Tag Archives: forex trading

Is It Really Possible For Professional Forex Traders To Trade And Teach?

There is a lot of discussion regarding whether professional Forex traders really have the time to trade and teach. This is my opinion on the subject.

Why Do Professional Forex Traders Teach?

The majority of discussion is centered around the premise that “why would a professional Forex trader give up his or her time in the markets, to teach others how to trade?

professionalThe majority of Forex training providers offer training courses for a few 100 bucks, which has to prompt the question “if you are a successful profitable trader, why are you offering to train and mentor people for a few bucks an hour, when you can be earning 1000’s per day by trading the markets?

This is a valid question. The obvious answer would be that the training provider does not really know how to trade Forex successfully, and the money they make from teaching, is the only money they really make from their time in the Forex business. But in the majority of cases this is the only reason the training providers exist, to take money by making false claims about their skill set and what they can offer to aspiring traders.

Training Providers And False Claims.

Many training providers that claim to be able to trade successfully (to the point where it is their main source of income) are merely re hashing the same old rubbish that everyone else teaches. But based on the fact that the people who pay him or her for the training, know less about the job than the training provider does, then he or she will be able to pass themselves off as a successful trader, when the truth is they do not really understand how the market works, anymore than the 1000s of people that post free training videos on YouTube.

So ask yourself this, is it really worth paying a few 100 bucks for a Forex training course? And the short answer is no. I can tell you with 99% certainty that any training course that offers to teach you how to trade for a few 100 bucks, is going to offer nothing more than you can get for free on the internet.

No matter how they jazz it up, or how many people say how great their course is, the truth is they are merely marketing experts, and not Forex trading experts.

The Value Of A Professional Education.

I have no desire to put together a training course for a few 100 bucks. The value of what i teach will give you the opportunity to make life changing amounts of money from the Forex market, and that information is not available for a few 100 bucks.

My time is very precious to me, and i have invested 1000’s of hours of chart study to get to the very top of my profession, and to expect someone in the top 5% of Forex traders in the world, to give their precious time for a few bucks an hour, well its not going to happen anytime soon.

So the next time you see a Forex training course for a few 100 bucks or less, just ask yourself this simple question, if this professional trader is going to train and mentor me for a few bucks an hour, how much is he or she really making from the Forex market? And the answer is, less than a few bucks an hour.

To be in the 5% you have to be trained by the 5%. Don’t waste you time and money on anything less.

Thanks for visiting my blog, have a great day. 🙂

The Secret To Forex Trading Success

What is the secret formula for Forex trading success?

To be a successful Forex trader you need 3 things. You need knowledge, determination, and discipline.

Knowledge.

Lets look at knowledge first, because this is the most important part of the formula for success.

Forex KnowledgeYou can have a tremendous amount of determination and discipline, but without knowledge you will not be successful.

Knowledge really is the foundation of every successful Forex traders trading plan.

Without market knowledge you are going to really struggle to make money from trading.

I am not saying its impossible, but its very difficult to make money consistently without it.

I love inventing quotations to help inspire and motivate people, and one of my favorite quotes is below.

Sow the seeds of knowledge, and watch them grow into success.

I cannot stress enough the importance of knowledge in your journey to becoming a successful Forex trader. Knowledge is everything in this business, and without a clear understanding of the market, and the forces that drive price, you will never achieve long term profitability in your trading.

Determination.

This is probably the second most important thing you need after knowledge.

Determination

If you are not determined to succeed then you will fail. If you are looking for a get rich quick scheme that requires no work, then Forex is not for you. Forex trading is a tough job that has to be learned, and you have to be prepared to dig in, and make sacrifices to be successful.

Some of my students had been trading over 10 years before they came to me for training and mentoring. But they never gave up.

After losing money for all those years, they still wanted to be successful, and were determined to keep going. And if you are reading this and you have been trading a number of years without making money, and you still want to learn and be successful, then you have one of the qualities you need to make it happen. But without the most important part of the formula “knowledge”, it will never happen for you.

Discipline.

Discipline is derived from the word Disciple, and is defined as an activity, exercise, or a regimen that develops or improves a skill. When you employ discipline with market knowledge and determination, you have a very powerful combination.

Discipline in Forex-tradingIf you have been trading a while you will probably have tried many trading strategies. They look good on paper, but they never really make money in a live market.

Most traders put the failings of these strategies down to their own inability to stick to the rules of the strategy.

