Most people that trade currency on the foreign exchange market will never ask anyone for help with their trading. If you are someone that thinks you can learn everything on your own, develop and maintain a successful strategy on your own, and trade successfully on your own, you are limiting your potential drastically.
Even elite athletes have coaches
Tiger Woods is arguably the best golf player that's ever lived, yet he still has a coach.
Does that make sense?
Think about it. He is taking advice from someone with less skill and talent who he can easily beat in a round of golf. He does this because he can elevate his game even more with the help of a coach.
He is the best in the world at the sport, yet is humble enough to learn more, and continually strive to get better and perfect his game. You should do the same.
You need a forex trading mentor
I will make a wild assumption here, and assume you are not the very best in the world at forex trading. I will make another wild assumption that you WANT to be the very best at forex trading. To be the best, you will need to find a coach, a mentor, or whatever you want to call it. You need someone there to help you along in your journey to becoming the best forex trader you can be.
You need a mentor because often we are blind to our own mistakes. I have often heard people criticizing others for things that they do themselves. For example, it is usually the bad drivers that blame everybody else for not knowing how to drive. Don't be that person. Be humble, and accept the fact that you are not the best (yet) at forex trading, and learn from others.
Peak performers have coaches because they WANT to be the best at what they do. If you want to increase your winning percentage and your profits in the forex market, then you should find a coach that will help you develop the skills necessary to get there.
Whether you are just starting out in the forex market or you are a veteran trader with lots of year of trading under your belt, I can almost guarantee that you will benefit from finding a mentor.
How to Find a mentor
You don't have to pay thousands of dollars per hour to your mentor. In fact, you shouldn't. If they are a professional forex mentor, then they are probably not professional traders. Do not fall for scam artists who know next to nothing about currency trading and are merely trying to rip you off.
Approach someone that has a proven track record in forex, and invite them to lunch and let them know that you would like to improve your forex trading. Then nicely ask if they will be willing to help you out with your trading. That's it. It's that easy.
Most people will be so flattered by the request, that they will jump right in and become your mentor. They usually realize that at one point in their trading career, someone had taken the time so that they can get to where they are today. Others might be hesitant and say no. If that's the case, then move on. You certainly don't want a mentor that doesn't want to see you succeed.
Meet with your forex mentor at a minimum of once a month with your trading journal in hand to discuss what you have done wrong and how you can get better.
What if you don't know any successful forex traders? In fact, what if the only person you know that trades forex is yourself! Don't worry. There are lots of people out there that are profitable trading currency. You just haven't met them yet.
Don't be shy of your chosen profession. Even if you hold down a full time job and trading in your spare time, don't make the mistake of calling this a hobby. Treat trading like your profession. Don't be ashamed to tell everybody you know about your trading, and soon enough, you will notice that you are not alone in this field.
You will realize that lots of people trade forex either part-time or full-time, and have been making a decent living from it. After talking briefly for a bit, you will realize what whether you are talking to a successful forex trader, or a loser. Your choice of a forex mentor is critical to your success. Choosing a loser will help you become a better loser. On the other hand, choosing a winner will elevate you to the next level and you will see the results in your bank account.
Accountability
A forex mentor will force you to look at your trading habits carefully. Humans have a tendency to remember everything great that we've accomplished, and forget all the mistakes that we have ever encountered. Your coach will not let this happen.
Your forex coach will show you all your weaknesses in broad daylight. Do not argue and do not defend your decisions. Listen, learn, and adapt. It may be hard to look at own weakness, but it is the only way to grow and improve.
Summary
The best golfer in the world became who he is today by continually striving to be the best and by being humble enough to know that there is always something he can learn from his coach.
If you are not constantly trying to improve on your trading strategies, psychology, and money management, then you will never become a great forex trader. Absorb everything your coach tells you and apply everything he or she suggests. Your coach has become successful not by luck, but by learning from his mistakes and changing.
If you are committed to being the best forex trader, and are in it for the long haul, you have to get a forex coach. Visit www.forex-savvy.com for more articles to help you become a forex trader.
http://www.forex-savvy.com is the ultimate resource for unbiased, helpful and friendly advice for the beginning forex trader. Learn trading strategies and practical methods to start profiting in the foreign exchange market.
