Selasa, 01 Januari 2008

Currency Trading Success - Knowledge Is NOT the Key to Success

by Kelly Price

It always amazes me that people say that you need to learn lots of knowledge to enjoy currency trading success and its simply not true - you have to get the right knowledge and forex education and that should only take A week or so. Here we will look at the education you need.

Currency trading is essentially simple - anyone can learn to be a trader, but the fact is 95% of traders lose - so why is it that if everyone can learn currency trading don't most succeed?

Most traders fail to understand this equation:

Robust Method + Traded with discipline = Currency Trading Success

Let's look at this equation in more detail...

It's a fact that simple systems beat complicated ones, as they are more robust in the face of ever changing market conditions.

A complicated one simply has too many elements and they break.

Keep It Simple!

People make the mistake of thinking the harder they work, the more money they will make - but you don't get paid for hours of input. In currency trading, you get paid for being RIGHT with your currency trading signal and that's it.

Simple systems also have the benefit of being easier to understand and from understanding comes in and this means they are easier to apply with discipline.

If you don't have the confidence to apply your system with discipline, you have no currency trading system at all!

Its discipline which most traders lack and this comes from sometimes working to hard or just as bad following someone else's trading system without understanding it.

Today we like to think we can simply follow an expert or throw knowledge at a problem to solve it but in forex trading this is not the way to succeed.

An Illustration
A story that always influenced my trading was when I read about the turtle experiment which took place in 1983.

The essence of the experiment was to prove that anyone could learn to trade and legendary trader Richard Dennis gathered a group of traders together from all walks of life of all ages and educational levels and taught them to trade in just 14 days

The result?
These traders went on to make Richard Dennis $100 million and become some of the most famous traders of all time.

This experiment proved that anyone could learn and the system was essentially simple - the key to its success was the rigid money management discipline that the traders used.

Currency trading is essentially simple and anyone can do it but most traders choose not to learn the right forex education or follow others.

If you want to enjoy currency trading success, keep in mind that it comes from understanding and self belief which give you the all important traits of confidence and discipline.

Is it really that simple?
It's a simple concept and totally correct and if you have the desire to enjoy currency trading success, you will learn the right education and win.

Good luck and good trading

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