How to Win the Forex Battle
By: Teo Gee
Every trading activity is in fact participating in a battle.
Winning the battle is a matter of knowledge, skill and experience.
If you miss any of those you are going to join the long line of
losers. Some says that 95 to 99 percent of the traders are lining
up on the losers side.
How to win the battle in the currency market? It is easy to answer
that question, based on the above approach prepare yourself for the
battle. If you treat currency market activity as a hobby youll
ultimately lose all investments there. If you treat it as a
business you still may loose everything.
The correct approach is: consider each pressing of the Buy/Sell
button as entering a battlefield. If you enter it without having a
knowledge, skill and experience on how to win, you are destined to
fail. You may have some lucky trades in the beginning, though.
That, by the way, is the worst case scenario for the rookie in
trading.
The earlier you get your bad lessons, the better for your overall
experience. No mater how good you consider yourself prepared, after
demo trading lessons, you have no idea of the forces ruling on the
real market.
In fact the worst enemy you are going to face in the very beginning
is not hiding behind the walls of the global currency trading
centers. Your most dangerous foe is hiding deep inside of you. That
enemy is so powerful that you will be amazed how quickly it will
wash away all your carefully considered decision.
No one has been able to evade the force of that destructive power.
No one can understand or realize that force unless it has been
confronted face to face. Start trading with real money and youll
face it too. Fear, Greed or Hope are some of the names of that
power.
Fear forces you to sell near the bottom and buy near the top. Greed
forces you to get out of the market prematurely. Hope will keep in
the trade until you loose everything. Fear may save you but hope
may wreck you completely. Greed will never make you rich.
It is easy to give advice to trade without emotions and use the
logic, only. How you can achieve that if you never have been there.
You need to go through that turmoil, pick up your loses due to your
emotional decisions and than analyze.
Study all your bad trades, because they are the most precious gifts
on the way to proficiency in trading. Growing as an experienced
trader is possible only after getting your losses in the beginning.
Then sit down and carefully study the lessons they brought to
you.
One thing traders never want to do is to admit of being wrong. The
market is a constantly changing and it demands flexibility in
taking decision. That implies monitoring and constantly adjusting,
changing your decision and action. When your logical analyzes
suggest that you are wrong get out, quickly.
Once you overcome the emotions, concentrate on developing your
signature way of trading. You can start with following different
advisors and system and picking from them the things you like. Demo
trade and test your ideas until you find the trade system which is
matching completely your personality.
Now, you have to go back to emotion in a controlled way. Every time
your system suggests a trade look inside you and see how you feel
about this trade. You feel bad discard it. If you feel good keep
it.
Here comes the final step: Looking for the final approval sign
before submitting the trade. Here is the time, where the mastership
shows up. Your weapon is loaded, the target is clearly seen on the
visor and the finger is on the trigger. You have to make that final
exhale, get the target over the cross point and shoot it.
How much knowledge, skill, experience and patience you need to
build within in order to reach that very final stage of trading
proficiency? Only youll know that and only you can do it. The rest
is just numbers in your bank account.
Building a fortune by trading currency is not a mirage in the
desert of live. There are hundreds of traders who are making living
of that business and you can do it too. Study all you can find on
the net and follow the steps of the best if you want to win that
battle.
Teo Gee
There is abundance of information available 4U
More than 30 hrs free videos on currency trading
www.TheSecret4X.com
Article Source: http://www.articledashboard.com