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Submitted by: Haruka Mingle
Forex Trading is simple, but certainly not easy. It was once famously quoted by the CEO of a world-renowned broker that, if more than 20% of the Forex participants are making profit on a particular trading day, he would be pleasantly surprised.
Now, what kind of figure does 20% reflects to the rest of the Forex Traders? Over 80% of our fellow participants in FX Trading is not making any profits overall day after day.
While Forex Trading is relatively easy to grasp, many have encounter extreme difficulty in executing it when it comes to Trading their Live accounts practically? Some experts may have famously coined the phrase FX Trading is 70% Psychology, others have claimed that a completely mechanical Forex Trading Strategy is the only way to banking pips, the rest would have argued that years of experience and a pinch of intuition would certainly make a formidable Forex Trader.
At Forex Vice, we thought all 3 of these theories are correct in their own ways.
A successful Forex Trader would indeed require a winning mentality and a mind of steel one that would remained alert and composed whether on a Roller Coaster ride and smooth sail on the sea. The market is, by all means, unpredictable at best, and thus most successful Forex Trader do possess a calm and focus mind.
Additionally, could a trader flourish in a seemingly random Forex market without a reliable system in his arsenal of Forex trading strategies? Definitely not. He would know when is the best time to trade, and what conditions would normally provide him with a better edge. An edge, is all it takes to be profitable with this nasty market afterall.
But market changes, I hear you say. Of course it does. If you know anything about I-Ching, well, probably you dont, but as with human beings, and rightly so, the market is never the same. Mechanical rules and a solid mentality would do well, but if a Forex trader and his respective Trading Strategies lack a ability to adapt to change and react to the trading conditions and longer term trends he would never be profitable for long. No trading software, or Expert Advisors, in the market could consistently profit from the market in a long run. The market dynamic changes, the market participants and the minds behind the scene changes, the global sentiment changes, everything changes and any Forex trading strategy based strictly on mechanical rules would need to be review and fine-tuned every now and then. Having said that this is where your trading experience and your pinch of intuition comes in.
The advantages of an accurate gut are indisputable. George Soros, arguably the greatest trader of modern times, depends on his gut. I rely a great deal on animal instincts, he wrote in his 1995 book, Soros on Soros. When I was actively running the fund, I suffered from backache. I used the onset of acute pain as a signal that there was something wrong in my portfolio. The backache didnt tell me what was wrong you know, lower back for short positions, left shoulder for currencies but it did prompt me to look for something amiss when I might not have done so otherwise.
About the Author: Forex Trading should be profitable, period. If you havent been making decent profits like a thousand other Forex Vice subscribers, you can rely on our Forex Signals. Automatically copy our trades and bank in profits!