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Below you will find 10 questions if you can answer them all correctly you have had good forex education and could join the elite 5% of traders who make big profits – get any of them wrong and you need to continue your forex education! So let’s look at the questions below.
1. Forex day trading is a good way to make money
The answer is no – your 100% guaranteed to lose as all short term volatility is random you can’t get the odds in your favour and you will lose.
2. Forex markets move to scientific theory
The answer is no of course they don’t. If they did then we would all know the answer in advance and there would be no market. A market price moves by its very nature due to uncertainty.
3. Buying Dips To Moving Averages Is a Great Strategy
Buying dips to a moving average is a great way to lose money – it’s a lagging not a leading indicator and should never be used in isolation
4. Everything about trading is learned anyone can do it
The correct answer is yes. Anyone can learn to trade if they get the right Forex education and learn the correct knowledge and skills to succeed. Of course most traders fail to do this and lose.
5 Simple Forex Trading Systems Work Better Than Complicated Ones
As a general rule the correct answer is yes, as they are more robust in the face of brutal ever changing market conditions. If a system is to complicated it collapses, as there are too many elements to break.
Most of the world's top trading systems are simple.
6. I Don’t Need To Work Hard To Make a Lot Of Money
The correct answer is yes. You don’t need to work hard, as there is no correlation between the effort you put in and the reward you get out of forex trading.
You only get paid for being right, nothing else and the amount of effort you make does NOT make any difference to your currency trading success.
The trick is to work smart not hard.
7. Buy low sell high is the best way to make money
The correct answer is no. The best way to make money is not to try and buy lows but buy new highs. The fact is the biggest market moves tend to start form new market HIGHS Not market lows.
If you want to catch the big trends, then aim for these breaks at new market highs and trade them.
8. The more news sources I consult the better
The correct answer is no. News sources don’t help you make money, in fact they normally help you lose - as you run with the pack and let your emotions get involved.
News is stories and the people giving them are not traders follow the news and you will lose.
9. I have a system that works I Don’t need any more education
The correct answer is yes. Many traders think they have to keep learning for ever but if you have a system that works you don’t need to spend any more time studying you can simply spend your time applying it and making money.
10. My risk per trade is my expected profit divided by my stop
The answer is obviously no as this is simply an opinion you hold and has no relation to what the odds of success are. Many people say its high return low risk based upon their opinion and that’s not the way to trade forex.
If you answered the above 10 questions correctly, you are on your way to being a winner – if you got any wrong, then its time to keep studying and improving your forex education.
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