 |
Tags: finance, currency trading, simple currency trading strategy
 The trading business is a place of winners and losers. Everyone has the chance to make it big and "win", everyone loses or will have lost in one way or another. It's just as certain as tax. In easy times, all you can do is damage control. I can't say that I can offer you a full-proof forex strategy because I honestly don't believe in that myself, but what I can offer you is advice that most people tend to forget when they're going about their business because the fact is we're all human and we all hit a bump.
So allow me to build up the drama before I get to the point. In forex, 95% of traders lose even if they have their own system. No matter how good that system is on paper, it's applying the whole thing in the actual arena that makes things difficult. I was watching "Trading Places", an 80's flick with Eddie Murphy and Dan Aykroyd, and remembered the experiment that a trader named Richard Dennis did.
advertisement
The experiment was the actual basis for the movie. Individuals who knew nothing at all about the trade were taught the art in a manner of weeks and they ended up making millions. What they learned was not forex per se, but what they applied was a simple long term breakout trading system with money management rules.
What could be taken into account however is how they applied it beautifully, as seen in the end result; how they kept cool and collected. Let's face it, when you're dealing with lots of money, a lot of emotions get involved. We lose our wits or call in too early or we go charging in without a moment's hesitation and without the proper plan and come out with nothing.
I want the average forex trader to know that they too can make millions at forex because they too can earn that skill because it is something that you can easily learn. Anyone can learn it but only a disciplined person can practice and apply it properly. You shouldn't be afraid of losses because they're supposed to happen to you and the tide will turn for you eventually.
I know a lot of people out there who rely on forex signal software. They let the currency trading software run their entire account and they're totally comfortable with that. If you're one of those people, then I'm sure that you have your own reasons. I won't go into that, but what I'm saying now is that you're missing out on all the money and wisdom that you would have acquired of you didn't rely on an automated machine.
I'm sure that they do the best decisions for your account, but do you think you could have done better? When the group was interviewed, they said that keeping their heads free of emotion was the hardest thing to do. If you learn a simple currency trading strategy, all you have to do is to keep to it and be cool and calculative because it isn't as hard as being in the boiler room and after all, this is the 21st century.
The internet makes everything convenient. Everyone can win. You can earn big money if you just remain confident in your technique. So take the time to learn the skill. Forex can give you bigger rewards than you thought it could.
About the author
The author of this article Rick Goldfeller is a successful underground Financial Analyst who has been advising and coaching individuals for many years. Rick recently published a book on how to manage your money and attract Wealth and Financial Freedom. More info on his Finance Planning course is available HERE.
Share this article
You may reprint this article in its entirety on your web site, newsletter or ezine, providing you leave the About the author sections intact. You may not alter the contents.
|
|
