Forex

Having just returned from giving two se minars plus a private tutoring in Germany, I
wanted to share something that I have realized previously and realized once again
while I was there: The most important aspect of trading involves behavior
modification.
It never ceases to amaze me that people will attend a seminar, mostly looking for
something magic. A secret, never-before-revealed indicator; to watch someone trade
in the hopes that they can pick up some of the magic; to learn the trading secrets of
some supposed trading guru; or to find the way to becoming rich quick.
Seldom do I see someone who attends a seminar because they are interested in
behavior modification. At the beginning of a seminar, I ask each person to stand up
and tell a little about themselves and why they are at the seminar. Wh ile the answers
are adequate, sometimes even good, I cannot recall anyone standing up and saying,
“The reason I’m here is because the markets have humbled me more times than I care
to remember. I’m here because I need to change the way I behave relative to the
action I see in the markets.”
Please believe me when I say that Behavior modification, is without doubt, the key to
your trading success. It has certainly been the key to mine. What I’m talking about
here involves not only in how you think but also how you act under certain
circumstances and in a variety of situations. To be successful, a trader must adapt to
changing market situations over which he or she has no control, and you must change
the situations over which you do have control.
I wrote about this in my book Trading is a Business. I am constantly reminded of it
when I meet people who are hungry for trading success.
However, this is not what the industry or most trading educators will teach you. Yes,
there is a certain amount of basic knowledge that you must have, before even
attempting to trade. You have to learn the language of the market. But learning the
language doesn’t make you successful. It is a mere stepping stone along the way.
You learn about indicators, moving averages and oscillators, but these, too, do not
bring you to success in trading.