Forex Trading And The Beauty Of Having A Plan
As a personal forex coach I've had the unique opportunity to work with thousands of aspiring forex traders to help them transform their trading from ad hoc to sustained profitability. And the truth of it is that most people don't make it to the level of sustained profitability.
Now, egotistically, in the beginning of my coaching career, it used to really bother me. I would question myself on what is it was that I was not saying or teaching that would make the difference. But as I coached more and more people, the differences between winners and losers became very clear and apparent.
Winning traders were able to let go of pre-conceived ideas and bad habits, and truly listen to another point of view. There are fundamental dos and don'ts in trading that, in my experience, unless adhered to, will result in a train wreck for the trader. Losing traders have a very hard time letting go of self-destructive behavior.
So exactly how do the successful traders become successful? Basically by processing the information that I impart to them and embracing it. In other words, it has to make sense on the deepest level, or it will be rejected. And of course the trader will revert to the same old bad habits.
One of the most important elements of taking on a new trading approach, or any new business (get that?), is the necessity of having a plan. Of course this is something that we hear over and over, but in my experience, very few people actually have a plan. And I'll give you a real, live case study to illustrate the importance of a plan.
In 2006, I first met Shirley, who became a student of mine. We went through her trading results, her approach to trading, what she wanted out of trading, her time availability, and basically all the things that we need to know in order to develop a game plan the suited her.
For several years after our coaching session, Shirley continued to try different trading approaches. Now, I'm not saying that it's bad to try out different things; in fact traders need to find out exactly what it is that suits them, and makes sense to them.
But after several years, Shirley realized something huge: she was a short term, "scalpy" type of trader, and didn't have a lot of time to trade every day due to other obligations. So she took the information she learned from me, and developed a very, very specific plan. That was the key. Her results? For over 2 years now, Shirley has achieved over 90% accuracy, and has pulled in many thousands of pips. She's become one of the very best short term traders I've ever seen, and in fact recently we actually produced a course revealing the entire method (The London Close Trade Strategy), which can be found on my website for those who are interested.
But the main point is this: nothing consistent happens without a plan-except losses. And that you can plan on!
All the best,
Vic Noble
**To learn more about forex trading and how I teach, I have a FREE e-Book, plus 7 great videos on key trading concepts that I believe will genuinely help you. No obligation, just good useful information!
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