Saturday, July 5, 2008

Forex Trading - Poker Players Often Become Trading Millionaires

Author: Sonia Kristina

If you thought that poker paying couldn't teach you much about
forex trading you would be dead wrong. If you can play poker
successfully you can trade and win because there is a unique
mindset needed for both. Even if you don't play poker you will
learn the skills needed from this article.

Any successful poker player will tell you that to win you need
to know when to bet ( when the odds are in your favour) how much
to bet and when to quit, to preserve equity and the skills
needed are neatly summed up in the old gamblers saying:

"There's a time to hold them a time to fold them and a time to
get out of town fast"

The successful poker player relies on himself there is no one to
help him at the table (contrast this with most forex traders who
trust mentors gurus or junk robots) and they rely on tremendous
discipline to not trade at all, or quit and take a loss and keep
their losses small (contrast this with the forex trader who
hates admitting their wrong), now you can see why they make
great traders.

Trading relies on you - no one else can help you.

You must get the right education and have confidence in it and
then the hard part - apply your trading system with discipline
in the market. Just like in poker your playing the odds not the
certainties, many guru's would have you believe.

You have to have total confidence in what you are doing and the
equation for market success is:

Logical well thought out method + the discipline to execute it =
forex market success.

If you don't have the discipline to execute your trading system
- you may as well not have one!

The poker player will take loss after loss - but he will have
the confidence and discipline to know that his time will come,
when he can load up his trades and win big. Most traders simply
cannot take a strong of losses but that's part of trading and
you must do this.

You need to understand you have to lose to win.

Forex trading is actually quite simple anyone can learn to trade
currencies but 95% of traders lose. The reason is not because
they can't learn to trade, it's because they like to follow
others or want to win all the time.

They simply don't have the discipline, or mindset to win and the
poker player does.

So learn this:

You need to stand on your own two feet. No following others or
believing all the hype that forex trading is easy - its not.

You then need to have confidence in what you're doing, to give
you confidence and the discipline to preserve your equity by
taking small losses and wait for your opportunities and run them
to big profits, when they come.

So if you play poker successfully or for that matter blackjack,
then you already have the traits needed to win. If you don't
play poker you will see the logic of the material enclosed and
can incorporate it in your forex trading strategy and seek forex
trading success.

About the author:


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