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Who Has The Answer To Your Trading Success?

Who Has The Answer To Your Trading Success?

Tyler Yell, CMT, Currency Strategist


Article Summary: While the DailyFX EDU Team is all too happy to point you in the direction of a high probability trading strategy, it is up to you to answer the questions to unlock your trading potential. Once the questions are answered about what you want and how you will go after your goal, you will begin to build the foundation to your trading success.

If you learn not to rely solely on experts for your trading success early on, you will be much better off in the end. Many experienced traders have wonderful things to say and the experience they share can be invaluable but no one is going to give you the “holy grail” of trading. Namely because the “holy grail” doesn’t exist in the sense of one trading signal or person that will work for all time in all market conditions.

This may seem like an odd thing to read on a site full of trading professionals but in the end, this is meant to encourage you to take responsibility regarding your trading success. Once you take that giant and difficult leap of taking full responsibility of your trading, you have aligned your successful intentions with the progress mindset necessary to reach your goals. This will automatically increase your Trading IQ (If you’re unfamiliar with your Trading IQ, register for our free online questionnaire here.)

Be not afraid of growing slowly; be afraid only of standing still. -Chinese Proverb

Eliminatng Fear in Your Trading

Because of the way most people trade Forex or any other market, it makes sense that they’re afraid to trade. That is because they are putting their money at risk just like many of you are day in and day out but they don’t have full trust in their system or themselves or worse they’re blindly following other traders without a full understanding of what they want out of those signals. This doesn’t mean that signals like the Speculative Sentiment Index are not helpful because they absolutely are, but if you don’t know how the signal fits into your overall goals they can be detrimental to your overall success.

Question: Are you taking the responsibility necessary for you to be in control of your success?

Find a Trading Methodology That Fits Your Personality

Most traders have a trading system whether or not they realize it. However, that trading system may not be the style or type of system that suits them best. One of the first steps in finding the answer to your trading success after taking responsibility for whatever results you incur (positive or negative) is to find the trading style specifically for you. Most traders are longer term traders, swing or mid-term traders, or scalpers.

Of course, there is no right or wrong answer as to the trading style everyone must trade. In fact, what may work great for you might be a disaster in the hands of another trader thanks to your unique strengths. Therefore, a personality specific methodology will allow you to be consistent and as long as you’re consistent while managing your risk, you can often make the improvements necessary to reach your goals.

Question: Are you using a methodology you’re comfortable with that allows you to be consistent? If so, what is it?

System in Place to Recognize Trading Mistakes

Once you’re consistently trading a methodology that fits your trading personality with very clear rules, you’ll instantly improve your ability to monitor yourself so that you can work to eliminate repeating those costly mistakes. From a trading point of view, a mistake is not adhering to your trading system rules and the loss you take on those trades can be marked up to tuition. Naturally, all of these steps work in tandem so that when you take full responsibility and have found a system that works for your personality, recognizing and correcting your mistakes is the natural next step toward being successful.

Question: Am I utilizing a Trading Journal of some type to recognize & correct my mistakes?

Closing Thoughts

You have been introduced to three key steps for you to consider on your journey toward trading greatness. Your answers to the questions will be the wedge to separate you from depending on someone else for your trading success. Naturally, we want you to be successful and we hope you find the DailyFX materials useful but as seasoned traders we know that every trader has some special approach to the market and honoring that instead of hiding that view will greatly help you succeed.

Happy Trading!

---Written by Tyler Yell, Trading Instructor

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.