Forex Trading Education - If You Don't Acquire This Key Trait You Will Never Win!
It's a fact 95% of forex traders lose and they don't lose in most instances because they can't learn to trade successfully - they lose because they cannot acquire this key trait...
The key trait is - Discipline and while it's talked about a lot, it's a misunderstood trait and here we will explain why and how you can acquire it.
You don't just have discipline it comes from two other key areas and they are
- An understanding of what you are doing i.e. knowledge
- Confidence in the knowledge you have acquired.
The Major Challenge of forex Trading is
Trading with discipline and executing you're trading signals through a period of drawdown - This means you have to keep going and follow your system while the market gives you losses and makes you look just plain stupid. If you think it's easy, you haven't traded!
Don't believe anyone who tells you that you won't have a losing run - you will and it can last fro many weeks and even the best traders have to face these and you will to.
Sure you can win longer term but short term you have to trade through these periods until you hit a home run.
Why This Will Never Work!
Today we are used to trusting an expert after all, we can't know everything and to a degree this is true if you are fixing your washing machine or car but consulting an expert in the forex market and following them is doomed to failure.
The building blocks of Discipline
Most of the so called experts selling forex advice are anything but, selling worthless forex robots with simulated back tested results or sure fire predictive methods but even if a vendor has a good system you will NOT be able to follow it unless, you understand the logic and have confidence in it. Knowledge and understanding, are the building blocks of discipline.
So if you are thinking of trading - make sure you do your homework and have knowledge and confidence so you can obtain discipline and remember of you dont have the discipline to follow your system, you dont have one!
If you want to follow and be a sheep, then you will end up getting slaughtered by the market as you fail to last the distance as your discipline crumbles.
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