Forex Article - Trading Discipline

For most of us, 'trading for a living' means earning 'give up your job' money. Replacing your salary or wages with regular, stable money earned from trading.

And the common misconception is that you have to go through this MASSIVE barrier of learning how to become a really clever, skilful, know everything, genius, expert at the currency market and Forex currency exchange.

This just isn't true . . .

. . . of course, a certain amount of knowledge is essential. Unfortunately, with most types of aids to learning about Forex and certainly with most types of training, there seems to be no attempt made to look at what the beginner NEEDS to know, rather than what the writer and trainer WANTS to teach.

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There is such a vast difference between the two - it's a chasm that can only be bridged by time and experience - because until the beginner has spent a heap of time - and gained a whole lot of experience - they won't have a clue that most of the mountain of information they took six months to wade through, isn't going to be a damn bit of use to them in the real world.

Simple knowledge and discipline is what's needed to succeed

There's an old saying, that when you're up to your backside in crocodiles, it's real difficult to remember that you only went into the swamp to drain it. Similarly, when you are wading through your fourth lesson on Exponential Moving Averages, having just finished the one on the MacD, and your poor brain is screaming, 'I'll NEVER be able to do this' - it's real hard to remember that you only wanted to earn a couple of thousand dollars a month from trading for starters.

Well folks, I have news for you. With a little down to earth, logical, SIMPLE knowledge and DISCIPLINE - you do NOT need to learn a mountain of stuff to make a living at Forex.

Here's a little more news for you. People, good and bad and for many different reasons, develop, talk about, sell, share and brainstorm new trading strategies, plans and 'wonder' systems all day every day - and they always will.

They're looking for that 'perfect' money making system that will 'beat the market' - make their fortunes and give them that elusive and much dreamed of - free lunch. Most of them - yes almost ALL of them will never get there - because folks, you and I know that there's NO SUCH THING as a free lunch - right?

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What is a crying shame is that there's no need to go there. What they want - and are searching for - and SELLING (so be very careful) is right there under their noses all the time.

The small amounts can add up quickly in Forex trading

The SECRET of profitable trading is compounding a very small amount - often. To make more money at trading - you don't NEED to get cleverer at it. The challenge - the BIG challenge is STOPPING at the SMALL amount and leaving the computer alone once you've done it. And let the compounding - work away and work away for you. Tortoise and the hare again ;-)

There are lots of reasons why people OVER trade. That is trade too much, trade until they lose the money they earned. MOST people do this. It's called 'compulsion to trade'.

If you can make your money in 30 minutes - and you are used to working 8 hours a day - I have to tell you - it almost seems immoral to only work for 30 minutes and then have the rest of the day off. I know - I've felt this.

If you can make your money in 30 minutes - there's a little voice in all of us that says, 'if you can earn $500 in 30 minutes, why not trade for a few hours - or even 24 hours and make a fortune'. I know - I've felt this.

There's also that insidious thing called GREED. Suddenly the 'potential' to be able to actually earn money in telephone number-like quantities hits you. Did you EVER get a chance like this before? Boy, it's so powerful - you can TASTE the money.

Now, that's just a few of the emotions that will come when you really understand the true potential of trading.

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So there are thousands of people who didn't get trained right, they have NO money management strategy (no 'business plan') so they don't know what they're after - it's just a free lunch - 'let's get in and feed for goodness sake' - and they loose - they loose - they loose - because their whole approach is wrong, their over-exposure to the market is enormous and their winning streak is nebulous and disappears just at the worst time.

Imagine for a moment the 'disciplined' approach

We aren't troubled with complex theories, indicators and systems. We've learnt a simple, logical set of criteria to look for. We come to the table - we look for our simple criteria. We either see it or we don't. If we don't, we have discipline, we close up and come back later - or even tomorrow - 'cos we want it right and we know what to look for. And - - - if you don't trade, you can't lose money.

If we do see it, we enter the trade - make our pre- determined target - maybe more if the trade is still going. Get out of the trade, follow our discipline annd close the computer down and walk away. It's hard to do this - but that's the discipline that will allow us to compound, under-expose us to the market and give us 'quality' time in buckets full.

It's NOT how knowledgeable a trader you are that will deliver YOUR free lunch - it's how DISCIPLINED you are.

I say this repeatedly. Don't let trading be your life. Let trading PAY for your life.

You'll find that it will - if you have discipline.

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