Let's take a look at questions, winning attitudes and the mind of a champion investor. Needless to say what makes the difference between one individual and another may be comprised of factors such as education, location, vocation, hair color and a plethora of other factors. But besides the surface differences we're going to discover the differences that literally make or break an investor. We're going to get into the mind of an expert Forex trader and find out an answer to an important question: "What are the chances of succeeding in Forex."
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 every day static thats pushing the intra-day market is symbolic of countless traders trying to make their 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 take a moment to discuss this in a bit more depth.
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. It doesn't matter how many people you tested this theory on, be it 10 or 500+. So the odds are 1-in-10, you might say that this doesn't make sense? 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?" but unfortunately the vast majority of those who are not making steady growth have no option but confusion as they wonder why they aren't on the winning end of things; constantly asking: "Why do I keep losing in Forex?" and unfortunately getting in return disappointing answers. You might find yourself saying "I just don't try hard enough" which doesn't help encourage you in any way nor does it point you in the right direction. It only leaves you looking down on yourself in guilt. Not a very winning attitude at all and it definitely won't help you take hold of your financial destiny. 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. Try not to lose your way when losses come around, it's important to remain focused in times like those more then ever by replacing the negative thoughts with 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.
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 every day static thats pushing the intra-day market is symbolic of countless traders trying to make their 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 take a moment to discuss this in a bit more depth.
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. It doesn't matter how many people you tested this theory on, be it 10 or 500+. So the odds are 1-in-10, you might say that this doesn't make sense? 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?" but unfortunately the vast majority of those who are not making steady growth have no option but confusion as they wonder why they aren't on the winning end of things; constantly asking: "Why do I keep losing in Forex?" and unfortunately getting in return disappointing answers. You might find yourself saying "I just don't try hard enough" which doesn't help encourage you in any way nor does it point you in the right direction. It only leaves you looking down on yourself in guilt. Not a very winning attitude at all and it definitely won't help you take hold of your financial destiny. 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. Try not to lose your way when losses come around, it's important to remain focused in times like those more then ever by replacing the negative thoughts with 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.
