Forex Market Trading: What I Would Have Done Differently All Over Again
Hello my friend, It’s a very beautiful day here in the Netherlands, a great week, month and seasonal Forex trading discovery for me personally.
Have you read about my Forex market trading journey on how I got started trading in the Forex market? Have you ever been to the Netherlands?
Is absolutely a great country for everyone, this is just my personal experiences anyway.
The birds are everywhere and there is lots of sunshine out here.
You see my friend as a Forex trader who has had failures upon failures, errors, and mistakes and now has taken these setbacks and errors and turn them into Forex market trading success stories and achievements.
Beyond the scope of this article, my Forex market trading success and trophies are basically things I should have done differently if I have to start all over again as a Forex market trader.
My Personal Success Orientation
Quick quiz: 1:
Do you know why so many Forex traders fail when the Forex Big Dogs come to town for seminars and new product launch?
1. Forex Big Dogs personal trading system and knowledge?
2. Forex Big Dogs high-quality trading system displays and attractive merchandising?
3. Forex Big Dogs results prove and testimonies?
4. Failure orientation of beginner Forex traders?
All Forex Big Dogs really have to do to dominate many Forex traders mind my friend, is to greatly announce their new Forex trading system launch, big trading results, testimonies around town, doorsteps and websites…
When this happens You or many ‘’Forex market traders give up their Forex market trading system and trading plan because they think the Forex Big Dogs trading system will be their next trading ‘’Holy Grail’’ that will control or dictate the Forex market trend every now and then.
My Personal Failure Orientation
Listen My Friend, Failure Orientation Is When You Are Controlled By External Circumstances.
Next time you’re bemoaning adversity, lack of resources or feel you need to confirm, these are signs of failure orientation.
Just ask yourself “where’s the profit in that?”
Successful trader, when faced with adversity see opportunity through creativity and action.
Successful trader, when they lack resources become resourceful and look for new ways to use old items, systems, skills and people.
When everyone is trading to be the same, successful trader find ways to do the opposite and be unique.
There’s a reason it’s called a ‘’Unique Trading Proposition’’ and not a’’ why I’m using the same trading system as everyone else’’.
My Personal Trading System And Trading Plan
As a Professional Forex trader, I found out that if you aspire to a great trading career, it might be useful to carefully consider the foundation of all trade success ever recorded in Forex trading history.
What’s meant by this is that a system and a trading plan are the life-blood of any great Forex market trader. Look at a couple of examples out there and see if you agree. (Get CashForex Bullbear Indicator Here)
My Personal Sticktoitiveness
You see my friend, while this word isn’t scientific, it is very real and it is the reason why most Forex market traders fail at most everything they do!
Admittedly this one is a little harder to quantify, but many of the traits that make most traders successful are hard to quantify. The bottom line though is this… if you never have a system and a trading plan and never give it time to work, you are going to fail at most everything in terms of Forex market trading.
I Can Say You Need To Create A Plan, And Then Stick To It.
Most systems DON’T work overnight but need Refining and Revamping.
What Forex trading plan, initiatives or systems you have started in the past and then abandoned?
List Three Of Them Below
Now that you’ve listed three of them, circle the one that you feel is most promising and commit to creating a trading system around it.
Once you’ve created the trading plan, write down ALL the steps in the systems (you’re really creating a successful trading system here my friend) and then over the next 3 month’s evaluate each step and make changes, additions, deletions etc… until you’ve got a reliable and predictable pips generating Forex trading system!
In order to develop more “Sticktoitiveness” it’s important to understand why most people fail to “stick to it.”
My Six Personal Reasons Why Most Traders Don’t ‘’Stick To Their Forex Trading System and plan’’ And What To Do About ‘’It’’
1. No reason for confidence in “it”– If you’re creating a new system from scratch without a guide and you’ve got little or no experience about why this would work, then it’s easy to lose faith in “it.” To combat this, use a system you know that already works for others!
The most successful Forex traders often “swipe and deploy” ideas that are already working and get coaching, mentoring or hire someone to help implement this system in their career. You can also read books, buy courses, attend live events or hire consultants to learn and create these systems.
2. No confidence in “self”– Your past does NOT equal your future!!! So many traders simply abandon plans because they’ve “failed” in the past. Once you abandon and truly grasp that your past failures are simply things you learned from and move forward, you will astound yourself with what you can accomplish. do you need a Forex broker?
3. Insufficient reasons to “stick to it”– What is the best possible outcome of what you’re trying to accomplish? Don’t just write “make more money” or “save time” but write down what that money will do for you, or what you can now do with your extra time.
Then write down why you want that. Get to the reason behind the reason. Keep asking “what will this do for me” and then you’ll know whether there’s a reason to accomplish what you’re trying to accomplish.
4. Too hard to do “it” – This is actually the best reason to do “it.” Traders waste a lot of time and money trying to simplify something that requires a complex solution. If to accomplish your goal it’ll require 20, 30, 40 steps…how many other people do you think are going to take the time to create this system? You’ll have given yourself a Forex trading asset that is almost impossible to replicate. So roll up your sleeves and start building and creating it!
5. I.N.I.’s– Ignorant, negative, influences. The more traders you tell about your trading plan, the more traders you’ll meet that will tell you why it won’t work. Be careful about who you tell, because often traders with the least experience in what you’re trying to accomplish, will offer the most advice or criticism. Get rid of these traders as advisers and instead seek out traders who’ve accomplished similar goals and have been where you have been who will provide educated positive insights.
6. Isolation – The Forex trader is the loneliest person on earth. It’s been said: It’s hard to have courage in the dark by yourself! So what’s the answer to this? Easy, don’t go it alone. Get traders to come on your journey with you. You can take someone inexperienced but be working towards the same goal or better yet, find or hire someone who knows the way and let them guide you!
My Personal Forex Market Trading Discoveries, Trading Principles, Thought And Findings
Here I will be revealing my personal Forex market trading discoveries, thought and findings based on my emotionless research and analysis as follows.
1. I Never start up with the four major currency pairs (Eur/Usd, Usd/Chf, Gbp/Usd and Usd/Jpy)
2. I Never add to any losing open trade (never) what is the point?
3. I Develop a profitable trading plan and system.
4. I Start small, go slowly and be determined to fail.
5. I Never fear loss; it is part of the trading game.
6. I Never hope or believe in a 5/5 or 10/10 profit target (biggest conspiracy ever)
7. I Never trade without proper money management.
8. I Never trade with personal emotions.
9. I Never trade without trading stops (stop loss and take profit)
10. I Never trade without a daily trade set target.
11. I Never believe in trading shinning object syndrome.
12. I Always study to know my technical trading indicators.
13. I Always study and believe in my Forex market trading discovery.
14. I Always study to know better than my past trading experiences.
15. I Never believe that Forex market is a get quick rich scheme.
16. I Never forget that better and bigger pips are ahead.
17. I Never believe in only one better trade, more trade are coming.
18. I Believe I can discover and learn as I trade the Forex market on daily basis.
19. I Know success is a determination that good trades are ahead.
20. I Never forget self-motivation and the creator who lives inside me as a Forex market trader.
And finally here you have it, My Forex Market Trading, What I Would Have Done Differently All Over Again. (Read About My 3 Forex market Coaching Levels Here)
Talk To You Soon And See You Inside,
European Session Pip Earner And Coach
Helping You Financially
Author: CashForex Portfolio Trading Book.