Forex Trading - Do You Have What it Takes? Answer These 10 Questions and See if You do!

So you want to win at forex trading? Well try answering the 10 questions below correctly - if you get them all right congratulations! You are on the way to entering the elite 5% who make big consistent gains.

1. Day trading is a great way to make money.

The correct answer is no. All short term volatility is random and you cannot win long term. That's why you never see a day trading record with a real time track record, it's always simulated. The same goes for forex scalping - it's a loser's game.

2. Trading is a gift and not something everyone can learn

The correct answer is no. Anyone can learn forex trading if they have the right mindset. This was proved by legendary trader Richard Dennis who taught 14 people to trade with no experience in 14 days and they went on to make millions.

3. A Simple trading system is better than a complicated one.

The correct answer is yes. As a general rule all the best forex trading systems are simple. There easier to understand, apply and tend to be robust. Make a system to complicated and it will have too many elements to break.

4. You can trade the news an expert opinion and make money

No you can't! This is rubbish, news is instantly discounted by the market and by itself does not determine price - people do. The events are unimportant its how people perceive them that are important.

5. You don't need to work hard - effort has no bearing on profitability

The correct answer is yes. You don't get paid for effort you get paid for being right with your trading signal and that's it. You can take 10 hours deciding or 10 minutes it makes no difference to your success.

6. Human nature is constant so you can use a scientific theory and predict

The correct answer is no. Human nature is constant - but you cannot predict it with a scientific theory. If you could we would all know the answer in advance and there would be no market? Forget predicting, you will end up with results that are as accurate as your horoscope!

7. Buying new highs is better than buying low

The correct answer is yes. Most new trends start from new market highs (breakouts) if you try and buy low you will miss most major moves.

8. Your Risk per trade is your anticipated gain minus your stop

No it isn't. This is one of the biggest misconceptions of trading, it's simply an opinion.

9. I can follow an expert and make money they know best

They may but the best answer is no. It doesn't matter if they have made money, you have to have the discipline to follow them and that's unlikely, if you don't have full confidence and understand their method. Keep in mind, if you don't have confidence in a method, you won't have the discipline to follow it. A good method doesn't guarantee success, you need the discipline to follow it - if you don't you have no method!

10. You Should Always be in the market in case you miss a move

The correct answer is no. You should only trade when the odds are in your favor and not trade for the sake of trading or hoping that you will be in the right place at the right time.

Got them all right? Then here is your bonus question!

Answer this question with no thinking and no pause:

My trading edge is (defined)

A trading edge is something you have confidence in, that can allow you to enter the minority of winning traders. Don't know what it is?

Sorry it's back to your forex education until you do - if you can't define it you don't have one.

Got all 11 right? Great your all set to enjoy currency trading success!

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