The Complete Forex Trader

If you have been reading my posting you have recognized that I am an active forex trader, but my posting do not center too much on forex strategy and the like. This is true. Those blogs and sites are a dime a dozen. I like writing about those topics that have made me a well rounded trader. I like to explore topics like critical thinking, forex education and mental focus. These are the intangibles, the little things that can make or break success.

Focusing on the forex educational roadmap will bring together all the aspects of successful forex trading. This approach can be adapted to equity trading, real estate investment and pretty much any entrepreneurial activity you would like to take on!

Also, take a look at my required reading list. These books have been carefully selected to address all of the elements of the forex education roadmap. They are a mixture of classics and new material. FX Trade Central and FX Trainer are your portals to successful currency trading!

Continuous education is the cornerstone of any endeavor!

Keep the comments coming!

Happy Trading!

Practice Makes Perfect

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.

Forex Going Mainstream

I was thumbing through the April 3rd edition of Business Week and in the Personal Business Investing section there was an article titled “The Currency Game: Home Version” by Adrienne Carter. The article summarized forex trading and then painted a brutal picture of forex. Forex trading can be a brutal business, but is giving your hard earned money over to a money manager just because you have not taken the time to get financially educated is even more brutal!

On first glance I was glad to see forex being introduced in a mainstream business publication. It also reinforced a psychology lesson I had back at my days at Arizona State University …

Think critically about what you read. Know the sources of your information and project yourself into views of the authors. After that form your opinion based on the facts. I think far too many people take things at face value!

The article was sounded a warning signal about trading the forex market. Addressing the symptoms (forex risk) without truly identifying the root cause (lack of investor education) in my opinion does a great disservice to the readers. That is why this blog and my sites (FX Trainer and FX Trade Central) are dedicated to forex education.

It is just like looking at the technicals while having an understanding of the effects of the fundamental. Learning to evaluate information from many angles without over-analyzing is a great skill to utilize in your trading.

Happy Trading!