Well, so you have completed your forex education class or learned a new FX strategy from a mentor or perhaps a website. In order to master the strategy and put another weapon in your forex arsenal you must practice, practice, and practice some more!
In my forex trading plan I always allot plenty of time for learning and practicing. I never employ a new forex strategy without study and practice in a demo account.
Do you think Tiger Woods learned how to hit a flop shot during his warm ups for the 2004 Masters and used it later that day to win the tournament? Not on your life! He has been practicing that shot for years and years on the practice range!
You must begin approaching your forex education like an athlete approaches preparing for an event. Spend the largest percentage of your time practicing new trading systems, so when the market favors the FX strategy you are ready to take advantage of the opportunity.
You must maximize your trading potential through practice. Unused potential is easily wasted. If you don’t think this is the case take a look at the 21 Day 3% Rule.
The human mind only retains 80% of something learned within just 3 days!
In only another 18 days after the learning event the human mind only retains 3% of the information!!!
Tiger Woods was quoted saying “it is funny that the more I practice the luckier I get.” As a forex trader we can learn a lot about preparations from following successful athletes.
Remember forex education and preparation is king!
Happy Trading!
Visit FX Trade Central for more forex educational infomration.
Thursday 6 April 2006
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