Warning – Don’t Try Forex Trading, Master It!

Mark Thomas — Trade on Track

I believe one of the biggest mistakes you can make in forex trading is trying things half-heartedly, moving from mentor to mentor, strategy to strategy – always believing there’s a better way to do things out there. I believe one of the keys to success is to master a technique or set of techniques, master the markets, master your craft.

This article is partly inspired by a recently recorded interview of Tony Robbins that I listened to last night.  He emphasizes the need to “master, not dabble” in anything that you want to succeed at.  He was referring mainly to Internet Marketing in the context of the interview, but I strongly believe it is true in many areas of life – especially trading.

If trading were easy, then everyone would be doing it.  The fact is, it is not.  I guess it comes down to what you want out of it – it’s actually fairly easy to lose money, but that’s of course not what any of us want.  The road to becoming even a little bit profitable in the long term, can be a long and hard one.  This road does not finish there though, you can continually refine and master your techniques, your knowledge and your mindset to become more and more profitable over time – hopefully to the point where you can make enough or more than enough to live on.

Tony Striedieck, our resident forex tree guy writing contributor is in the process of telling us how he mastered the craft of trading.  The story he is telling of hard knocks (and large losses of money) along the way is not foreign to many of us.  It’s often those hard lessons that make us knuckle down and treat the process of trading with the respect and the focus it deserves.  We may think we’re learning all the right things to become good traders, but it’s subtleties like having the right mindset, setting goals and a plan, and really focusing and mastering everything we do in our trading that leads to eventual success.  Make sure you follow Tony’s stories and really take in what he is telling us.  I don’t know what’s coming up next from Tony, but anyone who has been through the hard times and has battled through to victory, is worth listening to.

This process of mastering something and not giving up is actually built into us at a very young age.  Never believe that you don’t have what it takes, because I believe that if you want something bad enough – you can figure out a way to make it happen.  I’m looking at my 18 month old daughter running around the house now, occasionally falling over and bumping into walls, but at least she’s up and trying!  Just a few short months ago she was crawling on the floor and looking at the rest of us walking, jumping, dancing, running.  She saw what we were doing and obviously thought it was pretty cool, so she tried it.  But, did she just try for a day or two then give up after a few falls, bumps and bruises?  No way!  She kept going, the same as all of us did when we learned to walk.  Persistence, creativity, the ability to continually learn and improve, building strength, are key ingredients to mastering something, whether it’s walking or forex trading.

My 3 year old son is in another room watching the Disney animation “Hercules” (for the 683rd time).  This entertaining story of the mythical greek character tells of his struggles in controlling his super-human powers.  Hercules knows he has the strength and character to be a super hero, saving the world from all manner of disasters, but he has no discipline, no control over his power – so he goes about creating chaos and turmoil wherever he goes and in whatever he does.   Hercules eventually masters his strength and power, through persistence and mentoring – so he becomes the hero he always knew he could be, and of course: got the girl.  Once again, these struggles are not that different to the process of learning to become a great trader.  We may have it in us, but without the proper discipline, skills and mentoring – we can wreak havoc, destroying trading accounts and more along the way.

In regards to trading, there are many things to master.  Don’t be a Jack of all trades and a master of none. You’ll need to master things like:

  • a winning mindset
  • a rock-solid discipline
  • a mature understanding of how the markets move and what drives them
  • how to use technical analysis to find potential trades and manage them properly
  • specific quirks in the forex markets, such as currency correlations, around the clock trading, big-player fake-outs, and relevant news events
  • analyzing and refining your trading

If you’ve chosen to begin this path to forex trading success, then I believe the rewards can be enormous.  They may not come easily, but if you are committed and willing to master all the necessary skills to get there, then it can be an enjoyable,  profitable and ongoing career path.  Good luck, and trade seriously.

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