20 Questions that Will Tell You if You Can Win at Forex Trading
Forex trading isn't easy and you wouldn't expect it to be with the rewards on offer but its not hard either, if you get the right forex education. If you look at the questions below and answer them correctly yes or no, you are learning forex trading the correct way and likely to be successful.
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1. I believe the more knowledge I acquire and the harder I work the more successful I will be.
2. Complicated systems are more likely to successful than simple ones.
3. The more news stories I study and trade the more chance I have of making money.
4. Day trading is a great way to make money.
5. Markets move to a scientific theory because human nature never changes.
6. You never go broke banking a profit.
7. You need to predict markets in advance to win at forex.
8. I can buy an e-book from a guru and just follow it they know best.
9. If I am always in the market the better my chances of success as I wont miss a move.
10. Buy low and sell high is a great way of making money.
If you agree with any of the above statements you will lose money. They are all common forex myths believed by the 95% of traders who lose money. If you answered "NO", congratulations. You're learning forex trading the right way. Now, here are 10 more questions for you to answer.
1. I know that success comes from within and no one else can give it to me.
2. If I devise my own trading strategy I will acquire confidence and discipline.
3. Simple systems work best as they are more robust than complicated ones.
4. Forex trading is not a game of science it's a game of odds.
5. I need to run the long term trends to make money all short term.
6. All short term daily volatility is random and is un-tradable.
7. I don't predict market moves I simply respond to the reality of price changes.
8. I buy markets when they break to new highs because most big moves start from new market highs, not market lows.
9. I trade infrequently and only trade high odds set ups.
10. I don't need to acquire lots of knowledge just the right knowledge then I am done.
Did you answer "YES" to the above questions? If so, well done! Your learning the right forex education. Now, if you have got them all right so far, here is one final question to determine if you are likely to be a winner:
My Trading Edge is Defined - If you don't know what your trading edge is, you don't have one! Your trading edge is the reason you will succeed and the vast majority fail.
Forex trading is all about getting the right forex education. Ignoring the myths and focusing on the right information. You need to build a system you can have confidence in which will give you the discipline to trade for long term success through inevitable losing periods. The rewards of trading forex are immense and the amount of money you can earn can be life changing. If you get the right forex education you can enjoy long term currency trading success. If you have the desire to be a winner and can accept you are responsible for your own destiny, then the vast rewards of forex trading await you.
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