Wednesday, April 29, 2009

A Tip for Accelerating Your Forex Education

I teach a lot of traders and at the beginning they all have the same question...

How long will it take me to learn this? How much time can I expect to spend on my Forex education.

You know there is no answer to this. There are many variables to this answer, but it really comes down to the qualities needed to overcome most obstacle -- patience, determination, persistence and perseverance.

I know, yeah but..

Yeah, we have all those qualities, but we still want to accelerate the process. My recommendation is to live at the razor's edge. If you have traded Forex for any time you will realize that the difference between profit and loss is literally a razor's edge. With experience comes minor tweaking of our trading process until we have found consistency. Consistency gained through Forex training.

It's kind of like baseball (my favorite trading - sports analogy). If you are a .320 batter your baseball career you will most likely be elected to the Hall of Fame and bestowed major accolades. If you hit .280 everyone will tell you that you had a nice career, but no Hall of Fame call will come your way.

The difference between the two is that the .320 hitter got one more hit every 15 at bats .. that's it!

A minor increase in your Forex education is all that it will take for you to gain access into the Hall of Fame for Traders. Commit to yourself that you will read another chapter of the technical analysis book tonight, or spend 30 more minutes in your trading room will lead to astonishing returns down the road.

It is the little things that will ultimately give you the edge.

Happy Trading!!

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