Forex Trading: Caution is a Good Thing
Many people have faired poorly trading in the Foreign Exchange Market. Some of them, however, have managed to make money another way. They simply developed a dubious “formula for success” and sold it to others. Consequently, traders have become wary of so-called experts promising the moon. Caution is a good thing when you are trading on the Forex. Fear, on the other hand, can be paralyzing, debilitating, and cost you the opportunity to grow your personal wealth. The Forex is no place for the timid or the careless. It is a place for the ambitious and the cautiously optimistic.
The Single Most Important Lesson
Dustin Pass is a trader and fund manager on the Foreign Exchange Market. He has enjoyed singular success, both personally and on behalf of his ever-growing list of investors to whom he offers guidance and counsel. Concerning this market, Pass says, “The most important thing to learn about the Forex market is that although trading in it is enjoyable and exciting, there is no magic potion that will instantly turn your $1,000 into millions.” Pass insists that education is the only foolproof way to earn money consistently on the Forex. He cautions investors about the importance of listening to and learning from those with a proven record of accomplishment. As with all education, it is important to be sure you are trained by a credible source.
Forex Trader’s Only Hope of Success
Dustin Pass preaches continuing education as the Forex trader’s only hope of sustained success. The Foreign Exchange Market is dynamic and ever changing and evolving. When a trader ceases to learn, he will soon cease to earn. Because this market is fast-paced and complex, he insists that every successful trader must become proficient in three paramount disciplines: 1. fundamental analysis 2. technical analysis 3. self-analysis It makes sense that a trader must know the basics, or fundamental principles, of any market in order to succeed in trading therein. It is also obvious that some technical analysis is essential to success in the Forex, since it is a highly specialized, technical field. You don’t have to be a “whiz,” but you have to be aware. If you are not…then, beware!
Letting Go of a Trade
While most investors readily see the need for the first two areas of analysis, they fail to appreciate vital importance of the third element. Know yourself! Know your strengths and weaknesses. Be honest about your emotional makeup and how it might influence your decision-making. Know your tolerance for risk. Know your risk management skills, and hone them. Know yourself, and “to thine own self be true!” You must also be willing and able to let go of a trade. When it is done, let it be done and move on. That goes for your successful trades as well as the ones that did not go well. Make no mistake, if you trade in the Forex for very long, you will suffer setbacks. Not every trade will be a winner. If you are immobilized by failure, then you will fail. If you linger too long on your past successes, you will miss future opportunities.
Dustin Pass: Never Quit
“Never stop learning,” says Dustin Pass, “And never quit.” Many have followed his advice, learned his methods, taken advantage of his guidance, and enjoyed tremendous success.
Listen as Nate describes his own “unwillingness” to stop learning and to never give up.
