::currensys::

Forex isn’t easy

Let’s be honest, despite all that you have heard and read, Forex hasn’t been “made easy.” There are no “sure-fire” trading systems. When you hear claims like that, I recommend you walk briskly—no, run—towards the nearest exit. Think about your competition: banks, global industrial giants, hedge funds, managed accounts.

Their skyscrapers have entire floors of traders, analysts, quants, risk managers, and programmers. Some traders make the costly mistake of thinking they can simply come home after work, place a trade on the Euro, and then watch their account grow while they prepare dinner.

Forex isn’t easy, but it can still be profitable—if you have a proven system and the discipline to follow a sound trading plan.

Systems do fail

There is an often used cliché in trading: “systems don’t fail, system traders fail.” I believe that is only half true. Systems do fail, and do so with alarming frequency. If you don’t have an in-depth knowledge of how your system works, you may not even know it has failed until it is too late.

Trading systems fail because market conditions change over time. Traders become too reliant upon systems that they don't understand and as a result, are unable to objectively recognize and respond to these changes. Having a good system is not a substitute for being a good system trader.

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You can do this

Most of us have purchased more than a few indicators and systems in an effort to jumpstart our trading careers and get in the game. Some of us have probably also fallen for the occasional Forex mentor, only to find out that we knew more than we thought.

Can you cheat experience? To some degree, the answer is yes. But, you’re going to need three things: a system, a plan, and the confidence to trade it.