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Forex Trading Discipline

2010-05-01 01:27
Most traders underestimate forex trading discipline and yet without it you will never win even if you have a method that can make money - some explanation will make how important it is clearer...

What actually is forex trading discipline?

It's the ability to execute trading signals in line with your trading system.

Why is it so Important?

Most traders believe the rubbish they read from vendors selling sure fire trading systems that they will not face a long period of losses but even the best traders have many weeks of losses and you will too.

This doesn't mean you won't win, you can - but you must keep executing your trading signals, while the market makes you look stupid and erodes your equity, until you hit a home run.

In forex trading you need to take your losses and keep them small if you are going to win it's as simple as that. We don't like taking losses but if you don't learn to take them you will never win.

Why is it So Hard To Achieve?

When your emotions kick in, you are inclined to over ride your trading signals, or run your losses longer or simply stop trading your system rules. We all want to win and taking losses is hard the emotions of greed and fear then start to over rule our logical judgement.

Anyone who says trading discipline is easy, has probably never traded its hard, even for experienced traders - but get it and you can win and make a lot of money.

How do You Achieve Discipline then?

It's based upon knowing what you are doing and having confidence in whatever trading system you are using. Most traders try and follow others and there confidence soon goes because they don't know what there doing.

They don't get the right forex education and you are unlikely to have confidence in something you don't understand.

You need to do your homework and know how and why your forex trading strategy will lead you to success. Only by having this confidence in your forex trading system, will you stay on course and win.

A Combination of Method and Mindset Forex trading is a combination of a simple logical robust method, which you have the confidence to execute with discipline and both need to come together for you to succeed.

Anyone can learn currency trading, it's a specifically learned skill but 95% of traders lose and while some lose because they have bad methods, most will have poor discipline.

Forex trading success is more about mindset than method. Anyone can learn a method but fewer traders can execute a method with discipline.

So if you want to win at forex trading- never underestimate the importance of forex trading discipline, its vital to your success! So make sure you have the confidence in what you are doing by getting the right education which will give you the mindset to be disciplined.

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