Article Source: http://EzineArticles.com/?expert=Brian_S._Campbell
Saturday, October 23, 2010
Forex Trading Tutorial - Key Factors For Success
One thing you will learn the hard way about Forex trading real quick if you start trading with no preliminary training is that it is tremendously risky. Going into Forex trading with no previous education is like attempting to fly a plane with no flying instruction. So the first thing you want to do prior to starting any Forex trading is to get a first-class Forex trading tutorial. Now a tutorial does not guarantee success in this risky game but at least you will have some knowledge of what you are doing and why.
Clearly, the first element of a good tutorial is that it is written by someone who has years of experience in Forex trading. Just like you wouldn't want to take self-defense training from someone who has never been in a real fight, you wouldn't take Forex trading coaching from someone who has never actually been out on the floor trading with real accounts.
Another critical aspect with a first-class tutorial is that it is simple for the beginner to fathom. If the course comes out of the gate talking about PIPS, currency pairs, indicators and Bollinger bands without defining what those things are, you are going to be lost. You need to learn from a trader who not only knows how to trade on an expert level but who also recalls what it is like to be a neophyte and can break down the data for the beginner.
Another important factor of a superior Forex trading tutorial is that is cautions you about the common pitfalls and blunders that traders often make so that you don't experience them yourself. This knowledge could save you from losing your whole life savings in one day. This is where there is no substitute for the been-there-done-that experience of a pro trader.
A first-class tutorial will also show you how to administer your money and how to stop your losses when currency values take drastic turns. The tutorial should also show you how to cope with the psychological factors and prepare you to trade intelligently as opposed to emotionally. And with that being said, the Forex trading tutorial should provide you with a dependable system that you can stick to without second-guessing it often.
Once you have some instruction, you want to set up a demo account and practice what you learned before you start trading with real money. You can get a free demo account from nearly all Forex signal providers just by signing up. It is critical to employ these demo accounts religiously to ensure you have a reasonably dependable system that you can stick with consistently. But lastly if you are considering trading Forex you need to get your hands on a high-quality tutorial before even thinking about starting out on this risky venture.
To find out how you can get a forex trading tutorial written by a veteran trader who was losing his shirt until he uncovered this sneaky (but legal) dirty forex secret and get a $47 value forex secrets ebook for free, CLICK HERE.
Article Source: http://EzineArticles.com/?expert=Erik_Shimer
Clearly, the first element of a good tutorial is that it is written by someone who has years of experience in Forex trading. Just like you wouldn't want to take self-defense training from someone who has never been in a real fight, you wouldn't take Forex trading coaching from someone who has never actually been out on the floor trading with real accounts.
Another critical aspect with a first-class tutorial is that it is simple for the beginner to fathom. If the course comes out of the gate talking about PIPS, currency pairs, indicators and Bollinger bands without defining what those things are, you are going to be lost. You need to learn from a trader who not only knows how to trade on an expert level but who also recalls what it is like to be a neophyte and can break down the data for the beginner.
Another important factor of a superior Forex trading tutorial is that is cautions you about the common pitfalls and blunders that traders often make so that you don't experience them yourself. This knowledge could save you from losing your whole life savings in one day. This is where there is no substitute for the been-there-done-that experience of a pro trader.
A first-class tutorial will also show you how to administer your money and how to stop your losses when currency values take drastic turns. The tutorial should also show you how to cope with the psychological factors and prepare you to trade intelligently as opposed to emotionally. And with that being said, the Forex trading tutorial should provide you with a dependable system that you can stick to without second-guessing it often.
Once you have some instruction, you want to set up a demo account and practice what you learned before you start trading with real money. You can get a free demo account from nearly all Forex signal providers just by signing up. It is critical to employ these demo accounts religiously to ensure you have a reasonably dependable system that you can stick with consistently. But lastly if you are considering trading Forex you need to get your hands on a high-quality tutorial before even thinking about starting out on this risky venture.
To find out how you can get a forex trading tutorial written by a veteran trader who was losing his shirt until he uncovered this sneaky (but legal) dirty forex secret and get a $47 value forex secrets ebook for free, CLICK HERE.
