Each and every day I'm contacted by traders from around the
globe and there seems to be a very common question floating
in the air, a question that if answered with any degree of
certainty could endow the inquirer with untold confidence
and success. The question is simple but it's implications
are powerful: "If I start trading Forex, what are the
chances that I'll succeed?"
If I answered this question by stating: "On average 80% of
today's Forex traders will succeed" you might be justified
in calling me crazy, however some 15 years ago one might be
inclined to answer with such bold figures. Certainly it
would not be uncommon for at least 50 to 60% of the chosen
few Forex traders to achieve success in those days. The
currency market was fresh and opportunities were wide open.
Daily price movements were somewhat more predictable and
the competition was not nearly as aggressive as it is today.
As time moved on from the late 80s, early to mid 90s and on
up to our Present day the success rate dropped drastically
as the Forex market progressively became saturated with day
traders; this in turn made for a more unpredictable trading
environment. The "white noise" we experience intra-day is
in part the efforts of the masses, each trader grabbing at
what they can to secure their daily profits. However, the
cold reality under present circumstances is that less than
10% of today's Forex traders succeed in achieving
consistent profits.
Let's take a closer look at the real ratio of winners to
losers. You see, it's important to understand that this
isn't a luck of the draw situation. When you look at
figures like 1-in-10 there is certainly much more than
meets the eye beneath these numbers. Let's explore this
thought further.
If you take 10 traders who have each asked the question
"What are my chances at succeeding in Forex" and place them
in a trading room together for any length of time, you
surprisingly will not end up with 1 winner and 9 losers.
The same holds true if you conducted this experiment with
100 traders, or even 1,000. But how can this be the case if
the odds of success are 1-in-10? That is a very good
question as within the answer lies one of the keys to your
trading success regardless of which system, method or
school of thought you subscribe to.
You see, the 5 to 10% percent who are succeeding
consistently are not asking self-defeating questions like:
"What are the chances that I'm in the losing percentile?"
and alternatively the 90 to 95% percent who lose on a
regular basis are left completely bewildered at where they
could be going wrong; constantly asking: "Why do I keep
losing in Forex?" and inevitably receiving rather
discouraging and uninformative answers. The answers may be
"Because you're not good enough" or "You're not making
enough pips per month", these answers do not help in the
least as far as taking a hold of your financial destiny as
a Forex trader. Clearly a shift in thinking needs to occur
for fear that one might be left with the majority of those
who are unsure of how to consistently succeed.
Transitioning into the winning crowd involves adjusting the
questions you ask from self-defeating questions to the sort
of questions that will inspire you to find solutions,
methods or systems that utilize your strengths. Rather than
getting discouraged when you suffer loss, simply refocus
and center your thoughts on a new empowering question. For
example try not to ask: "Why do I keep losing these
trades", rather try asking: "What can I do to start
winning". They may sound like similar questions however the
answers you receive will always be drastically different,
and without a doubt these questions and answers will play a
lead role in defining the destiny of your financial future
as an investor. An empowering psychology is at the heart of
every great Forex trader.
The category we find ourself in more often then not is self
inflicted simply due to the fact that we are in the habit
of asking the wrong sort of questions. Don't underestimate
your ability to find the answers you seek simply by asking
positive questions and never fail to realize that this tool
alone can play a large role in helping you to take control
of your financial destiny.
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Ranked in the Top 10 by Google as an International Forex
Money Manager Aaron Stokes is a professional in the field
of managed Forex accounts with an average of 10% growth per
month on managed accounts. For details visit:
http://www.forex-cipher.com
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