Forex Trading With An Expert Attitude

2007-08-27 Word Count: 788 Category: Currency Trading

There are more traders nowadays then there ever has been before, and hand in hand with new traders comes new questions. Every Forex trader that I've come across has at one point or another asked the question "What are my chances of success?"

If I answered this question by stating: "On average 80% of today's Forex traders will succeed" you might be justified in calling me crazy, however some 15 years ago one might be inclined to answer with such bold figures. Certainly it would not be uncommon for at least 50 to 60% of the chosen few Forex traders to achieve success in those days. The currency market was fresh and opportunities were wide open. Daily price movements were somewhat more predictable and the competition was not nearly as aggressive as it is today.

As time moved on from the late 80s, early to mid 90s and on up to our Present day the success rate dropped drastically as the Forex market progressively became saturated with day traders; this in turn made for a more unpredictable trading environment. The "white noise" we experience intra-day is in part the efforts of the masses, each trader grabbing at what they can to secure their daily profits. However, the cold reality under present circumstances is that less than 10% of today's Forex traders succeed in achieving consistent profits.

Let's take a closer look at the real ratio of winners to losers. You see, it's important to understand that this isn't a luck of the draw situation. When you look at figures like 1-in-10 there is certainly much more than meets the eye beneath these numbers. Let's explore this thought further.

Take 10 traders asking the question "What are my chances at succeeding in Forex" and try to find out which of them has the mind of a champion. The answer is rather disappointing, as those who think big do not ask small questions like this. Thus you will not end up with 1 winner and 9 losers. The same holds true if you conducted this experiment with 100 traders, or even 1,000. So the odds are 1-in-10, you might say that this doesn't make sense? That is a very good question as within the answer lies one of the keys to your trading success regardless of which system, method or school of thought you subscribe to.

From those who are winning constantly we notice a pattern. Specifically the pattern of positive questions, they tend to stay away from a losing attitude by not asking self defeating questions such as: "What are the chances that I'm in the losing percentile?" but unfortunately the vast majority of those who are not making steady growth have no option but confusion as they wonder why they aren't on the winning end of things; constantly asking: "Why do I keep losing in Forex?" and unfortunately getting in return disappointing answers. The answers may be "Because you're not good enough" or "You're not making enough pips per month", these answers do not help in the least as far as taking a hold of your financial destiny as a Forex trader. If you don't want to be left in the dark without a lamp then it's time to take control of your mind and give yourself the psychological edge you need and deserve.

Transitioning into the winning crowd involves adjusting the questions you ask from self-defeating questions to the sort of questions that will inspire you to find solutions, methods or systems that utilize your strengths. Try not to lose your way when losses come around, it's important to remain focused in times like those more then ever by replacing the negative thoughts with a new empowering question. For example try not to ask: "Why do I keep losing these trades", rather try asking: "What can I do to start winning". They may sound like similar questions however the answers you receive will always be drastically different, and without a doubt these questions and answers will play a lead role in defining the destiny of your financial future as an investor. An empowering psychology is at the heart of every great Forex trader.

The category we find ourself in more often then not is self inflicted simply due to the fact that we are in the habit of asking the wrong sort of questions. Don't underestimate your ability to find the answers you seek simply by asking positive questions and never fail to realize that this tool alone can play a large role in helping you to take control of your financial destiny.

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Ranked in the Top 10 by Google as an International Forex money manager Aaron Stokes is a professional in the field of managed Forex accounts with an average of 10% growth per month on managed accounts. For details visit: www.forex-cipher.com