Forex Mentor Pro – How To Become A Successful Forex Trader
This weekend is Easter so Sunday I shall be enjoying a break with family. Instead of the usual blog about the global macro conditions, I thought I would pause as we all should and consider the value of educating ourselves in our chosen field.
It has been said many times that there are no quick fixes, no fast track to a million dollars in your accounts.
If you are promised a great return in a short period of time, you are not being told the truth. You are simply being succored into buying (yes, there is always a fee) some system or another that doesn’t work (for long). Despite the so-called proof, the system may fail, or work for a month or so and then fail. Market conditions continuously and endlessly change.
Even then, if you have experienced success for a while, unless you understand risk management and your own psychology, you are doomed to fail.
If you have been doing this a while, give yourself a pat on the back. With a start like the one I have just described, most of us people give up, and you are still here.
How To Become A Successful Forex Trader
So what is the truth? Simply this: your early education is paramount and the key is to master the basic steps. If you missed them or something has gone wrong and you are making mistakes, go back. Review, re-do the courses available on the website and make sure you really do understand those basics. That is not just about your technical system. Know how to really get to grips with the bigger picture. Remind yourself about probability and risk/reward.
There are three keys to learning:
How To Become A Succesful Forex Trader
When we have designed a repeatable routine, something we can do on a weekly and daily basis. Then we have to exercise the discipline to repeat it. I have a routine which revolves around an analysis of the fundamentals at the weekend. I identify themes, and a daily check of conditions through various charts and news feeds, all explained in my mini-course. Marc also prepares his plan at the weekend which includes looking at the themes and bigger time-frames. Pierre has distilled his whole process down to a cheat sheet…how many of you are using it?
There is a lot of sense in keeping this simple. You are more likely to stick to it. We show you how. This should include reading the blogs which the three of us take time and effort to prepare, week in and week out. We do a vast amount of research and preparation but it is not a magic bullet. You have to study it and then practice it according to your own personal style. We show you how to do that too.
When it all goes pear shaped, and it does at times, we need to step back and find out why. It is not productive to ‘blame’ something or someone else. Master that, and you will find the solutions. (This is a philosophy for life, not just trading)
We have a potentially great forum. There to use, to discuss, ask questions (once you have done the study!) and learn. There is no more efficient way to learn than to actually comment in words what your idea and plan is. It sounds so simple, yet we all have these great ideas and justifications in our heads and unless they are put into words there is no justification. No justification, no conviction. There is the recipe for a low probability trade.
So start Monday. Make yourself known in the forum and get involved. Do not use the excuse that it is quiet and you will not make a difference. You will, especially for yourself.
The other necessary step is to go to myfxbook.com and be accountable to the group, a chosen individual or to one of the team via the helpdesk. Send your link and be honest with your results. That way you cannot cheat yourself.
There is money to trade professionally but it doesn’t come easily or without learning, practice and commitment. It takes discipline, responsibility and accountability. We have a recent member who has just quit his job to trade full time as Marc, Pierre, Omar and I have all done. You can too.
If this really is your chosen path, it is time to step up. We offer you the building blocks. We even show you the potential designs, but you have to build the structure yourself.
There it is, the whole truth. Happy Easter/Spring or just vacation! Let’s make it a time to relaunch our journey to success.
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