Let me start by saying that knowledge is a necessity and
Can be extremely valuable, but it is not power. Having
Knowledge merely gives you the power to make good decisions
And there by act on those decisions.
Ah, the real power is in ACTION.
Let me give you an example. If you are sitting on some
Railroad tracks and a train is coming your way, it is not
Enough to know that you should move off the tracks you
Have to get off the tracks. You must take action. You
See, without action, knowledge is worthless.
It doesn't matter what knowledge you acquire or how much
Of it you gain on a particular subject, it is useless
Until you take action.
Think about it! Will reading
And learning everything there is to know about being a
Glamorous movie star makes you one? Of course not
I am not saying that you should not learn new things.
It is imperative to have knowledge in order to be able to
Take action. Nowadays, you need a college degree just to
Get an entry level job but it in no way gets you any
Type of promotion or better paying job they are
Facing increasing competition from multimedia software
Companies and particularly the Internet
Unless the big publishers can find a book that is going to
Sell by the thousands; they are unwilling to bring the book
To life....irrespective of the quality of the manuscript!
If you decide to self-publish you are then faced with the
Challenges of running a business, writing, printing,
Marketing and selling your book.
Will you be able to find
Any time to write your next one
If you decide that selling on the Internet is a good move
Due to the fact that you can reach a global audience
Relatively cheaply and you are not involved in printing hard
Copies, liaising with book distributors, and printing
Marketing collateral, then this article will help you on the
Road to becoming an established online author.
Through experience,
Showing that you can take what you have learned and put it
Into practice is what gets you a promotion or raise.
Many highly educated people are working in menial jobs,
While we have millionaires that don't even have a high school
Diploma how can this be?
Very simply, even though they
Did not excel in academics, they did excel at taking action,
Trying new things, experimenting, learning through experience
How does all this apply to you? If you truly want to succeed,
You must first acquire a bit of knowledge, but most importantly
You must take what you know and act on it. Any time to write your next one
If you decide that selling on the Internet is a good move
Due to the fact that you can reach a global audience
Relatively cheaply and you are not involved in printing hard
Copies, liaising with book distributors, and printing
Marketing collateral, then this article will help you on the
Road to becoming an established online author.
Through experience,
Showing that you can take what you have learned and put it
Into practice is what gets you a promotion or raise.
Eagerly and ambitiously act on what you have learned and
You will succeed.
Succesful Forex trading is actually very simple and the knowledge is easy to acquire, yet 90% of traders lose - so why is this ?
Because knowledge alone is not enough, furthermore you need to learn the right knowledge and most forex traders don't.
There are plenty of very smart people who lose and plenty of small potato investors who make a lot. The fact you have a lot of knowledge or are clever does not ensure success and in most cases ensures you lose.
Let's look at this in more detail.
The right knowledge
Is not hard to acquire and starts from learning yourself and not trying to get a short cut to success by buying it - if you think you can buy success you are going to lose.
Trading means getting knowledge that works and you can have confidence in.
Your aim is to make money, not be clever and you can build a simple system from free resources on the net.
Simple systems beat complicated systems as they are easier to understand, easier to apply and make more money as they are more robust.
Fact is most of the top traders in the world use simple systems.
We have been traders for over 22 years and our system is simple:
Trend lines, support and resistance to spot trends and 3 confirming indicators and that's it and it works.
The right knowledge is easy to acquire but the trick is you MUST understand it, to have confidence and this gives you the trait that most traders lack.
Discipline
If you try and follow someone else you won't have confidence and you won't be able to follow a system with discipline.
Unless your knowledge is acquired by you and you have confidence, you won't be able to follow your trading system through losing periods. You will simply throw in the towel
Discipline sounds easy to acquire but it isn't ? it's extremely hard to hold your emotions in check.
How do I get the RIGHT Knowledge
Forget all the e-books, courses and other forex education sold on the net.
Go to Amazon and get some books by top traders, who have walked the walk rather than simply talk the talk.
Most sold info on the net is not worth the money and you can get far better knowledge cheaper at your local bookstore.
Good books to start with are Jack Schwager ? Market Wizards and New Market Wizards ? the interviews here are all with legendary traders and is a great inspiring read.
Then get some books on trader psychology.
I am a big fan of Jake Bernstein who really shows how important and elusive getting the right trading psychology is and really hits it home.
Another favourite of mine is Trader Vic by Victor Sperandeo, a fantastic book covering all you need to know from money management to system building.
Done that?
Then go on the net and build a simple system based around technical analysis, a breakout methodology find a few indicators you like to confirm trend momentum and you're all set to go.
Sounds simple?
Building the system is the easy part ? getting the right mindset is the hard part - good luck.
Both Manishh Kumarr & Kelly Price are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.