They make excuses and blame their own discipline for the strategy not working for them. When in fact the real reason the strategy is not working, is because its a weak strategy.

Its a fact that 95% of Forex traders lose money over the long term. So based on that statistic, and allowing for some traders not following the rules of their chosen strategy, we can assume that around 75% of Forex trading strategies will lose you money. So even if you have a rock solid discipline, and follow the rules of the strategy to the letter, you still have a 75% chance of losing your money, if you are trading with a strategy that has not been developed by someone with strong market knowledge.

So again we come back to the importance that market knowledge plays in the success of every Forex trader. I teach many successful strategies to my students, and they have all been developed with a sound understanding of the market. When you have market knowledge you can trade many strategies that will make money, and its a lot easier to be disciplined when you understand what you are doing, and you are trading with a sound strategy.

Conclusion.

Having the determination to succeed and the discipline to follow rules will not make you successful without market knowledge. But market knowledge is a traders worst nightmare, and its the hardest hurdle to overcome on your journey to Forex trading success.

The greatest enemy of knowledge is not ignorance, its the illusion of knowledge.

What do i mean by this quote. Let me explain. How can you admit that you are wrong, if you don’t know you are wrong. If you believe something is correct why would you change it?

This is a problem faced by many traders. The market knowledge that they currently have is incorrect. They think 2 + 2 = 4 when in fact 2 + 2 = 5.

2-2-5-300x168Think about what i said earlier, 95% of Forex traders lose money. Why? Because they believe they know how to trade, when in fact they do not know how to trade, and this is the hardest thing for a trader to admit to, and to change.

I know how hard it is to change how you look at the market, because i have been there myself. When i first started out i thought i could read a Forex chart, but when i finally found out how to really read a chart, and to understand what it was telling me, i was completely blown away.

To change something that you believe to be correct, goes against everything you have ever been taught in life. 2 + 2 = 4 not 5. But look at it this way, if you are losing money, then what you are doing must be wrong. And its not your discipline or your determination, its your market knowledge that is wrong. And as we have established, that is the most important bit of the formula for Forex trading success.

As Einstein once said:

Insanity is doing the same thing over and over again and expecting different results.

So if you are prepared to accept that your market knowledge is wrong, and you want to change what you believe to be correct, please check out my Forex training course.

Your market knowledge has to be correct, if you want to be successful in the Forex business.

Thanks for visiting my site, and have a great day. 🙂

Top Tips For Success In Forex Trading

Top Trading TipsLearning how to trade Forex profitably is a long hard road, filled with many pot holes.

Navigating those pot holes can be a real problem for a lot of retail traders.

Here are a few of my top tips that will help to make the road a little shorter, and a little smoother, and may also help contribute to your Forex trading success.

1. Have a professional approach.

In any business you have to be professional to succeed. Whether you are Alan Sugar, or serving someone in a shop, a professional attitude will achieve the objective quicker than an unprofessional one.

Think and act like a professional trader, and you will trade like one. Professional traders have knowledge of the business, they are confident in their ability, and they are calm and collected in their trading. Educate yourself to a professional level, have patience and discipline in your trading, and you will be successful.

2. Set yourself realistic goals.

Unless you have goals you will not be successful. Unrealistic goals like “i want to be a millionaire in 12 months” will just lead to over trading, frustration, and ultimately more losses. Realistic goals will help build a strong foundation for your trading career.

3. It’s not all about the money.

Many traders focus too much on making money instead of becoming a great trader. What do i mean?

Everyone wants to make money from their trading, but focusing on the money too much will lead to emotional trading decisions. Focus on becoming a great trader first, and the money will come later. Making money is a by product of being a great trader.

4. Slow and steady wins the race.

We all want to make as much money from trading as we can, and as quickly as possible, that’s just human nature. Reading stories about successful traders making millions per year, just fuels that desire.

Having a successful trading career is a marathon, not a sprint. Usain Bolt maybe the fastest man in the world, but he cannot beat Paula Radcliffe in a marathon. Safe consistent profits, will do much more for your trading success, than fast money will.

5. Learn from your mistakes.

I always say you learn a lot more from a losing trade than you do from a winning one. Always analyze your losing trades to see where you went wrong.

You should always be able to find a reason for why a trade failed. I got stopped out, is not a reason. Find out why you got stopped out, and understand what you did wrong. If you do not understand why the trade failed, then you do not have the required knowledge to be successful, and you need more education.