There is a group of people who tend to make the best traders and their not mathematicians or College educated, they have a skill that anyone can actually learn and their very successful. The group of people I am referring to are…
Professional card players who are good at Blackjack and poker and the exact same skills you need in these games are the ones you need in Forex before we explain why lets dispel one of the biggest myths about Forex Trading:
Forex Trading is Complicated
To enjoy Forex trading success does not require you have a college education or have a complex Forex trading strategy or knowledge of maths and the reason is simple – Forex trading is simple and if you make a system to complicated it will break in the ever changing brutal world of Forex Trading.
Mathematics doesn’t help, because markets don’t move to certainties, you are only dealing with odds and probabilities and that’s why card players are so good at Forex trading.
Here are the reasons card players make such great Forex traders.
1. They are Patient
They wait for the right hand and only play when the odds are in their favour. Contrast this with the bulk of Forex traders who are always in the market or trying losing strategies like scalping. In Forex Trading you don’t get rewarded for trading often, you get rewarded for being right.
2. The Ability to Fold
A good card player will pass hands by when the odds are not in his favour and he is also happy to fold when in a hand, if he doesn’t think he will win. He keeps his losses small and he doesn’t mind taking them, as he knows his time will come.
Most Forex traders on the other hand simply can’t do this and run losses or get frustrated, as their emotions get involved.
3. Courage at the Right Time
The good card player knows when a good hand comes up, he needs to maximize his potential and will milk as much money from it as he can. They are prepared to bet big amounts and hold on with discipline and win.
Contrast this with the average Forex trader who banks his profit early or bets 2% and thinks he is going to make a lot of money. In Forex trading, you need to hold and profit from long term trends and have enough riding on them to make a good profit.
4. Discipline Discipline Discipline!
You have heard about how important it is in Forex Trading and it is to take loss after loss as the market hurts your ego and makes you look stupid is hard. Most traders cant do – Professional card players know it’s the key to success and are mentally prepared to do this and know they will hit a home run.
Keep it Simple and Trade the Odds!
Forex trading is simple and always has been and the big difference between winners and losers is the discipline to keep losses small and bet big amounts when the time is right.
That’s why card players often become multimillionaire traders – there not interested in ego, being clever or complicated – but being able to make money and that’s why this group enjoy Forex trading success.