In Forex It Takes Time To Become A Star Overnight

 

This is a great article that dispels some of the myths, but ony some, you still need to investigate more.

In Forex It Takes Time To Become A Star Overnight

by Paul W. Dean

Why do traders fail in Forex? There are a number of reasons. I am going to list just a few.

First Premise, the element of time
One of my premises is that most people who fail in Forex or any skill for that matter, do not give themselves enough time to become good. Most of the traders I meet want to be traders today, not tomorrow or the next day. But in anything that has long-term value, it takes time. As a result most of them have an incomplete understanding of what they need to know to trade and end up losing their money or trying another method and ultimately become a statistic in the loss column. Not to mention that most traders are swayed by brokers to trade using methods that will not secure successful results. Brokers count on a consistent turnover of traders to feed the bottomline.

Second Premise, re-evaluating what you have learned
A second premise is that traders learn the basics of trading from a book or a website. They learn the terminology of trading. They can speak the language, they know all of the indicators in the charting package, and they know lots about different brokers. If they have been around long enough they have tried nearly every method of technical analysis, plus they have invented a few of their own. But this is like someone who learns the fundamentals of golf, gets a pretty good swing but never learns to manage their game on the golf course.

In Forex, managing your game is the most important thing. Learning how to get there is even more important.

Malcolm Gladwell, the author of Outliers, a NYT best-seller has stated it takes 10,000 hours to become accomplished at something. I have some experience with that concept. When I was in the 9th grade I decided that I wanted to be a 'star' basketball player. I was an average player at that point no different than the other players I played with. A friend taught me the proper way to shoot at the beginning of the summer.

I spent every day but Sundays shooting that summer. That ended up totally over 500 hours working on perfecting my shot. The following year I started on my varsity school team and led the conference and the local area that season in scoring.

The same concept applies in trading Forex. Crucial to success is finding someone that can keep you on track with a solid method of trading. Consider these two things and you will eventually become successful.

Paul Dean is the owner of You Learn Forex and has worked extensively with RSI, the Relative Strength Index developing new insights with trader/programmer, David Moser. He has written three eBooks: RSI Fundamentals: Beginning to Advanced, RSI Trading Examples Vol. 1, and RSI PRO:The Core Principles.

In addition, he has developed a successful indicator called the RSI Paint Indicator that was adapted from a standard RSI to alert traders all 4 RSI signals.

He has also created The RSI PRO Forex Trading Course and is the originator of The Dow Trade.

http://www.youlearnforex.com. Visit the site to read more about trading Forex.

Article Source: EzineArticles.com

 

 Always do your due diligence, it's amazing how many people take that for granted and get burned.
 

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