Forex Trading Success - Why Good Card Players Normally Make Great Traders
If you play Blackjack or poker and your good chances are you will make a great trader and even if you have never played these games you can learn a lot from cards, as the traits needed to win are the same...
The card player has certain traits that can make him a great trader sand many o the worlds top traders started out playing cards. Let's look at the similarities in achieving success.
1. You Are Responsible
When the card player sits down at the table, he is going to rely on his skills which he has confidence in to win. He can't consult a guru or mentor he's on his own and knows only his action can bring him success.
Most forex traders though can't take responsibility for their actions and consult gurus, mentors, trade worthless forex robots or the news and blame everyone else but themselves when they lose.
Card playing is a big boy's game and so to is forex trading - only you can give yourself success in both and you need knowledge, confidence and discipline to win.
2. Patience
The successful card player will only play hands he has a good chance of winning on and will sit and wait for the opportunity and you must do the same in forex. The high odds trades don't come around often and you need to wait for them.
Many forex traders think the more they trade the more they will make and they could do well to learn from the card player - trading frequency has nothing to do with how much money you can make.
3. The Discipline to Take Losses
If the situation changes after the card player has bet and he doesn't look like he will win he folds - he knows he must lose to win and gets out.
Contrast this with most forex traders who think taking losses is a personal insult! Most losing forex traders simply cannot take losses and this leads to their demise.
4. The Courage to Bet Big
When a good hand comes around the successful card player isn't afraid to hit it hard and hold it and keep betting until he wins and it's the same in forex trading, once you get a good trade up your bet size and hold it.
Again, most forex traders risk so little, they never make anything and cut their profits to soon a sure fire way to lose.
Forex trading is all about trading the odds and forget all the idiots who tell you that forex moves to some mystical, higher force or order - they don't! If they did, we would all know the price in advance and there would be no market.
Forex trading like cards, is an odds game and they way you calculate and play the odds, will determine your financial destiny.
If you want to succeed at forex, you can learn a lot from games such as poker or blackjack.
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