Powerful Questions A Forex Trader Should Ask

As a professional Forex money manager I have the unique opportunity to converse with investors from all walks of life, and in the process I’ve noticed a common question amongst the majority of individuals. Time and time again I’m asked what the chances are of becoming a true success trading the currencies market.

If I responded to this question by saying: “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. The currency market was fresh and opportunities were wide open. 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 “white noise” we experience intra-day is in part the efforts of the masses, each trader grabbing at what they can to secure their daily 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.

If you take 10 traders who have each asked the question “What are my chances at succeeding in Forex” and place them in a trading room together for any length of time, you surprisingly 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. But how can this be the case if the odds of success are 1-in-10? 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.

From those who are winning constantly we notice a pattern. Specifically the pattern of positive questions, they tend to stay away from a losing attitude by not asking self defeating questions such as: “What are the chances that I’m in the losing percentile?” and alternatively the 90 to 95% percent who lose on a regular basis are left completely bewildered at where they could be going wrong; constantly asking: “Why do I keep losing in Forex?” and inevitably receiving rather discouraging and uninformative 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. Clearly a shift in thinking needs to occur for fear that one might be left with the majority of those who are unsure of how to consistently succeed.

Transitioning into the winning crowd involves adjusting the questions you ask from self-defeating questions to the sort of questions that will inspire you to find solutions, methods or systems that utilize your strengths. 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. An empowering psychology is at the heart of every great Forex trader.

The category we find ourself in more often then not is self inflicted simply due to the fact that we are in the habit of asking the wrong sort of questions. 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.

Ranked in the Top 10 by Google as an International Forex money manager Aaron Stokes is a professional in the field of managed Forex accounts with an average of 10% growth per month on managed accounts. For details visit: http://www.forex-cipher.com

Tags: forex hedge fund, managed forex accounts, managed forex funds, managed forex trading

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