I am not bragging or boasting when I claim that I am one of the few successful Forex scalpers. It’s a fat that most people never earn any money trading Forex, they can spend thousands of dollars on trading courses, they can ready every book on the subject but they will always fail.
These people fail because they don’t understand the pure basics that you have to discover on your own. They come to Forex lacking discipline and their lack of discipline is often the source of their failure.
Successful Forex scalpers have self-discipline a lot of other qualities that Forex losers do not possess.
How did I come to possess these qualities. Let me tell you something, I was an undisciplined person my entire life. I always made average grades, I was fat and I never finished what I started. All of that had to go out the window for me to succeed in Forex or anything else in life.
Why is discipline so important when you scalp Forex? It’s important because you can blow your entire account on one trade. It takes discipline to stick to your trading plan.
One of the most discipline related strategies in trading is money management. There are traders who always try to trade too big or who try to make up loses on one trade, they aren’t following a money management strategy and they will soon go broke.
No matter what happens during a trade, you should stick it out and go with your plan. Your plan should consist of an entry and exit strategy. You should know why you are in a trade, you show know when to exit it. These aren’t the decisions you want to be making while a trade is going on. This is when those two devils peer in to destroy you, fear and greed.
I promise that 100% of the bad trades you make are because of fear and greed. Fear that a trade is going to turn around on you, fear that you made the wrong trade, and your greed kills you when you try to trade too often, too much, and when you try to force more money from a trade.
Stick to your pre-trade game plan.
You do have a pre-trade game plan, right? Wrong! Most of you are just playing it by ear. Forex is your adult arcade game, it’s only entertainment.
All I have to say is, thank you for playing! Your deposit will soon sit in my bank account where I will use it to earn more money. Never forget that trading is a zero-sum game, someone has to lose for someone to win.
As you can see, most traders have no idea what they are doing, yet they still call themselves traders. They treat Forex like a video game and everything they learn is just entertainment. Most will continue to fail because they do not take themselves are the business of trading seriously.
They are fish in shark infested waters.