Powerful Questions a Forex Trader Should Ask

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Each and every day I'm contacted by traders from around the globe and there seems to be a very common question floating in the air, a question that if answered with any degree of certainty could endow the inquirer with untold confidence and success. The question is simple but it's implications are powerful: "If I start trading Forex, what are the chances that I'll succeed?"

If I answered this question by stating: "On average 80% of today's Forex traders will succeed" you might be justified in calling me crazy, however some 15 years ago one might be inclined to answer with such bold figures. Certainly it would not be uncommon for at least 50 to 60% of the chosen few Forex traders to achieve success in those days. Trading Forex was new and profits were there for the taking. Daily price movements were somewhat more predictable and the competition was not nearly as aggressive as it is today.

As time moved on from the late 80s, early to mid 90s and on up to our Present day the success rate dropped drastically as the Forex market progressively became saturated with day traders; this in turn made for a more unpredictable trading environment. The every day static thats pushing the intra-day market is symbolic of countless traders trying to make their profits. However, the cold reality under present circumstances is that less than 10% of today's Forex traders succeed in achieving consistent profits.

Let's take a closer look at the real ratio of winners to losers. You see, it's important to understand that this isn't a luck of the draw situation. When you look at figures like 1-in-10 there is certainly much more than meets the eye beneath these numbers. Let's explore this thought further.

Take 10 traders asking the question "What are my chances at succeeding in Forex" and try to find out which of them has the mind of a champion. The answer is rather disappointing, as those who think big do not ask small questions like this. Thus you will not end up with 1 winner and 9 losers. The same holds true if you conducted this experiment with 100 traders, or even 1,000. So the odds are 1-in-10, you might say that this doesn't make sense? That is a very good question as within the answer lies one of the keys to your trading success regardless of which system, method or school of thought you subscribe to.

You see, the 5 to 10% percent who are succeeding consistently are not asking self-defeating questions like: "Why do I keep losing trades, am I any good at all?" but unfortunately the vast majority of those who are not making steady growth have no option but confusion as they wonder why they aren't on the winning end of things; constantly asking: "Why do I keep losing in Forex?" and unfortunately getting in return disappointing answers. You might find yourself saying "I just don't try hard enough" which doesn't help encourage you in any way nor does it point you in the right direction. It only leaves you looking down on yourself in guilt. Not a very winning attitude at all and it definitely won't help you take hold of your financial destiny. If you don't want to be left in the dark without a lamp then it's time to take control of your mind and give yourself the psychological edge you need and deserve.

Becoming an expert Forex trader requires that you swap out the negative questions you may find yourself asking from time to time with positive questions. If you ask empowering questions you will automatically fuel your confidence. Try not to lose your way when losses come around, it's important to remain focused in times like those more then ever by replacing the negative thoughts with a new empowering question. For example try not to ask: "Why do I keep losing these trades", rather try asking: "What can I do to start winning". They may sound like similar questions however the answers you receive will always be drastically different, and without a doubt these questions and answers will play a lead role in defining the destiny of your financial future as an investor. A winning state of mind is the life force that drives those winning Forex investors.

If we aren't careful we may accidentally place ourself in the wrong category simply because we are discouraging ourself frequently by asking questions with a negative bent. We're all capable of thinking like a champion and this skill will undoubtedly lead you towards greatness of both mind and life. Building success starts in the mind and will go a long way in shaping the outcome of your life as a trader.

Article Source: http://depositarticles.com/

An expert in the field of managed Forex accounts, Aaron Stokes was ranked in the top 10 as International Forex money manager by Google.com Find out more about opening a managed Forex account Website: www.forex-cipher.com

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