Forex Trading - 4 Skills That Could Make You Huge Profits
If you want to learn forex trading the first fact you need to know is that it's not easy and don't let anyone tell you otherwise, it's hard. Why? Because the skills you need are ones that will make most people simply can't learn but if you can you can enjoy currency trading success.
The first skill you need is:
1. Take Responsibility
Today everyone looks for experts to help them and that's fine, if you want your car fixed but it won't help you in forex trading. You need to accept success comes from within and you need to acquire both the confidence and discipline to execute your forex trading strategy and no one else can do this for you.
Your totally on your own.
2. Stand Away From The Crowd
Since Stone Age times man has been used to seeking the safety of the pack, were also very sociable creatures and like to agree with have the majority agree with us.
In forex trading if you run with the pack you will lose because the majority is always wrong, hence 95% of forex traders lose.
To succeed you're on your own and you must not allow the crowd to sway you from your path and this is not easy, when the whole world disagrees with you!
3. Create Your Own Rules
Were used to living by rules that others make for us.
We stop at red traffic lights and we know not to drop litter etc. Our lives are structured and ordered but in the forex markets you have to create your own set of rules to live and survive by as anarchy rules.
These rules not only need to be devised by you, they need to be applied with discipline and for this you need an inner understanding of both your strengths and weaknesses.
4. The Markets will Make You Look Stupid
When you trade forex there is only one right price and that's the market price.
It makes no difference what you believe the price should be, the market price is the correct one.
It doesn't matter how clever you are or how great a trader you will take a position and the market will make you look a fool. Most traders have egos and they simply can't take this. They try and fight the market by moving stops back, revenge trading etc and the market hands them a wipe out.
Understand This or Lose!
If you have read and understood the above you will see that having a robust forex method is not enough to succeed you need to have a mindset that will allow you to execute your forex trading strategy with discipline and this is far harder.
Its not Easy But The Rewards are Enormous
Those traders who think they can consult a guru or buy a system and get given success are wrong - success comes from within and only you can get the mindset above to succeed. This requires you learn skills and when you have learned the skills you need to apply them with confidence and discipline.
If you want to be a forex trader then you need to get the right mindset - if you can do this, a life changing income awaits you.