[postlink]https://forex-tech21th.blogspot.com/2010/02/forex-profits-how-you-can-cash-in-now.html[/postlink]Did you know that most traders are using a system that gives them an edge? If traders have an edge over the market, where are the forex profits they're dreaming about?
The statistic is that 90% of forex traders lose their trading account. Why? There's no reason that a trader with a decent trading method can't be cashing in some nice profits consistently. How?
It's not necessarily about entries and exits. It's not about a great deal of experience or a killer system. You can cash in but you don't need the holy grail of forex systems.
The holy grail is basically within you. Sounds kind of metaphysical but it's very simple. Like most everything else in life, it's all about your way of looking at trading.
I've coached a few friends and told them the most important thing they could do was build their confidence. You have to be confident going into a trade and managing the trade once in it. Forex profits come easy when you're not worried about the outcome.
That confidence comes from building on small successes. How do you get those small successes?
First you have to have a system you believe in. If you know that it's been back tested and it's successful, trade it on a demo platform for awhile until you really feel good about the method or system.
Wait until you can enter and exit smoothly and understand everything about the system. Have a plan before entering a trade and stick to it. Do not change a stop or profit point in the middle of a trade. Know before entry where you will take a profit and do it.
Forex profits await those with patience and discipline. You need patience to wait for what I call the “silver bullet” trade. By waiting for the best setups you'll be increasing your odds of a positive trade and building your confidence. Your confidence is more important than many other areas of trading.
Only risk no more than 1% on a trade. In this way you won't be stressed during the trade and it will be easier for you to hang in if the trade isn't going your way. You also won't be tempted to take profits early after hearing someone say “you can't go broke taking a profit”. More accounts have been lost because of that kind of thinking.
When I said that most forex traders have an edge with most any system, I was trying to downplay the importance of the method. Forex profits are there for anyone that will trade their system with discipline and follow the rules of that system.
The statistic is that 90% of forex traders lose their trading account. Why? There's no reason that a trader with a decent trading method can't be cashing in some nice profits consistently. How?
It's not necessarily about entries and exits. It's not about a great deal of experience or a killer system. You can cash in but you don't need the holy grail of forex systems.
The holy grail is basically within you. Sounds kind of metaphysical but it's very simple. Like most everything else in life, it's all about your way of looking at trading.
I've coached a few friends and told them the most important thing they could do was build their confidence. You have to be confident going into a trade and managing the trade once in it. Forex profits come easy when you're not worried about the outcome.
That confidence comes from building on small successes. How do you get those small successes?
First you have to have a system you believe in. If you know that it's been back tested and it's successful, trade it on a demo platform for awhile until you really feel good about the method or system.
Wait until you can enter and exit smoothly and understand everything about the system. Have a plan before entering a trade and stick to it. Do not change a stop or profit point in the middle of a trade. Know before entry where you will take a profit and do it.
Forex profits await those with patience and discipline. You need patience to wait for what I call the “silver bullet” trade. By waiting for the best setups you'll be increasing your odds of a positive trade and building your confidence. Your confidence is more important than many other areas of trading.
Only risk no more than 1% on a trade. In this way you won't be stressed during the trade and it will be easier for you to hang in if the trade isn't going your way. You also won't be tempted to take profits early after hearing someone say “you can't go broke taking a profit”. More accounts have been lost because of that kind of thinking.
When I said that most forex traders have an edge with most any system, I was trying to downplay the importance of the method. Forex profits are there for anyone that will trade their system with discipline and follow the rules of that system.
