or her for the training, know less about the job than the training provider does, then he or she will be able to pass themselves off as a successful trader, when the truth is they do not really understand how the market works, anymore than the s of people that post free training videos on YouTube.
So ask yourself this, is it really worth paying a few bucks for a Forex training course? And the short answer is no. No matter how they jazz it up, or how many people say how great their course is, the truth is they are merely marketing experts, and not Forex trading experts.
I have no desire to put together a training course for a few bucks. The value of what i teach will give you the opportunity to make life changing amounts of money from the Forex market, and that information is not available for a few bucks.
So the next time you see a Forex training course for a few bucks or less, just ask yourself this simple question, if this professional trader is going to train and mentor me for a few bucks an hour, how much is he or she really making from the Forex market?
And the answer is, less than a few bucks an hour. To be a successful Forex trader you need 3 things. You need knowledge , determination, and discipline.
Lets look at knowledge first, because this is the most important part of the formula for success. You can have a tremendous amount of determination and discipline, but without knowledge you will not be successful. I love inventing quotations to help inspire and motivate people, and one of my favorite quotes is below. I cannot stress enough the importance of knowledge in your journey to becoming a successful Forex trader. Knowledge is everything in this business, and without a clear understanding of the market, and the forces that drive price, you will never achieve long term profitability in your trading.
If you are not determined to succeed then you will fail. If you are looking for a get rich quick scheme that requires no work, then Forex is not for you. Forex trading is a tough job that has to be learned, and you have to be prepared to dig in, and make sacrifices to be successful.
Some of my students had been trading over 10 years before they came to me for training and mentoring. But they never gave up. After losing money for all those years, they still wanted to be successful, and were determined to keep going. And if you are reading this and you have been trading a number of years without making money, and you still want to learn and be successful, then you have one of the qualities you need to make it happen.
Discipline is derived from the word Disciple, and is defined as an activity, exercise, or a regimen that develops or improves a skill. When you employ discipline with market knowledge and determination, you have a very powerful combination. If you have been trading a while you will probably have tried many trading strategies. They look good on paper, but they never really make money in a live market.
Most traders put the failings of these strategies down to their own inability to stick to the rules of the strategy. They make excuses and blame their own discipline for the strategy not working for them. When in fact the real reason the strategy is not working, is because its a weak strategy. So again we come back to the importance that market knowledge plays in the success of every Forex trader. I teach many successful strategies to my students, and they have all been developed with a sound understanding of the market.
When you have market knowledge you can trade many strategies that will make money, and its a lot easier to be disciplined when you understand what you are doing, and you are trading with a sound strategy. Having the determination to succeed and the discipline to follow rules will not make you successful without market knowledge.
But market knowledge is a traders worst nightmare, and its the hardest hurdle to overcome on your journey to Forex trading success. What do i mean by this quote. If you believe something is correct why would you change it? This is a problem faced by many traders. The market knowledge that they currently have is incorrect.
Because they believe they know how to trade, when in fact they do not know how to trade, and this is the hardest thing for a trader to admit to, and to change. I know how hard it is to change how you look at the market, because i have been there myself. When i first started out i thought i could read a Forex chart , but when i finally found out how to really read a chart, and to understand what it was telling me, i was completely blown away.
To change something that you believe to be correct, goes against everything you have ever been taught in life. But look at it this way, if you are losing money, then what you are doing must be wrong. And its not your discipline or your determination, its your market knowledge that is wrong. And as we have established, that is the most important bit of the formula for Forex trading success. So if you are prepared to accept that your market knowledge is wrong, and you want to change what you believe to be correct, please check out my Forex training course.
If you have ever seen the film The Matrix you will be able to relate to this article. If you have not seen the film then i recommend you do watch it, as its a great film, and one of my personal favorites. I was inspired to write this article by a comment made by one of my students. He said that looking at a plain price action chart was like looking at the matrix encoded. The scene in the film i am referring to is this one.
Where Joe Pantoliano who plays the character Cypher, is sitting in front of a computer screen looking at the matrix. Looking at a Forex chart is very much like looking at the matrix. The point i am trying to make is when you understand the chart at that level, you can cut through all the crap, and just see what you want to see, and what you need to see, the opportunities to make money.
A plain price action Forex chart is a big mystery to a lot of traders, so they put indicators on the chart to enable them to make sense of it, and give them trading opportunities. But indicators are lagging, and they give you false signals.
They tell you what has happened, not what is going to happen. Forex trading is not a big mystery, you just have to be able to read and understand a chart. By learning and understanding advanced price action you will be able to see what is happening in the market right now, and take high probability trades based on that information. But its not easy, and it takes a lot of time to really learn and understand what is happening in the market, so you can see the blondes, the brunettes, and the redheads, without looking too hard.
But unfortunately most traders are lazy, they do not want to devote the time needed to be able to learn how to read the chart correctly. But laziness costs you money in this business, so if you want to make money and be successful, you have to be prepared for some hard work. I am sure you have heard of that saying before. The best person to catch a thief is another thief, because he or she knows how thieves think.
So how can you apply that to trading? And who is the best person to train you to think like a professional trader? You would not employ a tree surgeon to teach you how to be a brain surgeon would you? If you want to be the best, you have to be trained by the best. For more information on how you can learn to trade Forex like a professional trader, and decipher the Forex trading matrix, please check out my Forex training course here. Learning how to trade Forex profitably is a long hard road, filled with many pot holes.
Here are a few of my top tips that will help to make the road a little shorter, and a little smoother, and may also help contribute to your Forex trading success. In any business you have to be professional to succeed.
Whether you are Alan Sugar, or serving someone in a shop, a professional attitude will achieve the objective quicker than an unprofessional one. Think and act like a professional trader, and you will trade like one. Professional traders have knowledge of the business, they are confident in their ability, and they are calm and collected in their trading. Educate yourself to a professional level, have patience and discipline in your trading, and you will be successful.
Unless you have goals you will not be successful. Realistic goals will help build a strong foundation for your trading career. Everyone wants to make money from their trading, but focusing on the money too much will lead to emotional trading decisions. Focus on becoming a great trader first, and the money will come later.
Making money is a by product of being a great trader. Reading stories about successful traders making millions per year, just fuels that desire. Having a successful trading career is a marathon, not a sprint. Usain Bolt maybe the fastest man in the world, but he cannot beat Paula Radcliffe in a marathon. Safe consistent profits, will do much more for your trading success, than fast money will. I always say you learn a lot more from a losing trade than you do from a winning one. Always analyze your losing trades to see where you went wrong.