Forex Trading - The Complete Equation for Consistent Income: Master Your Setup, Master Thyself!
While many times they would have been spot-on with their timing of the entry and exit points of their trades using their knowledge of technical trading setups, they would find that they invariably were not in a position to capture the largest part of the price movement. Why is this so?
This is because while identification of the trading setup will help in the proper timing of the trade, it is execution that ensures you take the trade, and execution involves nerves of steel, a disciplined approach and an ability to pull the trigger.
Indeed, mastering of the technical setup and over analysis can lead to trading paralysis! That is why most traders hesistate to take the trades, letting some profit go away in the process.
Therefore, while the first part of the success equation in forex trading is "Master the setup", it is the second part of the success equation which is " Master Thyself" that ensure the maximum success.
To master thyself is to understand one's own trading risk profile, to be disicplined enough to take the trades and to ignore any element of emotion that seeks to make you deviate from a thoroughly well thought-out and defined strategy.
Professional traders who are successful are "warriors" in their own right. They have paid their dues; they carry the wound marks as they trade themselves up through the ladder of success. It is when you are able to secure the help of a professional trader who can cast aside his selfishness (to want to keep his specialised trading knowledge to thimself) and someone who is willing to mentor you that you can quickly copy his techniques and personalize his strategies to become your own.
Indeed, when you master the trading setups, and have master yourself, you will find forex trading to be profitable, and success will follow.
Related Tags: fx trading, forex trading, trading setup, consistent income trading forex, learn how to trade forex
Peter Lim is a Certified Financial Planner. If you need a mentor to help you become a successful trader, or to discover powerful professional trading secrets to help you create a 5 figure income trading forex in the comfort of your home, visit the author's blog at http://1forex-trading.blogspot.com
Your Article Search Directory : Find in ArticlesRecent articles in this category:
- Internet Based Forex Buying And Selling Class
By selecting to enrol in an online forex trading class, you are placing down a flag that you are tak - Fx Instruction Classes
Getting your self efficiently into the forex trading market, without taking undue dangers, can appea - Automatic Fx Trading
Intelligent Forex trading is performed by means of custom software applications that allow for non-s - Fibonacci Technical Analysis Overview
There is a unique ratio that could be used to describe the dimensions of just about everything from - Can A Forex Broker Help You Change Your Fortune?
Forex market is a volatile market and you should expect loses along with the profits. This very natu - Is It Important To Know About Forex Before Finding Forex Broker?
If you are planning to invest your money in the forex market, then you need to understand the rules - Managed Fx - Expert Managed Forex Service Will Make Easy Profits For You
Managed FX. Know what you need to easily start making profit in your forex trading account todayDo y - Fap Turbo Review - Facts About The Fap Turbo Expert Adviser!
FAP Turbo, despite being one of the older automated Forex trading systems, has managed to remain the - Forex Autopilot System - The Best Way To Use This Forex Software!
The Forex Autopilot System is an automated Forex trading program which will allow you to trade in th - Is Forex Trading Really That Risky?
You have most likely heard or maybe even experienced the risks involved in forex trading. It is not
Most viewed articles in this category:
- The Shocking Truth About the Forex Trading Industry!
You won't have to look far on the internet to find an endless barrage of web sites promoting the gla - Forex Trading - Money Management Secret (part 2)
Adjusting your trade size on a fixed percentage isn't a good idea. That we established in part 1. No - Trading System Possibilities
So many people continue to discuss the use of common technical indicators in trading systems, withou - A Beginner's Guide to Currency Trading
I'm sure that you must have heard of currency trading. But do you really understand what it is all a - Learn Forex Trading Online - An Introduction to Fundamental Analysis
It is often said that information is the key to successful Forex trading but, while accurate and up- - Forex Trading is NOT Just for the Pros
I had a discussion recently with one of my newsletter subscribers. He brought up the topic of forex - How Indicators and Patterns Point the Way to Forex Profits
If you have done even beginning research into trading, technical indicators and charting will become - Forex Trading from Home
Forex is one area of work at home opportunities that seems to be growing a great deal. People essen - Forex Advisory Services
Forex advisory services provide personalized consulting, currency forecasts and advice for corporati - Forex Currency Trading Systems
The forex currency trading system is the system, which lets the forex traders buy one currency and s