Hello and welcome back to today’s post, dear trader.
In today’s post, we are going to talk about the two important subjects that will help you to have a better trading career if you are still a beginner or struggling trader after today.
These two important subjects are the secret art of winning in forex trading and the “holy grail” trading system.
So, let’s get started.
The Forex market is quickly becoming the focus of attention for millions of new entrants as a result of its unique advantages.
A large number of people have learned how to make clever investment choices to take advantage of the market.
Two strategies in Forex are going long and going short– once you understand these two strategies, you will be able to make important decisions in order to be profitable.
The two main strategies will be examined below.
Going Short:
This trading strategy is when the base currency is sold in order to buy it at a later stage when the price begins to fall, resulting in a return from the transaction.
For example, if the current GBP/USD is 1.5345, meaning we pay 1.5345 dollars for one pound sterling, and we have $1000, we would sell the dollars to purchase the pound sterling.
This is carried out when the cost is expected to fall again in a short time.
When the price of GBP/USD falls to 1.5350, this means that more dollars can be purchased with the same amount of pounds that were obtained at the start.
The additional dollars can be kept as profits, which were earned by considering the dollar as the base currency.
Risk In Short Position:
As with all financial markets, Forex involves the same amount of risk.
If the prices go in the exact opposite direction than originally expected, there will be a loss instead of a profit.
For example, if the GBP/USD goes to 1.5340, you would not even get the same amount of dollars that you sold initially.
This strategy is only profitable if prices drop.
Going Long:
In the Forex market, going long refers to the buying of currencies to resell them later when the price increases.
If you notice an increasing trend of a currency for a long period of time, then buying would be the correct option, and keeping the trade open until the price reaches its maximum point before reversing.
For example, if GBP/USD is showing an increasing trend for the past few hours or days and the current price is 1.5400, then you can sell the dollars to purchase the pounds and wait for the prices to get to the desired level.
When the price gets to 1.5500, you could sell, as that earns you more dollars than your initial investment.
Risk In Long Position:
There is the risk of the price falling once you have purchased the currency.
In this situation, your loss would equal the difference in the price at the point at which you bought the currency and the price at which you are selling it.
Regardless of the investment in the Forex market, it is essential to know the market trend and the economic conditions of the base currency.
The Secret Art Of Winning In Forex Trading:
1. Take complete responsibility.
2. Have a system that fits you.
3. Plan a trade and trade a plan.
4. Work hard at learning how to trade properly and keep working.
5. Positive self-belief.
6. View trading as a score in points and not in money.
7. Keep trading as part of a balanced life.
8. Repeat from 1 to 7.
If you are a long-term trend follower, then why ask a day trader?
If you are a value investor, then asking a momentum trader will be a total waste of time.
What I am saying is, that no two people have the same opinion.
Why would you believe someone else over your trading rules?
It’s a fact of life, and even more so in trading; most people want to be told what to do rather than act on their own. Yet this is a major reason most people fail in the markets.
Either accept total responsibility for your trading action or do not trade at all.
If your number one rule is “to follow your rules,” why will you need to ask a guru what they think of your position?
Therefore, If you ever find yourself wanting to ask a third party about your position, do this:
1. Close the position out.
2. Review your plan and notes.
3. Work out why you lack the responsibility to follow that plan.
4. When you are convinced you don’t need a third-party opinion, start trading again.
Accept total and utter responsibility for every trade you take from today, and you’ll be amazed at how easy trading is.
HOW CAN A TRADER LEARN TO ACCEPT TOTAL RESPONSIBILITY?
Have a set of rules and realize the most important point in trading is following those rules.
Once you have a set of firmly established rules, you will find yourself not having to follow outside opinions.
In fact, I go to great lengths not to listen to outside opinions.
Simply because I know that by following my rules, I will be on the right side of the market 95% of the time, and I will never miss a big move.
Those kinds of figures are much better than any outside source can give you.
So from today, learn to take total responsibility for all your trading decisions.
Strive to develop and then religiously follow a set of trading rules, knowing it is the importance of following those rules that ultimately determines whether you will win or lose in the long run.
If you ever find yourself thinking, “They did this” or “The market caused that loss,” change it to “Did I follow my rules?”
If the answer is yes, pat yourself on the back, as you are on your way to becoming a market winner (one of the minority).
If the answer is NO, find out why and strive never to repeat this error.
WHO STOLE MY FOREX TRADING “HOLY GRAIL” TRADING SYSTEM?
In my opinion, The ”Holy Grail” trading system in today’s trading world is a never touched subject in the forex trading community.
You see, you are here now, and I want you to read carefully what I did say here so as to understand what I did not say.
There is no doubt that after being introduced to the phenomena of the Fibonacci numbers in the forex market, the profitable Cashforex trading system, the trading plan, and the discipline to follow a set of trading rules, you may think you have been shown the Forex trading ‘’Holy Grail’’.
You may think, “This is going to make me rich in no time.”
I know I did.
The reality is there is no ‘’Holy Grail’’ trading system in Forex trading. (Yes)
The closest that you will ever get to a “Holy Grail” trading system is the application of a correct trading system and credible knowledge that has proven to work over time, accompanied by the implementation of a set of rules with the utmost discipline when trading.
This is the real trading system truth that can hurt you in under 3 minutes.
Every profitable Forex market, stock market, cryptocurrency market, and other financial market trading system only works if you (work) it, yes.
That is the truth and nothing more.
Let me get real with you on the one missing word to this whole ”get rich quick” scheme sentence, the currency trading ”holy grail” sentence, and in many market trader’s mindsets altogether.
If there has ever been a truth that there is a secret to forex trading success, then that would be a proven system that has proven to work overtime, my dear forex trader.
So, to combat this moving forward as a forex trader seeking true long lasting career success, get a great proven system like the CashForex system, create a plan with the proven plan and rules that come with it, and then do the work.
It cannot be simpler than that.
This is my 100% answer to all the “Holy Grail” trading system-seeking bullshit regarding your trading career success.
There you have it, the two important subjects that will help you to have a better trading career if you are still a beginner or struggling trader today.
Congratulations, as you plan and make every right effort to succeed as a financial market trader.
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P.S.: If you have any questions regarding this post, kindly go ahead and comment in the comment section below or share this post with your financial market trader friends using the share button on this post page. Thank you!
I want to see you succeed in life and in your financial market trading career.
Talk to you soon,
Daniel Ohuegbe,
14-Day Career Freedom Opportunity Founder And CashForex Trading System Creator!
14-Day Financial Market Success Mentor!
Dedicated To Redeeming Your Career And Financial Freedom!
