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Personal Character & Forex

Author: Kishore M
When it comes to personal character, trading Forex requires two main qualities. You have to be able to self-govern and you have to be able to keep going even after you experience loss. Many people are actually devastated by the Forex market. They start out too eager and they lose everything they have.



The CFTC has recently passed laws to restrict Forex in the US because they believe that all beginner Forex traders are unsophisticated. They know that they tend to lose large amounts of money early on in their careers. However, statistics also prove that you can be winner in Forex. You have to have the right experience and you have to know how to govern yourself.



During the month of January 2010, a list of brokers reported large percentages of traders were successful trading Forex. This wasn’t just a fluke in the typical trading reports. This was just an example of how many people are commonly winning in Forex. MBTrading reported that 47% of their traders made money that month and IBFX reported that 46% of their traders made money. FXDD reported that 45% of their traders made money and Forex.com reported that 43% made money.



In fact, in January 2010, EUR/USD was the most profitable currency pair for the month with 51% of traders making money on that currency pair. (currencee.com) You don’t have to be much better than average to make money in Forex. You just have to be able to control yourself and learn from your mistakes. Of course, the numbers are much worse for beginners because the mistakes they make tend to knock them out of the game early on. If they hang in there, those same mistakes tend to turn them into experienced traders.



Think about a professional athlete. Great football players don’t become great by sitting on the bench or hanging out in the locker room. They get out on the field and they learn to take their hits. They learn to govern their behavior and to “huddle up” after they have taken a hit. Forex is similar to a sport because you have to have two qualities to be a success. You have to be able to perform well and you have to be able to keep going, even after you have lost a big game.



Experience is the thing that Forex beginners need the most. Practice as many tested strategies as you can find and see if they actually work. Sometimes these strategies won’t work but other times they will. Through a series of practice and failure, a beginner will eventually learn when the best times to trade are and when are the best times to sit and wait. They will also learn what the best amounts for trading are on their account and how much to risk at any particular time.



Nobody can ever tell another trader what is best for them because everyone is different. You will learn how to trade Forex differently than others and things that may seem superficial and easy to one trader may be the most difficult and profound lessons for you. Here are some tried and true strategies that aren’t going to work every time. They will require practice to learn them and more practice to perfect them. Even after they have been perfected, there will still be times when they won’t work and this will be one of the most important things you will need to face in the Forex market as you learn to pick yourself up from the tough tackles and get back onto the field!
Article Source: http://www.articleclick.com/Article/Personal-Character-Forex/1590781

About the Author:

Kishore M is an expert Forex Trader who was interviewed by Bloomberg & BBC. He has trained over 100,000 forex students around the world. Watch his profitable forex trading strategy videos at: http://www.ifxprofits.com

More Philosophy on the Forex Trading Course

Author: Kishore M
In the first article on Mr. Kishore M’s Forex trading course, we learned how too much knowledge can sometimes make you think your wiser than even the greatest philosopher Socrates. For those who like Mr. Kishore M’s strategy, they will remember how they were instructed to buy on the open of the third candle, after they have seen a price signal that reached the lower Bollinger Bank. To understand the exit things may start to get a little more difficult. Let’s take Socrates along with us again while we determine if Mr. Kishore M really has a good trading strategy here which he likes to call “Instant PIP Profit.”

On Mr. Kishore M’s strategy, we are told to exit when the price touches or “reaches” near the upper Bollinger. Again, we might be given the counsel of Socrates to remain open to the “vagueness” of the market. Socrates would have loved to expose how Mr. Kishore M’s first example shows a case of AUD/JPY which is at 93.25 when it hits its low. Then the third candle opens around 94.2 and shows exactly where you would enter. The exit is around 94.8 and gets you about 60 pips in 90 minutes but Socrates might step in and remind us that the price barely touched the upper Bollinger in Mr. Kishore M’s example!

Many traders would have missed the opportunity to take profit in this short 1-2 minute window that Mr. Kishore M. points out. This is because there is never a strategy that is completely clear and that works 100% of the time. Many traders would have found themselves waiting another 40 minutes or so to get a second chance at an exit on this trade. “Oh no!” they might say. “I missed my chance!” Their brows would start sweating and their heartbeats would speed up. “Where is Socrates or Mr. Kishore M. to help me!?” Luckily, traders would still get a second chance in Mr. Kishore M’s example.

40 minutes later, most traders would likely exit immediately when the price hit the upper Bollinger Band again. This would mean they made the profit in a little over 2 hours which would have been even better at 80 pips. “Phew!” they would say. “That was a close one!” The Forex trader would have finally become a little bit the wiser thanks to the counsel of Mr. Kishore M and the philosophical genius of Socrates and next time he might decide not to wait for the price to actually hit the upper Bollinger Band but exit as soon as it gets close.

The problem with exit strategies is you never know if you should exit right away or wait a little longer. If you exit early, you save yourself the stress of further risk. You might also get the frustration of seeing what “could have been” later on. If you wait too long, you may lose everything and want to kick yourself for what you missed. Try to play it cool and keep your emotions out of the picture. Wise men know that emotional trading is never going to get you where you want to go. Take it from Socrates that you never really know what is going to happen next in a Forex trading course and it’s especially good to be safe rather than sorry!
Article Source: http://www.articleclick.com/Article/More-Philosophy-on-the-Forex-Trading-Course/1598724
About the Author:
Kishore M is an expert Forex Trader who was interviewed by Bloomberg & BBC. He has trained over 100,000 forex students around the world. Watch his profitable forex trading strategy videos at: http://www.ifxprofits.com