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If you want to win at FOREX trading you must have an edge remember this fact:
Around 95% of traders lose – so if you don’t know what your edge is you will join them.
Let’s look at the basis of having an edge and what you need to win.
FOREX Trading is HARD – and anyone who says it’s easy, is lying.
You need an edge that allows you to win while the vast bulk of traders lose, it really is that simple.
The basis of what you need to do to achieve an edge is outlined below:
1. You can’t buy success
If you think you can consult a guru or get anyone else to give you success you need to wake up and need to “smell the coffee"!
If guru’s made money in the vast majority of cases they wouldn’t need clients.
Some are good and genuine, but that’s probably less than 1%.
If you want to follow one, you need to understand what they are doing, have total confidence in their method and see a real time track record of success.
You then need the confidence to follow their method with discipline.
2. You need a method you understand and know why it makes money
This means in most cases means deriving your method on your own and trusting it.
You need to trade it through losses and know you will end up a winner longer term and remember, all methods have long periods where they lose.
To win longer term you need to have total confidence in what you are doing and stick with your method through good times and more importantly, the bad.
If you don’t have discipline, you will fall by the wayside like the vast majority of traders and won’t be able to execute your method.
If you don’t have discipline to trade your method, you have no method at all!
3. What sets you apart from others?
This is your “edge" the reason you will beat other traders.
If you don’t know what your edge over other traders you will lose.
When you trade in the market you trade against other traders.
It’s a brutal world where only the strong survive and you need to have an advantage and more importantly, know what it is.
An edge in trading can be a number of things, but one thing is for sure:
You need to know what it is and why it allows you to take on and beat the vast majority of other traders.
Common traits of traders with an edge are:
They understand everything about the market:
How it moves and why and they have built a method themselves that suits their personality.
They then have total confidence in their method and can apply it with discipline to preserve and make them money.
If you want to win you need to do the same.
In conclusion, if you don’t know what your edge is, forget FOREX trading and do something else with your money or you will lose it all.
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