Article Source: http://EzineArticles.com/?expert=Erik_Shimer
Why Do You Need a Forex Trading Coach?
Sure you might have a natural talent, but everyone needs discipline, focus, and strategy. That is where a coach comes into play. There are acting coaches, sports coaches, life coaches, financial coaches, and business coaches. Forex Trading is no different. If you want to succeed in any aspect of life coaches are there to help you along the way to help you access your full potential. A Forex Trading coach can help you identify your strengths and weaknesses, help you find tune your strategies, lead by example, and help you earn while you learn.
Even the most successful people you know of have coaches. For example, Oprah Winfrey had Maya Angelo, Tiger Woods had Mark O'Mear, and Bill Gates had Warren Buffet. It seems we may have found a success pattern. They say if you want to be a millionaire you need to think like a millionaire. How do you think those famous and rich people thought before they had coaches? I am sure they had their ideas, but coaches helped them think at a higher level and get past the competition.
In Forex trading you can learn the strategies, terms, and psychology by yourself but it will take you a long time to get to the level of being consistently profitable. Most coaches have years of experience for you to tap into which shortens the time frame for you to be successful. You could learn from their mistakes and build on their successes by adding their experiences to your own personal skill and knowledge set. The coach will also point out issues or habits which are non productive to your trading which may not be aware of.
Most people spend a lot of money on books, the next best strategy, trading courses, robots, etc. They are for the holy grail of trading and there is no such thing. Many strategies work with the right mindset, risk management and psychology. Bottom line is that having a coach by your side will improve your money making potential exponentially. So take clue from the millionaire playbook and invest in a great coach and use their experience to improve your bottom line. It is important to find a coach that has a detail trading plan (which includes a proper risk management plan, a set of proven strategies, time of day you will trade, financial goals, risk reward rules, etc.) and a proven track record of successful trading.
Your Trade Room offers the coaching needed for today's Forex Trading Market. What are you waiting for? Check them out.
Dr. Randy Rodenhouse is the founder of YourTradeRoom.com. We seek to educate individual investors on creating a self sustained trading style that is rules based and time tested. The model of "seeing is believing" is why we offer you to watch in real time our top traders execute trades with no filters. We show you the good, the bad and the ugly so you can get on the path of becoming a successful full time (or part time) trader.
http://www.YourTradeRoom.com
Article Source: http://EzineArticles.com/?expert=Randy_Rodenhouse
Even the most successful people you know of have coaches. For example, Oprah Winfrey had Maya Angelo, Tiger Woods had Mark O'Mear, and Bill Gates had Warren Buffet. It seems we may have found a success pattern. They say if you want to be a millionaire you need to think like a millionaire. How do you think those famous and rich people thought before they had coaches? I am sure they had their ideas, but coaches helped them think at a higher level and get past the competition.
In Forex trading you can learn the strategies, terms, and psychology by yourself but it will take you a long time to get to the level of being consistently profitable. Most coaches have years of experience for you to tap into which shortens the time frame for you to be successful. You could learn from their mistakes and build on their successes by adding their experiences to your own personal skill and knowledge set. The coach will also point out issues or habits which are non productive to your trading which may not be aware of.
Most people spend a lot of money on books, the next best strategy, trading courses, robots, etc. They are for the holy grail of trading and there is no such thing. Many strategies work with the right mindset, risk management and psychology. Bottom line is that having a coach by your side will improve your money making potential exponentially. So take clue from the millionaire playbook and invest in a great coach and use their experience to improve your bottom line. It is important to find a coach that has a detail trading plan (which includes a proper risk management plan, a set of proven strategies, time of day you will trade, financial goals, risk reward rules, etc.) and a proven track record of successful trading.
Your Trade Room offers the coaching needed for today's Forex Trading Market. What are you waiting for? Check them out.
Dr. Randy Rodenhouse is the founder of YourTradeRoom.com. We seek to educate individual investors on creating a self sustained trading style that is rules based and time tested. The model of "seeing is believing" is why we offer you to watch in real time our top traders execute trades with no filters. We show you the good, the bad and the ugly so you can get on the path of becoming a successful full time (or part time) trader.
http://www.YourTradeRoom.com
Article Source: http://EzineArticles.com/?expert=Randy_Rodenhouse
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