Szeri Nos Biggs Insights : All Forex Failures Share These Characteristics.
To succeed means you have most likely experienced failure. In my experiences there is a good example on a major league baseball team’s roster, where the home run king is often the strike out king as well.
I am a great resource for this article because not only was I a Forex failure but my entire team has failed before success. I have spent time trading Forex in unprofitable ways, I have lost my entire account before ( twice actually ), and I’ve used too much leverage and zero money management. I am a reliable person to write this article because I’ve experienced all the downs of Forex markets. I have the joy of doing it quite well. I am like a perfected version of most people who try Forex.
What separates the winning Forex traders from the losers.
- First, we must establish that only a select few people make money trading Forex. I can tell you with a straight face that 90% of the retail traders lose money or barely break even. You will not get rich over night trading Forex. For the sake of this discussion, the traders I want to address are (us the little fish). We do not trade for a bank or whale or entities who have direct access to the Forex market.
- Winning traders use money management. Money management is the precise allocation of trading funds. A money management system might only allow a trader to trade 3% of his account in any one trade. Money management is the tool that gives you a huge edge. A money management system will also have limits on the amount of leverage you can use on a given day. It will also account for volatility in the market.
- Winning traders remove as many discretionary decisions from their trading as possible. It is said that the top two things that bad traders and humans in general have a hard time managing is greed and fear. The discretionary trader will change his trading plan based on those two elements. The big banks use computers to remove these two elements from their trades. They win most Forex Traders lose.
- Winning traders do not scalp and they do not day trade. Szeri Nos Biggs is an exception to this rule but we think it best that we not encourage you to follow our path.
- Short-term trading works for the big banks with million dollar computers operated my Ivy league mathematicians. I doubt you are an Ivy league mathematician and you probably don’t have a super computer in your basement. Leave short-term trading to the professionals and to the global banks. You are just a guppy swimming in shark infested water. Guess who’s for dinner?
- Winning traders spend most of their time trading higher time frames such as, the daily and monthly chart. They know that it is easier to spot trends on these higher time frames and it is easier for them to earn money trading this way.
In closing, Forex is not easy. It is a market dominated by huge global banks using super computers to trade. Successful traders do not go to war with the banks, they just follow their lead by trading trends on a larger time frame. Using money management and an easy to follow system, successful traders carve out their own niche. Today you can get a very powerful course you have been asking us to produce. Just click the image and get the full monty.
