The path to success in forex trading is based on one central idea: consistency. The first thing most people who consider forex think about is money. How much money they can make. This leads to a desire for quick profits. That leads to almost certain failure. There is another way to think about how to become a forex trader. An alternative mind-set is to think of yourself as becoming a ‘pip’ manufacturer. Here is what I mean.
Like any manufacturing firm, being a pip manufacturer means you produce every month a certain output of pips. A small factory would produce perhaps a smaller output of 300 pips. A larger factory could produce 500 and more pips. But its not the amount of pips that is important. It is the consistency of the production. Think of being so confident in your production of pips that you can bet that it will be 96% of the time within a 30 pip range. So someone producing 300 pips on the average would be really producing 96% of the time between 270 and 330 pips. This ability to be confident about your production is profoundly important. It is the first major goal of any training.
How does one achieve the goal of consistent trading? In the Secrets of Forex coaching it works by a continuing coaching process. We begin by looking at live charts together on the desktop, one-on-one. As coach I will demonstrate an important technique a trader should know. The student will then put on about 20 trades. We track the results. 20 trades is enough to identify weaknesses and errors of strategy or tactics. The second step is a review of the trades and in a follow-on tutorial we focus on correcting the weaknesses. This process is iterative and keeps going on.
The result is that the person training to become a trader has identified the sources of mistakes he has made, and can demonstrate progress in correcting the mistakes. Along the way new strategies and tactics are taught.
Becoming a forex trader is a process. It is not taking a lot of material and reading it. It is not sitting in a class and then forgetting what one has learned. In small frequent steps- everyone can learn to become a forex trader!
source: Secretofforextrader.com
