I think a lot of Forex traders make a mistake when they think buying a Forex trading course or joining a service like Strignano’s Forex Signals is ALL they need to do to be successful trading Forex. In my opinion, courses and services are nothing more than a source of EDUCATION… the profit comes when you take effective ACTION based on that education! And to take effective action which leads to profits in Forex trading you need to combine three things… I call this the Forex Success Trilogy.
Here is a short video I did explaining the Forex Success Trilogy, (specifically in relation to Strignano’s service)...
Here is what I think happens a lot of the times…
A new or intermediate Forex trader decides to buy a product or join a service to help them become a profitable Forex trader. (Great move… you need to learn from those that have gone before you and have proven their success). But they mistakenly think that buying the product or joining the service REPLACES their participation. And this is why they fail.
To succeed in Forex trading you need three things. Not one, not two… but all three. Let’s go over the Forex Success Trilogy (in order of importance), and see what you might be missing.
#1: Trader Psychology
Trading and putting you money at risk is emotional. There is nothing you can do about it… you are going to get excited, your heart is going to beat faster and emotions like fear and greed will creep into your decision making process. The TRICK is not to try and turn off your emotions… but to understand and control them.
Now keep in mind… this is true regardless of the system or service you are following. So, be honest with yourself.
- Is your emotional makeup and mindset when you get into the trade hurting your trading?
- Do you make decisions based on emotions like fear and greed?
Don’t be embarrassed about it. Very few people are born with the emotional makeup of a pro trader. But the good news is, it can be learned! Here are a couple of things to consider…
The Traders Mindset: This is a 22 Video course with transcripts that goes over everything you need to develop your own trader mindset. You will learn the Psychology Of Success to master your emotions and keep them from getting in the way of your successful trading. With this course, you can finally stop being the reason your trading isn’t as profitable as it should be.
Click Here To Learn More About The Traders Mindset
Bird Watching In Lion Country (2010 Edition): This is one of those books that has impacted traders all over the world. And now the new edition for 2010 is even better. If you haven’t read this yet, there is a lot about trading psychology and trading in general that is very helpful.
Click Here To Learn More About Bird Watching In Lion Country
And here is a TRICK I use…
When I started trading with the tools and systems Tom provides, I decided I needed an EA to help me manage the trades after they were placed so I didn’t have to sit in front of the computer. So I had the Forex Trading Troll created by a programmer. But one of the side benefits of using the Troll is I stick to my trading plan better. Once I set the Troll to move my stop losses and take partial profits at levels I decide… I stop watching the charts. (This keeps me from making decisions based on emotion… and keeps me on my trading plan).
Click Here To Learn More About The Forex Trading Troll
(I give this away as a bonus for people who join Strignano’s Forex Signals through my link… click here for Bonus details)
#2: Money Management
Poor money management will kill your account… even if you have a winning percentage. On the other hand, good money management can make you money… even if you only win 50% of the time. So, do you think money management is important to your overall trading success? Answer these questions…
- Do you know how to manage your money?
- If you say “yes”, what measures are you taking to track your trades and progress?
- Do you have an overall “Forex Business Plan”?
The fact is, you should approach your trading like a business. It is not a game and you are not gambling. So, you need to know how to manage your money and trading business if you are to be successful long term. Here are a couple of things for you to consider….
Trading Performance Analyzer: This is a series of spreadsheets specifically designed to test your trading system to see if you should trade it live, track your live trading results and manage your trading like a business. You’ll be surprised what documenting your trading with these spreadsheets can reveal about your trading… and help you to be more profitable.
Click Here To See The Trading Performance Analyzer In Action
Trading P.I.T. Club (Professionals In Training): This is unique and very important. You are taught how to treat your trading like a BUISINESS. Most traders don’t even think about this, or talk about it… but it is something you cannot truly be successful without.
Click Here To Learn More About The Trading P.I.T. Club
#3: Trading System
Many people are surprised the actual system you use to trade is #3 on the list of the Forex Success Trilogy. But the fact is, the system you use is not as important as how YOU trade it. And how you trade ANY system is going to be determined by your trading psychology and money management.
VERY IMPORTANT: When most people fail to make money trading Forex, they immediately blame the “system” they are using. But the truth is, it is most likely a problem with their Trading Psychology and Money Management. But since it is very hard to take responsibility for their failure… it becomes much easier to blame someone else.
Then they jump to another “system”, and end up failing there as well. It is like the saying, “No matter where you go, there you are”. If YOU are the problem, it doesn’t matter what trading system you use… success will elude you.
Here is how you overcome this problem…
Get MENTORED by a successful Forex trader.
You see, your success in a system depends partly on your BELIEF the system works…
- If you BELIEVE in the potential of the trading system, you will take ACTION.
- If you take action, you will see RESULTS.
- Your results will strengthen your belief and you will see more potential, take more action and get better results.
Basically, if you believe in the system, any trouble getting the system to work is not the systems fault. This forces you to look elsewhere for the problems. And 9 times out of 10, it is a trader psychology or money management problem. So, once you work on those problems… you start to succeed!
This is why I recommend a service like Strignano’s Forex Signals. Tom Strignano is an ex-Bank trader with over 25 years experience. The trading systems he teaches, the levels (like the Trend Reactionary Numbers, Daily Ranges and Pivot Points) were battle tested for years. They work.
So, when you know the systems work… you can get down to the business of making them work for you. When the option to bail out and blame the system is taken off the table, it forces you to FOCUS on your own psychology and money management weaknesses and become a better trader. And that is when you are going to see dramatic improvements in your trading.
Click Here To Join Strignano’s Forex Signals
Conclusion: I hope you understand there is more to successful Forex trading than learning a trading system. You need to be able to apply the system to the live markets with the proper mindset and money management. Tom Strignano has plenty of systems to teach you… but some of the best stuff you learn on the twice-a-week webinars is his advice on trading psychology and money management. You don’t survive trading Forex for over 25 years if you don’t get the entire Forex Success Trilogy working for you.
If you identified what your weakness might be, I encourage you to look over the resources I listed here and get the help you need. Don’t jump to another trading system if your real problem is trading psychology and money management. “No matter where you go, there you are”, remember?
